Exxon Mobil to cut 700 jobs

Exxon, other oil companies are slashing costs due to collapse in oil demand

Reuters December 13, 2020


Exxon Mobil Corp will lay off more than 700 workers in the Houston area, according to a notice it sent to the Texas Workforce Commission posted on Friday. The largest US oil producer had previously said it would cut its global workforce by about 15%, or around 14,000 jobs, including deep cuts in the United States. Exxon and other oil companies have been slashing costs due to a collapse in oil demand due to the coronavirus pandemic and ill-timed bets on new projects. The layoff date is February 2, according to the notice. The 700 jobs are part of around 1,900 US cuts anticipated, which the company has said would come mainly from its Houston-area campus, the headquarters for its US oil and gas businesses. Exxon last month said it would write down the value of natural gas properties by $17 billion to $20 billion, its biggest ever impairment, and slash project spending next year to its lowest level in 15 years.

Published in The Express Tribune, December 13th, 2020.

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