ExxonMobil Global Headquarters. Credit: ExxonMobil.

Oil major ExxonMobil has announced that it will reduce its workforce in the US by around 1,900 employees through both voluntary and involuntary programmes.

The move comes as the energy major continues to see its operations pressured by the coronavirus (Covid-19) pandemic, which shattered energy demand and oil prices.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

ExxonMobil noted that the workforce levels will be downsized primarily at its Houston-based management offices.

ExxonMobil said in a statement: “The company recognises these decisions will impact employees and their families and has put these programmes in place only after comprehensive evaluation and thoughtful deliberation.

“Employees who are separated through involuntary programmes will be provided with support, including severance and outplacement services.”

Due to declining fuel demand as a result of the coronavirus pandemic, as well as the transition towards green energy, ExxonMobil has witnessed its share value drop by over half this year.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Earlier this 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 75,000 workers worldwide, including 14,000 in Europe.

Reuters cited Exxon spokesman Casey Norton as saying that the company’s global job cuts would impact about 14,000 employees, or roughly 15% of the workforce, including contractors.