Hamstrung by cheap oil prices, Exxon Mobil is evaluating cost-cutting measures across its massive oil-exploration and -production business, including job cuts, according to a memo sent to employees Monday.
“Unfortunately, we continue to see prolonged negative market impacts that require us to make further changes so we are best positioned to take advantage of market improvements when they occur,” the memo said. “The pandemic and resulting impact on our industry has been severe.”
The evaluation, referred to as “study work” in the memo, has already begun and is focused on high-cost countries, which likely includes the US, where Exxon is headquartered, according to an employee familiar with the matter. The memo doesn’t say how many roles may be cut or provide a timeline.
Exxon has about 16,500 workers in its oil-exploration and -production business, known as the upstream division, the person said.
Exxon’s efforts to shrink spending have resulted in