COP will cut roughly 1280 jobs (4% of its global workforce) as well as reduce the number of contractors on-hand to cut its spending.
Shares drop as a broad run on the energy sector couples with COP's revising Q3 expectations downwards because of lower oil prices and damages from the hurricane season.
Traders make a run on oil companies after the Wall Street Journal publishes a weekend article predicting that major oil companies will cease to exist in the next 10-15 years.
As oil futures reach $140 in June, COP announces its refining margins have fallen.
Historic High Due to Oil $147/bbl
The company submitted a proposal for a pipeline from Alaska to the continental U.S. to the Alaskan government. Shares rise at optimism over increased sales in the U.S.
The share price rose from USD 66.59 on March 13, 2007, to USD 67.91 on March 14, 2007, as the company expected a long-term growth of 3 percent in production and was also exploring new opportunities in Iraq.