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by Stockwatch Business Reporter

West Texas Intermediate crude for October delivery lost $1.62 to $63.97 on the New York Merc, while Brent for November lost $1.54 to $67.60 (all figures in this para U.S.). Western Canadian Select traded at a discount of $12.00 to WTI, up from a discount of $14.50. Natural gas for October added five cents to $3.06. The TSX energy index lost 4.88 points to close at 277.68.

On a quiet news day, one of the biggest energy stories was the large-scale layoffs reportedly in progress at ConocoPhillips. The U.S. major is slashing 20 to 25 per cent of its global work force, according to Reuters. These cuts come as the company seeks to slim down following a multiyear shopping spree. A spokesperson confirmed that the layoffs, which will affect 2,600 to 3,250 of the company's roughly 13,000 employees, will take place by the end of the year.

Potential job cuts in Canada were not disclosed but are unlikely to be severe. A year-end 2024 filing showed that ConocoPhillips Canada, whose 164,000-barrel-a-day production comes from the B.C. Montney and the wholly owned Surmont oil sands project in Alberta, had 939 employees as of Dec. 31. The above-noted shopping spree was largely a U.S. one, dominated by the $22.5-billion (U.S.) takeover of Marathon Oil in late 2024 (prior to which Conoco's work force was 10,300) and two Texas Permian deals in 2021 for a combined $22.8-billion (U.S.). While there was one notable Canadian deal in the mix, it was a tidy one: France's TotalEnergies agreed to sell its 50-per-cent interest in the Surmont oil sands project to Suncor Energy Inc. (SU: $56.12) in 2023, prompting Conoco to swoop in, exercise its right of first refusal and pay $4-billion to snap up the interest itself.

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