Exxon will cut 14,000 jobs globally and 1,900 in the U.S. to reduce employee numbers by 15% as the pandemic hurt energy demand and prices, according to Reuters. The job cuts would include everything from layoffs, retirements, and performance-based exits.
- Exxon is not targeting headcount employee reduction percentage but is conducting country-by-country reviews for the job cuts.
- Job cuts in the U.S. will mainly come from its Houston, Texas office and include voluntary and involuntary exits
- Employees separated through involuntary programs to earn severance and outplacement services.
- Exxon lost almost $1.7 billion in the first half of the year and is expected to post a quarterly loss this Friday.
- Earlier in the month, Exxon announced it would cut 1,600 jobs in Europe and others in Australia.
- Before the pandemic, Exxon pursued an ambitious spending plan to boost oil output and capitalize on the global middle-class demand.
Exxon stock is gaining. XOM: NYSE is up 4.20%
