By Trixie Yap SINGAPORE (Reuters) -Exxon Mobil Corp expects to cut staff numbers in Singapore by 10% to 15% and move its office to its Jurong plant on the island by the end of 2027, the company said on Wednesday, in a global restructuring effort. The steps come after the U.S. major unveiled plans on Tuesday to lay off 2,000 workers globally, particularly in Canada and across the European Union, as part of long-term restructuring that will affect about 3% to 4% of its workforce. "We are making changes to ...

Core Viewpoint - Exxon Mobil Corp has commenced production at new facilities within its Singapore oil refinery complex, focusing on the production of base stocks from residue fuel [1] Company Summary - Exxon Mobil Corp has initiated operations at its newly established facilities in Singapore [1] - The new facilities are designed to convert residue fuel into base stocks, which are essential for various industrial applications [1] Industry Summary - The production of base stocks from residue fuel indicates a strategic move within the oil refining industry to enhance product offerings and meet market demands [1] - This development may reflect broader trends in the industry towards optimizing refinery outputs and improving efficiency [1]

Core Viewpoint - Exxon Mobil Corporation (XOM) is entering exclusive negotiations to divest its controlling interest in Esso Société Anonyme Française SA and 100% of ExxonMobil Chemical France SAS to North Atlantic France SAS, with the transaction expected to close in Q4 2025, pending regulatory approvals and financial arrangements [1] Group 1: Transaction Details - The deal includes the Gravenchon refinery and related assets [1] - Approximately 1,350 employees affected by the transaction will remain employed under their current terms and conditions, ensuring workforce stability during the transition [4] - The divestment aligns with ExxonMobil's strategy to optimize its global portfolio while maintaining safe operations and meeting supply obligations during the transition [6] Group 2: Retained Operations - ExxonMobil will retain a significant commercial presence in France, operating around 750 Esso-branded retail fuel stations and continuing to supply finished lubricants, base stocks, and specialty products [2][3] - The company considers France a key market and intends to support its customers through the Esso brand [3] Group 3: Strategic Implications - North Atlantic views the acquisition as a strategic enhancement of its transatlantic operations, aiming to establish Gravenchon as a central hub for France's energy and industrial sectors [5] - ExxonMobil's exit from certain French operations does not indicate a broader retreat from Europe, as the continent remains important for its energy and specialty product business [7]