• 2 minutes Rational analysis of CV19 from Harvard Medical School
  • 4 minutes While U.S. Pipelines Are Under Siege, China Streamlines Its Oil and Gas Network
  • 7 minutes Renewables Overtake Coal, But Lag Far Behind Oil And Natural Gas
  • 12 hours China wields coronavirus to nationalize American-owned carmaker
  • 8 mins Joe Biden the "Archie Bunker" of the left selects Kamala Harris for VP . . . . . . Does she help the campaign ?
  • 3 hours Open letter from Politico about US-russian relations
  • 3 days China's impending economic meltdown
  • 23 hours US will pay for companies to bring supply chains home from China: Kudlow - COVID-19 has highlighted the problem of relying too heavily on one country for production
  • 3 days Trumpist lies about coronavirus too bad for Facebook - BANNED!
  • 3 hours Oil Tanker Runs Aground in Mauritius - Oil Spill
  • 3 days Why Oil could hit $100
  • 3 days Biden Seeks $2 Trillion Clean Energy And Infrastructure Spending Boost
  • 13 hours Trump is turning USA into a 3rd world dictatorship
  • 2 days Liquid Air Battery
  • 3 days The Truth about Chinese and Indian Engineering
  • 3 days Brent above $45. Holding breath for $50??
Is Natural Gas Still The Fuel Of The Future?

Is Natural Gas Still The Fuel Of The Future?

Global gas demand continues to…

Has The Oil Market Finally Turned A Corner?

Has The Oil Market Finally Turned A Corner?

August is usually a bad…

ExxonMobil Readies To Make Major Job Cuts

The largest oil company in the United States is preparing to let go between 5% and 10% of its US-based employees subject to performance reviewed, anonymous sources told BNN Bloomberg.

Exxon’s job cuts will be characterized as performance-based, and not considered layoffs, technically speaking. Employees who are not subject to performance reviews will not be affected, the source said.

Exxon told Bloomberg in a statement that there was no specific reduction target.

Exxon has not been immune to the drastic effects of the coronavirus pandemic and the oil price war that has destroyed demand for crude oil and eaten into profit margins for that reduced demand, and it has attempted to tighten its belt in response.

In Q1, Exxon swung to a $640 million loss—its first loss in a decade after a $2.9 billion market-related charge. It also cut 2020 capex by a staggering $10 billion—a 30% cut. It has also cut its production from the Liza field in Guyana, although that was related to the risk of excessive flaring and not the coronavirus or prices.

In addition to offloading some lower-performing employees, the oil giant is preparing to rid itself of its UK North Sea assets, for which it can no longer expect as much money thanks to the downturn.

The news comes as Minnesota and D.C. launch climate-related lawsuits against Exxon—and others--alleging that they have deceived oil consumers for years about the effects of climate change, and about their role in causing climate change.

Exxon, headquartered in Irving, Texas, employed nearly 75,000 people globally at the end of 2019.

Shares in Exxon fell on Friday by 3.43% by 4:11 pm EDT, to $43.62.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment
  • Mamdouh Salameh on June 27 2020 said:
    The global oil industry has no alternative but to cut dividends drastically and dispose of any unprofitable business in order to survive rather than sink under the weight of its outstanding debts. ExxonMobil is no exception.

    This means getting rid of shale oil production which is hardly making money for ExxonMobil, drastically cutting dividends and investments and also trimming the number of its work force. The global oil market is passing through unusual circumstances and therefore unusual measures have to be taken.

    The COVID-19 pandemic has forced the global oil industry to defer as much as $131 billion worth of oil and gas projects slated for approval in 2020.

    The industry is set to see its total annual revenues plunge by $1 trillion this year from $2.47 trillion in 2019 to $1.47 trillion this year. The projection for 2021 is $1.79 trillion.

    Dr Mamdouh G Salameh
    International Oil Economist
    Visiting Professor of Energy Economics at ESCP Europe Business School, London

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News