American oil major ExxonMobil Corp has announced plans to reduce up to 300 positions in Canada by the end of next year.
The latest move is part of the company’s cost-cutting efforts amid market uncertainty as a result of a collapse in oil prices following the outbreak of the Covid-19 pandemic.
It is also part of ExxonMobil’s plan to ‘improve long-term competitiveness’.
According to the company, workforce reductions will include positions at the company’s Canadian affiliates including Imperial Oil, ExxonMobil Canada and ExxonMobil Business Centre Canada.
In a press statement, ExxonMobil stated: “The impact of Covid-19 on the demand for ExxonMobil’s products has increased the urgency of the efficiency work.
“Canada remains an important market for ExxonMobil. However, further actions are needed at this time to improve costs and ensure the corporation and its affiliates manage through these unprecedented market conditions.”
Last month, ExxonMobil announced that it will reduce its workforce in the US by around 1,900 employees through both voluntary and involuntary programmes.
Earlier last month, ExxonMobil confirmed plans to cut around 1,600 jobs across its European operations before the end of next year, stating ‘significant actions are needed at this time to improve cost competitiveness and ensure the company manages through these unprecedented market conditions’.
ExxonMobil employs around 75,000 workers globally, with 14,000 of them in Europe.
UK-headquartered oil and gas major BP and Australia’s largest independent oil and gas producer Woodside Petroleum also announced plans to make job cuts last month.
