ConocoPhillips plans staff cut of 20-25%

Houton-headquartered oil and gas major ConocoPhillips is set to lay off 20-25% of its workforce, according to a report by Reuters on Wednesday.

The news agency reports having obtained information from a company spokesperson.

Employees reportedly received an email Wednesday morning with a video message from CEO Ryan Lance explaining the plans in detail.

Reuters has learned that a general meeting is planned for Thursday.

ConocoPhillips fell 4.5% in trading on Wall Street.

English edit by Daniel Frank Christensen