financetom
Business
financetom
/
Business
/
Exxon Mobil to cut 2,000 jobs amid restructuring, Bloomberg News reports
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Exxon Mobil to cut 2,000 jobs amid restructuring, Bloomberg News reports
Sep 30, 2025 4:46 AM

(Reuters) -U.S. energy major Exxon Mobil ( XOM ) will lay off 2,000 workers globally as part of a long-term restructuring plan, Bloomberg News reported on Tuesday, adding to a wave of job cuts in the oil and gas industry this year.

The reductions represent about 3% to 4% of the company's global workforce and are part of an ongoing efficiency drive, the report said, citing a memo from CEO Darren Woods to employees.

The shale producer has been streamlining its operations after closing its $60 billion purchase of Pioneer Natural Resources in 2024. In November last year, the company revealed in a filing that it would cut nearly 400 jobs in Texas.

"We've seen the value of bringing people together in the same location... we are aligning our global footprint with our operating model and bringing our teams together," Exxon Mobil ( XOM ) said in an emailed statement on Tuesday.

On Monday, Canadian shale producer Imperial Oil ( IMO ), in which Exxon is a major shareholder, announced plans to cut 20% of its workforce and shutter business in Calgary.

Global energy companies have announced thousands of job cuts this year, as the sector navigates weaker crude oil prices and a rapid consolidation.

Chevron plans to lay off 15% to 20% of its global workforce, while BP has said it would cut more than 5% of its jobs and ConocoPhillips has announced it would cut 20% to 25% of its jobs.

U.S. oil and gas production jobs fell by 4,700 in the first six months of this year, Texas labor market statistics showed.

Activity levels in the key U.S. producing states of Texas, Louisiana and New Mexico declined slightly in the third quarter, with several industry executives reporting significant delays in investment decisions in response to price volatility, according to a survey by the Federal Reserve Bank of Dallas.

Benchmark Brent crude futures are down about 10.5% year-to-date, impacted by increased OPEC+ output and persistent demand uncertainty tied to the U.S. trade policy.

Exxon employed 61,000 people globally at the end of 2024, according to a regulatory filing.

(Reporting by Vallari Srivastava in Bengaluru; Editing by Mrigank Dhaniwala and Sriraj Kalluvila)

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Hong Kong-listed Samsonite plans dual listing in hunt for investors
Hong Kong-listed Samsonite plans dual listing in hunt for investors
Mar 21, 2024
(Reuters) -Luggage maker Samsonite International ( SMSOF ) on Friday said it plans to pursue a dual listing in addition to its listing on the Hong Kong Stock Exchange to increase the liquidity of its shares and reach investors in more markets. Samsonite ( SMSOF ) did not provide details of the exchanges it is considering for the second listing,...
Ecopetrol's Reficar refinery awarded nearly 20% of McDermott common capital, company says
Ecopetrol's Reficar refinery awarded nearly 20% of McDermott common capital, company says
Mar 21, 2024
BOGOTA, March 21 (Reuters) - The Reficar oil refinery belonging to Colombia's Ecopetrol was awarded 19.9% of the common capital in infrastructure firm McDermott in preferential shares by a judge in Amsterdam, Ecopetrol said in a statement on Thursday. The refinery is located in the Colombian city of Cartagena. ...
Meta's Instagram down for thousands, Downdetector shows
Meta's Instagram down for thousands, Downdetector shows
Mar 21, 2024
March 21 (Reuters) - Meta Platforms's ( META ) Instagram was down for thousands of users on Thursday, according to outage tracking website Downdetector.com. ...
Oil eases on possible Gaza ceasefire, dollar strength
Oil eases on possible Gaza ceasefire, dollar strength
Mar 21, 2024
SINGAPORE (Reuters) -Oil prices slipped on Friday on the possibility of a nearing Gaza ceasefire that could ease geopolitical concerns in the Middle East, while a stronger dollar and faltering U.S. gasoline demand also weighed on prices. Brent crude futures fell 42 cents, or 0.5%, to $85.36 a barrel by 0203 GMT. U.S. crude futures shed 40 cents, or 0.5%,...
Copyright 2023-2026 - www.financetom.com All Rights Reserved