Oil Major Exxonmobil To Cut 2,000 Jobs

2025-09-30 10:15:33

(MENAFN- Yolo Wire) Oil major %ExxonMobil (NYSE: $XOM) is cutting 2,000 jobs or about 4% of its global workforce.

The Texas-based company said the headcount reduction is being undertaken to save money at a time when prices for crude %Oil are hovering around $65 U.S. per barrel.

"To support the collaboration so critical to our success, we are aligning our global footprint with our operating model and bringing our teams together," said the company in a news release.

Exxon has changed its internal structures in recent years as part of a corporate shuffle designed to save money.

ExxonMobil is one of several oil giants that is cutting costs this year amid lower crude prices.

Analysts say oil majors such as ExxonMobil are being forced to adjust as the OPEC+ cartel floods the market with excess supply in an effort to win back market share.

French oil major %TotalEnergies (NYSE: $TTE) recently announced a plan to save $7.5 billion U.S. by the end of the decade.

Petroleum refiner %ImperialOil (NYSE: $IMO), which is owned by ExxonMobil, said it would reduce its workforce by 20% by the end of 2027.

And rival %Chevron Corp. (NYSE: $CVX) laid off 20% of its workers in February of this year.

XOM stock has gained 6% this year to trade at $114.22 U.S. per share.

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