U.S. oil giant Exxon Mobil Corp (NYSE:XOM) will reportedly cut 2,000 jobs, as it consolidates smaller offices into regional hubs.
The reductions represent about 3% to 4% of Texas-based Exxon's global workforce and are part of the company's ongoing efficiency drive, Bloomberg News reported on Tuesday, citing a memo sent to employees by CEO Darren Woods.
The news comes just a day after Calgary-based Imperial Oil Ltd., which is nearly 70% owned by Exxon, announced it is cutting 20% of its workforce.
Oil Sector Job Losses Rise
Major oil companies, including Chevron and BP, have announced thousands of job cuts in recent months amid falling crude prices driven by a surge in output from OPEC and its allies. Exxon has also been on a major internal restructuring effort since 2019 to simplify the company's sprawling global footprint.
Exxon did not immediately respond to Benzinga’s request for comment.
XOM Price Action
Shares in the company closed down 2.5% in the previous session, and were trending lower in early trading on Tuesday, according to data from Benzinga Pro.
Benzinga's Edge Stock Rankings indicate that XOM maintains a stronger price trend in the short, medium, and long terms. However, the stock's momentum ranking is relatively poor. Additional performance details are available here.
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