ExxonMobil Corp. is assessing possible worldwide job cuts, a spokesman said today, after the company announced a voluntary layoff program in Australia.
ExxonMobil is the latest oil major to announce it is slashing jobs as the result of a historic collapse in fuel demand brought on by the coronavirus pandemic, Reuters reports.
The company has cut capital spending this year by 30% to around $23 billion and said in August it planned both capital and operating expense cuts to defend its dividend after reporting losses in the first and second quarters.
“We have evaluations underway on a country-by-country basis to assess possible additional efficiencies to right-size our business and make it stronger for the future,” spokesman Casey Norton, based at the company headquarters in Irving, Texas, says in emailed comments to Reuters.
The comments mark a shift, after ExxonMobil told Reuters in July it had no plans for layoffs due to the pandemic and no percentage targets to reduce its workforce through this year’s employee reviews. Read the full story.