Exxon to cut 2 000 jobs in global restructuring

EXXON Mobil plans to cut about 2000 jobs globally as the Texas oil company consolidates smaller offices into regional hubs as part of its long-term restructuring plan.

- BLOOMBERG

The reductions represent about 3% to 4% of Exxon's global workforce and are part of the company's ongoing efficiency drive, Chief Executive Darren Woods said in an memo to employees this week. About half will be in Europe and most of rest in Canada at Calgary-based Imperial Oil which is nearly 70% owned by Exxon.

Chevron, ConocoPhillips and BP Plc are among major oil companies to have also announced thousands of job cuts in recent months as crude prices tumbled this year in response to increased supplies from OPEC and its allies. Exxon, however, has been on a major internal restructuring push since 2019 as Woods sought to simplify the company’s sprawling global footprint that came as a result of the merger with Mobil two decades ago.