• 3 minutes Will Iron-Air batteries REALLY change things?
  • 7 minutes Natural gas mobility for heavy duty trucks
  • 11 minutes NordStream2
  • 3 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 8 hours U.S. Presidential Elections Status - Electoral Votes
  • 7 hours Evergrande is going Belly Up.
  • 10 hours Monday 9/13 - "High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year" by Irina Slav
  • 4 hours Is China Rising or Falling? Has it Enraged the World and Lost its Way? How is their Economy Doing?
  • 2 days Poland Expands LNG Powered Trucking and Fueling Stations
  • 3 days World’s Biggest Battery In California Overheats, Shuts Down
  • 2 days The unexpected loss of output from wind turbines compels UK to turn to an alternative; It's not what you think!
  • 1 day Ten Years of Plunging Solar Prices
  • 1 day Extraction of gasoline from crude oil.
  • 4 days The coming Cyber Attack
  • 4 days Is the Republican Party going to perpetuate lies about the 2020 election and attempt to whitewash what happened on January 6th?
  • 4 days Ozone layer destruction driving global warming
  • 4 days 'Get A Loan,' Commerce Chief Tells Unpaid Federal Workers

Breaking News:

UN Climate Conference Snubs Big Oil

America's Infrastructure Crisis Is Growing Increasingly Dire

America's Infrastructure Crisis Is Growing Increasingly Dire

Despite promises of improved infrastructure…

Exxon To Cut 1,900 Jobs In The U.S.

ExxonMobil said on Thursday that it will cut around 1,900 jobs in the United States in its latest attempt to cut costs and protect its balance sheet amid low oil prices and weak global oil demand due to the pandemic.

“As part of an extensive global review announced earlier this year, the company plans to reduce staffing levels in the United States, primarily at its management offices in Houston, Texas. The company anticipates approximately 1,900 employees will be affected through voluntary and involuntary programs,” Exxon said in a statement on Thursday, a day before it is set to announce its Q3 earnings and a day after it kept its quarterly dividend flat for the first time since 1982.  

Exxon has already said it would cut 1,600 jobs in Europe as part of efforts to rein in costs.

Announcing the cuts in the United States, the supermajor said today that “These actions will improve the company’s long-term cost competitiveness and ensure the company manages through the current unprecedented market conditions. The impact of COVID-19 on the demand for ExxonMobil’s products has increased the urgency of the ongoing efficiency work.”

After the press release announcing the job cuts, shares in Exxon (NYSE: XOM) climbed by 2.57 percent as of 12:21 EDT, even though oil prices were down by 4 percent at the same time.

Related: Venezuela’s Oil Major Sees Oil At $35 Through 2021

On Wednesday, ExxonMobil said it was keeping its quarterly fourth-quarter dividend flat at $0.87 per share – the first time in 38 years that the company has failed to increase the dividend it has been paying for more than 100 years.   

Exxon is set to report on Friday its third straight loss in its upstream business this year, as lower oil demand continues to hurt oil companies’ profitability.  

For the second quarter, Exxon reported at the end of July its second consecutive quarterly loss, which was the worst loss for the U.S. supermajor in its modern history.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News