U.S. oil giant ConocoPhillips says it has reached an agreement with Venezuela's state-owned oil company to recover nearly $2 billion it was awarded as part of a decade-old expropriation dispute. 

Phillips 66 has confirmed that the company is reducing its workforce, including some layoffs in Bartlesville.

The University of Oklahoma named James Gallogly to replace David Boren, who will step down in June. Monday night, Gallogly met with faculty, staff, and students at OU-Tulsa.

The University of Oklahoma regents approved the appointment of school's new president this morning. He is James L. Gallogly. 

James Gallogly, former business executive and university donor, has been named as the University of Oklahoma’s 14th president.

ConocoPhillips on Thursday reported a loss of $3.44 billion in its second quarter. The Houston-based company who has offices in Bartlesville said it had a loss of $2.78 per share. 

In the recent recession, the energy industry was hit hard with job losses. In a two year span from December of 2014 to last December the number of energy jobs in Oklahoma dropped roughly 35 percent. 

ConocoPhillips is apparently poised for some layoffs at its offices in Bartlesville.  No numbers are being discussed officially, but a company spokesman based in Bartlesville says some jobs are being impacted by an asset sale which was announced earlier this year.