Exxon Mobil Corp (NYSE:XOM, ETR:XONA) revealed plans to reduce its international workforce by 2,000 positions as the oil company consolidates smaller offices into regional hubs as part of a long-term restructuring plan.
The regional hubs will focus on the Texas-based group’s key growth initiatives, such as oil in Guyana, liquefied natural gas (LNG) along the Gulf Coast, and international trading.
The job cuts represent about 3% to 4% of Exxon’s global workforce.
Canada-based Imperial Oil Ltd, which is nearly 70% owned by the group, will be cutting 20% of its workforce.
Exxon joins big oil companies such as Chevron and ConocoPhillips, which have also announced thousands of job cuts in recent months as crude prices fall following supply increases from OPEC.
Exxon CEO Darren Woods has led a major internal restructuring drive since 2019, resulting in $13.5 billion of annual savings, according to the company, with plans to increase the amount of savings by another by 30% the end of the decade.
Exxon Mobil shares slipped 1.6% to $112.41 in Tuesday trading.