ConocoPhillips says it’s cutting 10 percent of jobs

Energy company ConocoPhillips says it is cutting around 1,810 jobs, or 10 percent of its workforce, following a plunge that took oil prices to their lowest levels in years.

The company says the biggest proportion of the job cuts will be in North America. ConocoPhillips plans to eliminate more than 500 jobs in Houston, where it is based.

In a news release, ConocoPhillips said it’s making the cuts because the energy industry is in a “dramatic downturn.”

ConocoPhillips has already eliminated 1,000 jobs this year and had 18,100 employees on June 30.

U.S. oil is trading around six-year lows because of a combination of a supply glut and weaker-than-expected growth in the global economy. Oil and gas companies have slashed jobs and cut back on spending as a result.

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