Exxon Mobil is set to lay off 2,000 workers globally as part of a long-term restructuring plan.
The move adds to a wave of job cuts hitting the oil and gas industry this year.
The layoffs represent about three to four per cent of Exxon’s global workforce and are part of an ongoing drive to streamline operations, Bloomberg News reported.
Exxon, based in Irving, Texas, in the Dallas–Fort Worth metro area. has been restructuring since completing its $60 billion purchase of Pioneer Natural Resources in 2024. Last November, the company revealed it would cut nearly 400 jobs in Texas.
‘We’ve seen the value of bringing people together in the same location… we are aligning our global footprint with our operating model and bringing our teams together,’ Exxon said in a statement.
The cuts follow similar moves from other energy companies. On Monday, Canadian shale producer Imperial Oil, in which Exxon is a major shareholder, announced it would cut 20 per cent of its workforce and close its Calgary operations.
Chevron plans to slash 15 to 20 per cent of its global workforce, BP more than five per cent, and ConocoPhillips 20 to 25 per cent.
US oil and gas production jobs fell by 4,700 in the first six months of this year, according to Texas labor statistics.
Exxon Mobil will lay off 2,000 workers globally as part of a long-term restructuring plan
The cuts affect roughly three to four percent of Exxon’s global workforce and are part of an ongoing efficiency push, Chief Executive Darren Woods said in a memo to staff on Tuesday.
Activity in key U.S. oil states including Texas, Louisiana, and New Mexico fell slightly in the third quarter, with executives delaying investment decisions due to price volatility, the Federal Reserve Bank of Dallas reported.
Benchmark Brent crude futures are down about 10.5 per cent year-to-date amid increased OPEC+ output and uncertainty tied to U.S. trade policy.
Exxon employed 61,000 people worldwide at the end of 2024, according to a regulatory filing.
Meanwhile, earlier this month rival oil giant ConocoPhillips said it is laying off up to 25 percent of its workforce in a huge cost-cutting drive.
The layoffs will mean thousands of employees and contractors will lose their jobs within weeks.
A company spokesperson confirmed Wednesday that 20 to 25 percent of its global headcount of roughly 13,000 will be affected — roughly 2,600 to 3,250 workers.
Most layoffs are expected to take place before the end of the year.
Oil companies are not the only ones letting go of staff this year.
Exxon, based in Irving, Texas, in the Dallas–Fort Worth metro area. has been restructuring since completing its $60 billion purchase of Pioneer Natural Resources in 2024.
Layoffs have risen 140 percent from a year ago, a report revealed last month.
Companies have already announced more than 800,000 job cuts this year alone, the highest since the pandemic upended the economy in 2020.
US-based employers cut 62,075 jobs in July compared to 25,885 in the same month last year.
In May, Walmart — America’s largest employer — announced it was cutting 1,500 jobs from its tech operations and e-commerce teams.
Procter & Gamble, the owner of Tide detergent and Gillette shaving products, is also undergoing significant cuts. The company said it would eliminate 7,000 positions.
Job losses have been even more pronounced in the tech sector, as firms increasingly replace human employees with hyper-intelligent machines.
Microsoft — one of the leading firms investing in AI — is expected to lay off thousands of employees next month as it shifts resources toward deeper investments.
Amazon CEO Andy Jassy recently said the quiet part out loud: the technology will uproot thousands of Americans from their jobs.
Intel — which makes processors that power millions of Dell, HP, and Lenovo computers — **will slash 25,000 jobs **this year as it battles to turn around its flagging fortunes.
Meanwhile, UPS is offering voluntary buyouts to its full-time US drivers following its decision to slash 20,000 jobs and close 73 facilities.
