Exxon Mobil Corp. plans to cut about 2,000 jobs globally as the Texas oil company consolidates smaller offices into regional hubs as part of its long-term restructuring plan. The reductions represent about 3% to 4% of Exxon’s global workforce and are part of the company’s ongoing efficiency drive, Chief Executive Officer Darren Woods said in an memo to employees Tuesday. About half will be in the Europe and most of rest in Canada at Calgary-based Imperial Oil Ltd., which is nearly 70% owned by Exxon. Mos ...

Core Insights - Exxon Mobil is reducing its workforce by approximately 2,000 jobs globally as part of a reorganization aimed at enhancing efficiency [1][5] - The company plans to consolidate smaller locations into regional hubs to improve operational effectiveness [2][5] - This move is part of a broader trend in the oil industry, where companies are adjusting to lower oil prices and focusing on profitability [3][4] Company Actions - CEO Darren Woods communicated the decision to employees, emphasizing the benefits of bringing teams together in the same location [2] - The company’s global office network, established decades ago, is being realigned with its current operating model [2][3] - Exxon Mobil reported having 61,000 employees in its latest annual report, indicating the scale of the workforce reduction [2] Industry Context - The workforce cuts at Exxon Mobil reflect a multiyear effort within the oil industry to boost efficiency amid volatile energy markets [3] - Similar actions are being taken by other companies, such as Canada's Imperial Oil, which announced a 20% workforce reduction to centralize operations and improve performance [4] - Exxon Mobil's shares have seen a slight decline of over 1% in recent trading, although they are up about 5% year-to-date [4]

About this content About Sean Mason Sean Mason is a Senior Journalist at Proactive, having researched and written about Canadian and US equities for 20 years. Sean graduated from the University of Toronto with a BA in history and economics and has also passed the Canadian Securities Course. He previously worked at Investors Digest of Canada, Stockhouse, and SmallCapPower.com. Read more About the publisher Proactive financial news and online broadcast teams provide fast, accessible, informative and action ...

Market Overview - U.S. stock index futures are all down, with Dow futures down 0.14%, S&P 500 futures down 0.14%, and Nasdaq futures down 0.09% as of the report [1] - European indices show mixed results, with Germany's DAX down 0.05%, UK's FTSE 100 up 0.11%, France's CAC40 down 0.37%, and the Euro Stoxx 50 down 0.07% [1] Oil Market - WTI crude oil is down 0.88% at $62.89 per barrel, while Brent crude oil is down 0.83% at $66.53 per barrel [2] Economic Outlook - The potential U.S. government shutdown could lead to a "data fog" affecting economic outlook, with key economic data releases, including the non-farm payroll report, likely to be delayed [2] - The delay in economic data could impact critical policy decisions, such as whether the Federal Reserve should cut interest rates again in the upcoming meeting [2] Investor Sentiment - Despite the looming government shutdown, investor sentiment remains optimistic, focusing on strong U.S. economic performance and corporate earnings rather than the shutdown risk [3] - UBS suggests that investors should not be overly concerned about the shutdown but should focus on other market drivers like continued Fed rate cuts and strong corporate earnings [3] Federal Reserve Commentary - St. Louis Fed President James Bullard expresses an open attitude towards future rate cuts but emphasizes the need for caution due to current inflation rates being above the 2% target [4] - Bullard highlights the importance of resisting inflation rates slightly above the target, regardless of the causes [4] Copper Market - Several investment banks have raised their copper price forecasts due to expected supply shortages, with JPMorgan increasing its Q4 LME copper price forecast from $9,350 per ton to $11,000 per ton [5] - Bank of America has also raised its 2026 copper price forecast by 11% to $11,313 per ton, while Goldman Sachs has revised its annual supply-demand balance from a surplus to a shortage of 5.5 million tons [5] Company News - Boeing is planning to develop a new single-aisle aircraft to replace the 737 MAX, aiming to regain market share lost due to safety and quality issues [7] - Ford and General Motors have extended the $7,500 electric vehicle lease tax credit, allowing dealers to offer this incentive to customers [8] - CenterPoint Energy plans to invest $65 billion over the next decade to expand its electric grid capacity, anticipating a significant increase in electricity demand [9] - ExxonMobil is planning to cut approximately 2,000 jobs globally as part of its long-term restructuring plan, which represents about 3% to 4% of its total workforce [9]

Core Viewpoint - ExxonMobil plans to cut approximately 2,000 jobs globally, representing about 3% to 4% of its total workforce, as part of a long-term restructuring initiative aimed at enhancing efficiency and competitiveness [1][4]. Group 1: Job Cuts and Restructuring - The job cuts are part of ExxonMobil's ongoing efforts to streamline operations by consolidating smaller offices into regional centers [1]. - The company has been implementing internal restructuring since 2019, with CEO Darren Woods emphasizing the need for difficult decisions to maintain a competitive edge [1][4]. - Other major oil companies, such as Chevron, ConocoPhillips, and BP, have also announced significant layoffs due to falling oil prices driven by OPEC+ production increases [1]. Group 2: Cost Savings and Performance Improvement - Since 2019, ExxonMobil has achieved annual cost savings of $13.5 billion, surpassing the total savings of all other international oil giants combined [4]. - The company aims to increase these savings by 30% by 2030, with some of the cost reductions achieved through asset sales and layoffs [4]. - The restructuring has led to improved performance metrics, including better maintenance of key facilities and enhanced collaboration across business units [4]. Group 3: Workforce Statistics - As of the end of 2024, ExxonMobil's global workforce is projected to be 61,000, a reduction of nearly 20% since 2019 [5]. - Empire Oil, in which ExxonMobil holds a nearly 70% stake, is expected to have a workforce of 5,100 by the end of 2024 [5].

Exxon Mobil (NYSE:XOM) plans to lay off ~2,000 workers globally as part of a long-term restructuring plan, Bloomberg reported Tuesday, citing a memo to employees from CEO Darren Woods. The reductions represent 3%-4% of Exxon's (NYSE:XOM) global workforce and ...

格隆汇9月30日｜据市场消息，随着石油行业裁员加剧，埃克森美孚将裁员2,000人。 ...

Market Overview - The U.S. stock market is expected to open cautiously, with major index futures indicating a slight pullback due to concerns over a potential government shutdown and upcoming economic data releases [1][2] - September has been a positive month for major indexes, with the Nasdaq Composite gaining approximately 5.3%, the S&P 500 advancing around 3.1%, and the Dow Jones Industrial Average rising about 1.7% [3] Premarket Trading and Futures Movements - S&P 500 futures were down approximately 0.18% to 0.2%, Dow Jones Industrial Average futures declined around 0.18% to 0.23%, and Nasdaq 100 futures edged lower by about 0.16% to 0.21% [2] Corporate Earnings and Stock Movements - Nvidia (NVDA) shares rallied over 2% on Monday, settling above the $180 level, and rose 1% in premarket trading [6] - Electronic Arts (EA) surged after reports of a $55 billion going-private leveraged buyout deal, with the stock jumping 15% on Friday and climbing a further 4.5% on Monday [6] - Intel (INTC) shares were down almost 3% on Monday after a significant 20% surge last week [10] - Robinhood Markets (HOOD) saw its shares surge over 12% on Monday, closing at an all-time high [10] - Western Digital (WDC) rose 9.2% and Seagate Technology (STX) added 5.3% after analysts raised price targets due to growing demand for hard drives to support AI [10] - Coinbase Global (COIN) gained 6.8% as major cryptocurrencies moved higher [10] - Lam Research (LRCX) shares rose 3.3% after Deutsche Bank upgraded the company to a "Buy" rating [10] - Novo Nordisk (NVO) dropped 3% after receiving a downgrade to "Underweight" [10] - The energy sector was the worst-performing sector in the S&P 500 on Monday, declining 1.9% [10] Upcoming Economic Data - Key reports to be released include the Job Openings and Labor Turnover Survey (JOLTS) for August, Consumer Confidence Report for September, and Chicago Region's Business Activity Data for September [6] - The JOLTS report is expected to provide insights into labor market health, while the Consumer Confidence Report will reflect household sentiment amidst inflation concerns [6]

By Sheila Dang and Vallari Srivastava HOUSTON (Reuters) -Exxon Mobil will lay off 2,000 workers globally as part of a long-term restructuring plan, the top U.S. energy major told Reuters in an emailed statement, affecting about 3% to 4% of the company's global workforce. There are no planned job cuts in the U.S. and layoffs announced Monday at Canadian oil producer Imperial Oil, of which Exxon is a majority owner, account for about half of the broader cuts confirmed Tuesday, a company spokesperson said. ...

Core Viewpoint - ExxonMobil's CEO Darren Woods is seeking security assurances from Mozambique's President Daniel Chapo regarding a proposed $30 billion gas terminal in Mozambique [1] Group 1 - The proposed gas terminal represents a significant investment of $30 billion by ExxonMobil in Mozambique [1] - The discussions between Woods and Chapo highlight the importance of security for the successful implementation of the gas project [1]