Exxon Mobil job cuts hit 2,000 in global restructuring drive

Exxon Mobil job cuts to affect 2,000 staff worldwide as part of a restructuring plan aimed at streamlining operations and cutting costs

The reductions, which represent roughly 3% to 4% of Exxon’s global workforce, form part of an internal overhaul launched in 2019 by Chief Executive Darren Woods to streamline the business and improve competitiveness.

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In a memo to staff, Woods described the layoffs as “tough decisions” aimed at ensuring Exxon remains ahead of its rivals.

“These changes will further strengthen our advantages and grow the gap with our competition, helping to keep us in the lead for decades to come,” he wrote.

Unlike other oil majors such as Chevron, BP and ConocoPhillips, which have trimmed headcounts in response to crude price volatility, Exxon’s cuts stem largely from efforts to simplify its corporate structure.

Woods has collapsed nine semi-autonomous units into three divisions—production, refining and low-carbon—supported by centralised services including IT, engineering and project management.

The strategy has already delivered $13.5 billion in annual cost savings since 2019, with Exxon aiming to raise that figure by a further 30% by 2030.

Alongside asset sales and workforce reductions, the company says performance has improved through better maintenance and standardised practices across its sites.

As part of the restructuring, Exxon is consolidating smaller offices into regional hubs. Employees in Brussels and Leatherhead, Surrey, will be relocated to central London, closer to its trading base.

Key growth hubs will focus on offshore projects in Guyana, liquefied natural gas along the U.S. Gulf Coast, and global trading.

The announcement underscores the scale of transformation sweeping through the energy sector, as companies balance short-term efficiency drives with long-term investment in lower-carbon growth.

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For Exxon, the latest move marks one of its most significant overhauls since its 1999 merger with Mobil.

Source: Read more at theheute.com.ng

Quadri Olaitan