ConocoPhillips cuts jobs

US supermajor ConocoPhillips, citing a steep decline in oil and gas prices, said it will cut 4% of its workforce and sees big writedowns on some of its exploration and production assets.

The cut will trim about about 1,300 jobs worldwide. The company also set its 2009 capital expenditures at $12.5 billion, a budget the company said was ample enough to fund large development projects but down from a projected $20 billion in spending for 2008. Conoco said the drop in oil and gas prices will affect its year-end reserves. Shares of Conoco fell nearly 3% in extended trading. On a year-over-year basis, crude oil prices fell more than 50%, while natural gas prices tumbled 25%.

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