In the United States, major oil companies are cutting staff

Shale oil in Texas, a drilling project under construction in the frozen plains of Alaska, the acquisition of competitor Marathon Oil for $22.5 billion (€19.2 billion), and contracts to purchase liquefied natural gas at the mouth of the Rio Grande: ConocoPhillips is one of the Texas oil companies expected to benefit from US President Donald Trump's motto: "Drill, baby, drill."

In reality, the disappointment is immense with Texas crude oil prices at around $63, half the peak at the start of the Russian invasion of Ukraine in February 2022. Thus, ConocoPhillips boss Ryan Lance will cut 20% to 25% of his workforce by the end of the year, out of a total of 13,000 people. "The cost and the overall competitiveness of the company have probably been relegated to the background," the boss conceded on Friday, September 5. He added: "I blame myself for not paying attention." He is not alone. The giant Chevron announced in February that it would cut 15% to 20% of its workforce by the end of 2026, or 6,800 to 9,100 people. Oil engineering companies such as SLB (formerly Schlumberger) and Baker Hughes have also cut staff.

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