Exxon Will Cut up to 300 Jobs in Canada

US oil giant Exxon Mobil announced on Wednesday afternoon it is planning to cut up to 300 positions in Canada as part of an ongoing cost-cut plan because of the COVID-19-driven slump in oil prices.

US oil giant Exxon Mobil announced on Wednesday afternoon it is planning to cut up to 300 positions in Canada as part of an ongoing cost-cut plan because of the COVID-19-driven slump in oil prices.

In a statement, the company said that reductions will include numerous positions at Exxon Mobil Business Center Canada ULC and the Imperial Oil Ltd. 

Exxon also said “this decision is necessary, considering the effects that the COVID-19 crisis brought to the oil industry all around the world.”

Ol producers, including Exxon Mobil, have been slashing costs because of the collapse in oil demand and ill-timed bets on new projects. 

The main oil companies in the United States had earlier outlined more than $10 billion in budget cuts this year.

Suncor Energy, which is the second-biggest oil company in Canada, announced in October that it would cut its workforce by up to 15 percent over the next year and a half.


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