Skip to main content

Exxon Mobil will cut 1,900 jobs in the US - mostly in Houston - as pandemic continues to hurt energy demand

Exxon Mobil announced Thursday it will lay off about 1,900 employees in the US, mostly at its Houston, Texas office, as the COVID-19 pandemic batters energy demand.

The cuts come as Exxon seeks to slash its global workforce by 15 percent over the next two years. 

Exxon said the job cuts, part of a global reorganization, will come mainly from its Houston office and will include voluntary and involuntary programs.  

Employees who are separated through involuntary programs will be provided severance and outplacement services. 

Exxon Mobil announced Thursday it will lay off about 1,900 employees in the US, mostly at its Houston, Texas office, as the COVID-19 pandemic batters energy demand

Exxon Mobil announced Thursday it will lay off about 1,900 employees in the US, mostly at its Houston, Texas office, as the COVID-19 pandemic batters energy demand

'The impact of COVID-19 on the demand for ExxonMobil’s products has increased the urgency of the ongoing efficiency work,' the company said in a statement. 

'These actions will improve the company’s long-term cost competitiveness and ensure the company manages through the current unprecedented market conditions,' the company added.

The once mighty oil giant has been recently through difficult times also due to ill-timed bets on new oilfields and expansions.

It has promised to shed more than $10 billion this year in project spending and cut operating expenses 15 percent. 

The company lost nearly $1.7 billion in the first six months and is expected to post another quarterly loss on Friday.       

The total cuts will affect about 14,000 people, split between employees and contractors, according to Bloomberg, a figure that includes US cuts as well as layoffs and retirements previously announced in Europe and Australia and future reductions in Canada.

'These actions will improve the company’s long-term cost competitiveness and ensure the company manages through the current unprecedented market conditions,' the company said in a statement Thursday. CEO Darren Woods above

'These actions will improve the company’s long-term cost competitiveness and ensure the company manages through the current unprecedented market conditions,' the company said in a statement Thursday. CEO Darren Woods above

As of December 31 Exxon’s in-house workforce stood at 74,900 people. 

Exxon isn’t the only oil giant to cut jobs in response to the pandemic.

Bp Plc plans to cut 10,000 jobs, Royal Dutch Shell Plc will cut 9,000 roles and Chevron Corp has announced 6,000 cuts.

The stock has plunged 54 percent this year. Its dividend yield is now more than 10 percent, indicating that investors are anticipating a cut. 

Exxon maintained the quarterly payout on Wednesday, and is expected to post its third consecutive quarterly loss when it reports earnings tomorrow.

Its shares were trading up 2.3 percent higher at $32.29 on Thursday. 

Popular posts from this blog

Study Abroad USA, College of Charleston, Popular Courses, Alumni

Thinking for Study Abroad USA. School of Charleston, the wonderful grounds is situated in the actual middle of a verifiable city - Charleston. Get snatched up by the wonderful and customary engineering, beautiful pathways, or look at the advanced steel and glass building which houses the School of Business. The grounds additionally gives students simple admittance to a few major tech organizations like Amazon's CreateSpace, Google, TwitPic, and so on. The school offers students nearby as well as off-grounds convenience going from completely outfitted home lobbies to memorable homes. It is prepared to offer different types of assistance and facilities like clubs, associations, sporting exercises, support administrations, etc. To put it plainly, the school grounds is rising with energy and there will never be a dull second for students at the College of Charleston. Concentrate on Abroad USA is improving and remunerating for your future. The energetic grounds likewise houses various

Best MBA Online Colleges in the USA

“Opportunities never open, instead we create them for us”. Beginning with this amazing saying, let’s unbox today’s knowledge. Love Business and marketing? Want to make a high-paid career in business administration? Well, if yes, then mate, we have got you something amazing to do!   We all imagine an effortless future with a cozy house and a laptop. Well, well! You can make this happen. Today, with this guide, we will be exploring some of the top-notch online MBA universities and institutes in the USA. Let’s get started! Why learn Online MBA from the USA? Access to More Options This online era has given a second chance to children who want to reflect on their careers while managing their hectic schedules. In this, the internet has played a very crucial in rejuvenating schools, institutes, and colleges to give the best education to students across the globe. Graduating with Less Debt Regular classes from high reputed institutes often charge heavy tuition fees. However onl

Sickening moment maskless 'Karen' COUGHS in the face of grocery store customer, then claims she doesn't have to wear a mask because she 'isn't sick'

A woman was captured on camera following a customer through a supermarket as she coughs on her after claiming she does not need a mask because she is not sick.  Video of the incident, which has garnered hundreds of thousands of views on Twitter alone, allegedly took place in a Su per Saver in Lincoln, Nebraska according to Twitter user @davenewworld_2. In it, an unidentified woman was captured dramatically coughing as she smiles saying 'Excuse me! I'm coming through' in the direction of the customer recording her. Scroll down for video An unidentified woman was captured dramatically coughing as she smiles saying 'Excuse me! I'm coming through' in the direction of a woman recording her A woman was captured on camera following a customer as she coughs on her in a supermarket without a mask on claiming she does not need one because she is not sick @chaiteabugz #karen #covid #karens #karensgonewild #karensalert #masks we were just wearing a mask at the store. ¿ o