What oil & gas company layoffs mean for Houston and the energy industry

Houston based oil and gas giant ConocoPhillips recently announced it is cutting 20-25% of its global workforce, about 3,000 jobs. The company says rising costs and a push for efficiency are behind the move, which comes despite ConocoPhillips posting nearly $2 billion in profits last quarter. Jordan Blum, Energy Editor for Fortune, discusses the recently announced layoffs at ConocoPhillips and other large energy companies and the implications for Houston.

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