As of now, they have roughly 400 employees located throughout the Permian Basin, 200 of which will be moved to Houston. The 100 employees they currently have in Odessa will be moved to Midland, and the Odessa office is being completely shut down. In the end, they'll have roughly 100 workers in the Midland office , and around 200 total located throughout the Permian Basin.
ConocoPhillips communications director Jim Lowry tells me this is all part of internal reorganization. They're basically splitting their Mid-Continent Business Unit assets into two business units. Lowry emphasized this will have no impact on their drilling operations in the Permian Basin.
We reached out to the Odessa Economic Development Director Guy Andrews. He says companies like ConocoPhillips are always reorganizing, and this move does not concern him. He added that he does not believe this is indicative of any kind of slow down in the current oil boom.