Skip to content
Subscriber Only

Exxon to Cut 14,000 From Global Workforce Due to Oil Slump

  • U.S. oil giant jumps 3.7%, leading crude drillers in S&P 500
  • Crude explorers are slashing headcount in bid to preserve cash
     
Photographer: Andrew Harrer/Bloomberg
Updated on

Exxon Mobil Corp. will slash its global workforce by 15% by the end of 2022, an unprecedented culling by North America’s biggest oil explorer as it struggles to preserve dividends.

The cuts will include 1,900 U.S. jobs, mostly in Houston, as well as layoffs previously announced in Europe and Australia and reductions the number of contractors, some of which have already taken place. Personnel reductions are Chief Executive Officer Darren Woods’s latest effort to curtail spending and halt the worst string of quarterly losses since Exxon assumed its modern form with the 1999 takeover of Mobil Corp.