ExxonMobil to axe 2,000 jobs worldwide
ExxonMobil has revealed plans to eliminate roughly 2,000 roles worldwide, especially in Canada and across the EU.
The decision is part of a move to consolidate smaller offices into regional hubs.
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Other large oil operators including Chevron, ConocoPhillips and bp have also announced substantial job cuts in recent months amid a downturn in crude prices and higher supplies from OPEC and allied producers, reported Bloomberg.
The reductions, equivalent to around 3–4% of Exxon’s global workforce, form part of an efficiency drive detailed by CEO Darren Woods in a memo to employees.
Roughly half of the job losses are expected in Europe and most of the remainder at Calgary-based Imperial Oil, in which Exxon holds a nearly 70% stake.
In the EU and Norway, the company will cut around 1,200 positions by the end of 2027, with layoffs accounting for half of these reductions.
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By GlobalDataImperial Oil will reduce its headcount by roughly 900 roles, around 20% of its workforce, over the same period. This measure is expected to lower operating expenses by C$150m (roughly $108m) a year.
Exxon said it will concentrate regional hubs on key growth areas including oil production in Guyana, liquefied natural gas projects along the US Gulf Coast and global trading.
In Europe, the group intends to bring most office and remote employees closer to manufacturing sites and close a number of smaller offices.
Woods said the decisions build on a multi-year effort to simplify Exxon’s global structure that developed after the merger with Mobil.
Darren Woods said: “The changes we have announced today will further strengthen our advantages and grow the gap with our competition, helping to keep us in the lead for decades to come.”
When Woods became CEO in 2017, nine relatively independent functional companies created additional bureaucracy; the business is now organised into three main divisions: production, refining and low carbon.
Exxon reported that its restructuring actions have removed $13.5bn of annual costs since 2019 and that it aims to increase that saving by a further 30% before 2030.
The company said savings have been achieved through asset sales and reductions in headcount as well as improvements in maintenance and the sharing of best practice between units.
At the end of 2024, Exxon employed around 61,000 people globally, roughly 20% fewer than in 2019.
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