Exxon Mobil (NYSE:XOM) plans to lay off ~2,000 workers globally as part of a long-term restructuring plan, Bloomberg reported Tuesday, citing a memo to employees from CEO Darren Woods.
The reductions represent 3%-4% of Exxon’s (NYSE:XOM) global workforce and are part of the company’s ongoing efficiency drive, Woods reportedly said in the memo.
“The changes we’ve announced today will further strengthen our advantages and grow the gap with our competition, helping to keep us in the lead for decades to come,” the CEO wrote.
Major oil companies have announced thousands of job cuts this year as the industry copes with weaker oil prices, but Exxon (XOM) has been undergoing a significant internal restructuring since 2019 as Woods attempted to simplify the company’s sprawling global footprint.
Canada’s Imperial Oil (IMO), which is ~68% owned by Exxon, announced Mondayhttps://seekingalpha.com/news/4500014-imperial-oil-plans-20-workforce-cut-over-next-two-years-in-restructuring that it is cutting 20% of its workforce.
Exxon (XOM) employed 61,000 people globally at year-end 2024, nearly 20% less than in 2019, according to the company’s annual filings, and Imperial (IMO) had 5,100 employees at the end of 2024.