A Fourth Estate® Service

Thursday, December 3, 2020

Exxon Will Cut 14,000 Jobs as Pandemic Continues Hammering Oil Demand

Exxon Mobil Corp announced on Thursday that it would reduce its global workforce by 15%, including 1,900 U.S. jobs, by the end of 2022, as North Amerca’s oil juggernaut attempts to preserve dividends amid severe impacts of the pandemic to the oil industry.

Exxon Mobil Corp announced on Thursday that it would reduce its global workforce by 15%, including 1,900 U.S. jobs, by the end of 2022, as North Amerca’s oil juggernaut attempts to preserve dividends amid severe impacts of the pandemic to the oil industry.

According to the company, the massive job cuts are part of Exxon’s CEO Darren Woods’ latest attempt to reduce the oil giant’s spending after suffering from a string of quarterly losses.

The unprecedented drop in oil demand has also greatly affected the company’s progress in its new projects.

“The impact of COVID-19 on the demand for Exxon Mobil’s products has increased the urgency of the ongoing efficiency work,” said the company.

Exxon’s spokesperson Casey Norton said that approximately 14,000 of the company’s workers and contractors, or 15% of its workforce worldwide, are at risk of losing their jobs.

The U.S. oil giant’s downsizing includes the layoffs that it has previously announced in Europe and Australia.

According to the company, most of the job cuts in the U.S. would come from its management offices in Houston, expecting it to be both voluntary and involuntary.

“These actions will improve the company’s long-term cost competitiveness and ensure the company manages through the current unprecedented market conditions,” Exxon said in a statement on Thursday.

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