On Thursday, ExxonMobil Corp. announced its plan to slash its global jobs by roughly 15% including massive cuts to white-collar staff in the US on account of the pandemic impact on energy demand and prices.
According to spokesman Casey Norton, around 14,000 employees globally or 15% are at risk of losing jobs. It will include exits from restructurings, retirements, and performance-base. The number is, however, does not targe a fixed number of jobs as the 15% figure cut was a result of its ongoing business review.
Around 1,900 US jobs will be cut, mainly from the Houston are facilities. Earlier in October, Exxon had stated the cut of 1,600 workforces in Europe. It also has announced cuts in Australia.
Reacting to the news, the company’s shares went up by 4% to USD32.85 on the same day.
According to Refinitiv IBES, in the third quarter of 2020, Exxon could see a record-setting third straight quarterly loss of USD1.19 billion.
