Conoco to Cut Spending, 6% of Workers

Conoco Inc. said it will eliminate 975 jobs, or 6% of its work force, next year as part of an effort to slash expenses by $500 million, joining other oil-related companies making cuts because of plunging oil prices. The cost-cutting program, which will reduce Conoco’s spending by 22%, will result in a $50-million charge against fourth-quarter earnings. A spokesman for Conoco, which is 70% owned by DuPont Co., would not disclose which employees face layoffs or in what cities the cuts will be made, saying details will be available after the first of the year. Conoco has about 16,000 regular employees and more than 27,000 full-time contractors worldwide. Conoco’s reorganization calls for about $1.3 billion of its 1999 budget to go toward exploration, production and natural gas activities, $500 million less than in 1998. Wilmington, Del.-based DuPont spun off a 30% stake in Conoco this year. Shares of Houston-based Conoco rose 19 cents to close at $21 on the New York Stock Exchange.