ExxonMobil Corp. said today it expects to shed as much as 15% of its global workforce over the next year, including 1,900 jobs in the U.S., as the coronavirus pandemic continues to batter the oil industry.
The struggling oil giant announced the U.S. job cuts, confirming previous predictions and plans for workforce reductions, and in response to questions added that it anticipates it will eliminate around 14,000 positions, including employees and contractors, through 2021. It said most of the cuts to U.S. employees would come from its management offices in Houston, and that it expects the reductions will be both voluntary and involuntary, according to The Wall Street Journal.
ExxonMobil has said it is conducting a global review of its 74,000 employees and more than 13,000 contractors, and previously announced 1,600 layoffs in Europe and voluntary layoffs in Australia. ExxonMobil made the latest announcement a day before it is set to report quarterly earnings. Analysts expect the company to post its third consecutive quarterly loss for the first time on record. Read the full story.
