Two major oil companies in Texas are set to merge, and the merger will result in layoffs and the companies consolidate their workforces. Marathon Oil and ConocoPhillips will merge in Q4, and Marathon Oil filed a WARN notice with the Texas Workforce Commission, stating that five hundred workers will be laid off over the next year. The two companies have significant overlap in infrastructure and facilities, and the cuts will allow them to reduce overhead costs. Employees will be notified a month after the merger between the two companies is finalized. Several workers will not be cut immediately but will work in transition roles. Marathon Oil and ConocoPhillips stated that the merger and the layoffs will not have any effect on the amount of oil produced, and consumers can expect the same quality of oil from the merged company.
See "Marathon Oil and ConocoPhillips to merge later this year, will result in major layoffs to reduce redundancies", Dan Carson, Chron, November 1, 2024