ExxonMobil to axe 2,000 jobs worldwide

Core Viewpoint - ExxonMobil plans to eliminate approximately 2,000 jobs globally, primarily in Canada and the EU, as part of a strategy to consolidate smaller offices into regional hubs [1][2]. Group 1: Job Reductions - The job cuts represent about 3-4% of Exxon's global workforce, with around half of the reductions occurring in Europe and most of the remainder at Imperial Oil, where Exxon holds a nearly 70% stake [2]. - In the EU and Norway, Exxon will cut around 1,200 positions by the end of 2027, with layoffs accounting for half of these reductions [2]. - Imperial Oil will reduce its workforce by approximately 900 roles, which is around 20% of its total workforce, over the same timeframe [3]. Group 2: Cost Savings and Efficiency - The restructuring actions have resulted in the removal of $13.5 billion in annual costs since 2019, with a goal to increase savings by an additional 30% before 2030 [5]. - Savings have been achieved through asset sales, headcount reductions, and improvements in maintenance and best practice sharing [5]. - The company aims to lower operating expenses by C$150 million (approximately $108 million) annually through the job cuts at Imperial Oil [3]. Group 3: Strategic Focus - Exxon plans to concentrate its regional hubs on key growth areas, including oil production in Guyana, liquefied natural gas projects along the US Gulf Coast, and global trading [3]. - The restructuring is part of a multi-year effort to simplify Exxon's global structure, which has evolved since the merger with Mobil [4]. - CEO Darren Woods emphasized that these changes will strengthen Exxon's competitive advantages and help maintain its leadership position in the industry for decades [4].