Energy firm ConocoPhillips will reduce about 4 percent of its overall employee workforce, the company revealed in a statement Friday.
The firm said the job reductions are a result of the current business environment's impact on its operating and capital plans.
At the same time, the company unveiled a 2009 capital budget of $12.5 billion for 2009, including cash capital expenditures and capitalized interest.
Eighty two percent of the funds will go to exploration and production. Refining and marketing will receive 16 percent, with the rest going to emerging businesses and corporate expenses.