Exxon to cut 1,900 jobs
Exxon Mobil XOM.N said on Thursday it will lay off about 1,900 employees in the United States as the COVID-19 pandemic batters energy demand.
The once mighty oil giant has been recently through difficult times also due to ill-timed bets on new oilfields and expansions.
The company lost nearly $1.7 billion in the first six months and is expected to post another quarterly loss on Friday.
Exxon said the job cuts, part of a global reorganization, will come mainly from its Houston, Texas office and will include voluntary and involuntary programs.
“The impact of COVID-19 on the demand for ExxonMobil’s products has increased the urgency of the ongoing efficiency work,” the company said in a statement.
Employees who are separated through involuntary programs will be provided severance and outplacement services.