ConocoPhillips plans to cut 4 percent of work force

ConocoPhillips on Friday unveiled plans to lay off 4 percent of its work force, illustrating that even the oil majors may not ride out a mean recession without taking some punches.

In other worrisome news, the company said it will cut capital spending by 12.6 percent and write down the value of various assets by $34 billion


Houston-based ConocoPhillips was the first of the oil majors to announce work force reductions.