US oil company Exxon Mobil has announced plans to release about 2,000 jobs worldwide amid efforts to improve the efficiency of the company’s organisational structure.
The cuts will amount to 3-4% of the company’s total workforce, Bloomberg writes, citing an internal memo from CEO Darren Woods.
At the end of 2024, Exxon employed 61 thousand people – 20% less than in 2019.
Exxon is consolidating smaller offices into large regional centres. Such centres will focus on the company’s key growth areas, including oil production in Guyana, liquefied natural gas production on the Gulf Coast and global trading activities.
On Monday, Canada’s Imperial Oil Ltd. which is nearly 70 per cent owned by Exxon, also announced it was cutting 20 per cent of its staff.
Other major oil companies – Chevron Corp., ConocoPhillips and BP Plc – are also carrying out large-scale layoffs. Such measures are taken against the backdrop of falling oil prices due to rising supplies from OPEC+ countries.
Exxon shares were stable during earlier trading on Tuesday. Since the beginning of the year, the company’s capitalisation has risen 6.2% to $487 billion.