", “These are difficult times,” Woods said. Clearly Coronavirus made this plan impossible. “The Retirement/Transition Guide for ExxonMobil Employees.” The Retirement Group, The Retirement Group, 11 Aug. 2020, https://energy.theretirementgroup.com/exxonmobil-educate.
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Chevron Corp’s CVX.N planned cuts of 10%-15% would imply a reduction of between 4,500 and 6,750 jobs. In July, Exxon announced a country-by-country review that may identify efficiencies, including the reduction of management positions. ExxonMobil Corp. with an affiliate in Nigeria plans to lay off an unspecified number of employees as low oil prices force the company to delay major projects, Chief Executive Officer Darren Woods said in an email to staff. The cuts will come through attrition, targeted redundancy programs in 2021, and scaled-back hiring in some countries.
Earlier this month, Exxon said it would cut 1,600 jobs in Europe.
Exxon’s market value has plunged by more than 66 percent to $140 billion from a high of $418 billion in 2013.
The Texas-based oil and gas company said the cuts were necessary to cope with COVID-related losses.
Exxon Mobil Corp. plans to lay off an unspecified number of employees as low oil prices force the company to delay major projects, Chief Executive Officer Darren Woods said in an email to staff. Exxon's Australia affiliate also announced a voluntary redundancy program to reduce headcount. It’s a stunning admission by Exxon, the world’s most valuable company just seven years ago and one that has long prided itself on weathering the industry’s boom and bust cycles without resorting to job cuts. In this file photo taken on January 5, 2016, an Exxon gas station is seen in Woodbridge, Virginia. In May, as energy companies began to cut thousands of workers, Exxon Mobil CEO Darren Woods said he had no plans to lay off any of the oil giant’s 70,000 employees.
“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. It has announced cuts in Australia.
However, with a second quarter loss of more than $1 billion, according to Business Insider, ExxonMobil has been forced to confront the reality that jobs cuts will need to be considered.
US oil and gas giant ExxonMobil announced Monday it would slash 1,600 jobs in Europe, more than 11% of its workforce in the region, as it struggles with the hit from the coronavirus downturn. ExxonMobil Savings Plan Changes.” ExxonMobil Employee Connect, https://hr.na.xom.com/us/benefits-policies/investmentindex#a1399111-ffff-4778-970e-cc8bb06ddd8a. Nigeria is one of ExxonMobil biggest operational bases in oil and gas exploration and production globally. The company said the job cuts would happen by the end of next year but did not any additional details saying only that "Country-specific impacts will depend on the company’s local business footprint and market conditions.". What’s Your Best Workcell for Cobot Integration? “ExxonMobil Reportedly Changed Its Employee Review Process To Increase Performance-Related Job Cuts.” Forbes, 24 July 2020. Lost your password?
Royal Dutch Shell Plc RDSa.L and BP Plc BP.L also have outlined up to 15% workforce cuts.
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