Coronavirus company news summary – ExxonMobil considers global job cuts – Maersk to make job cuts

3 September 2020 (Last Updated September 3rd, 2020 09:39)

3 September

American multinational oil and gas major ExxonMobil is reportedly assessing possible job cuts across its global operations. The latest move comes after the company has announced voluntary layoffs in Australia as part of cost cutting due to a historic crash in fuel demand as a result of the Covid-19 pandemic. The oil major’s job cuts will continue through 2021, according to Reuters.

India’s state-owned firm Oil and Natural Gas Corporation (ONGC) may see capital expenditure (capex) for FY2020 reduce by nearly one-fifth as coronavirus-linked restrictions in the country delayed projects, PTI reported. According to ONGC director-finance Subhash Kumar, the actual spending may be around Rs265bn, down from the actual value of Rs325bn. The reduction in spending comes as a result of the Covid-19 restrictions which severely impacted project implementations due to disruptions in supply chain and labour movement.

Danish integrated shipping company and supply vessel operator Maersk is reportedly said to cut jobs as part of a major reformation. According to Reuters, the move is said to affect a third of the vessel operator’s staff as the company considers integration of its seaborne container and in-land logistics businesses. The news agency cited Maersk spokeswoman as saying that the restructuring will impact about 26,000 to 27,000 staff out of Maersk’s total workforce.