Job cut nation: Exxon Mobil to lay off 1,900 USA employees

29 Octobre, 2020, 22:49 | Auteur: Auguste Feret
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Exxon Mobil said Thursday it will eliminate 1,900 USA jobs as part of a global cost-cutting drive that will shrink its global workforce by about 15 percent over the next two years.

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

"The impact of Covid-19 on the demand for Exxon Mobil's products has increased the urgency of the ongoing efficiency work", the company said in a statement.

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

'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.

Exxon was once the largest U.S. publicly-traded company but has been cutting costs due to a collapse in oil demand and ill-timed bets on new oilfields and expansions.

It has promised to shed more than US$10 billion (S$13.7 billion) this year in project spending and cut operating expenses 15%.

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The company lost almost $1.7bn in the first six months of the year and is expected to post another quarterly loss on Friday. Earlier this month it said it would cut 1,600 jobs in Europe.

Exxon's Big Oil rivals are also cutting thousands of jobs in response to the pandemic-induced demand slump.

Royal Dutch Shell Plc and BP Plc also have outlined up to 15% workforce cuts.

Exxon's in-house workforce stood at 74,900 people, as of December 31, according to data compiled by Bloomberg.

The stock has plunged 54 per cent this year. Any dividend yield above 10 per cent is considered onerous for a company's finances.

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

Shares of ExxonMobil rose 2.2 percent to $32.27 in late-morning trading.

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