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Conoco executive vice president of technology and projects Al Hirshberg did not reveal any specific numbers when asked about job cuts during a company presentation on Wednesday, but he did confirm a headcount reduction would occur.
The leading independent explorer and producer is also aiming to lift production by 6.3% to 1.7 million barrels per day by 2017 and will ramp up investment in Texas and North Dakota shale oil plays.
This includes increasing its rigs in the Eagle Ford region from seven to 12 by 2017 and doubling its Bakken region rigs from five to 10 by this time.
"We can win in a low price environment," Conoco chairman and CEO Ryan Lance said.
"This is how to win in this kind of price war."
