As part of a massive reorganization effort to streamline operations and consolidate smaller offices into regional hubs, oil giant ExxonMobil has revealed plans to eliminate roughly 2,000 jobs globally.
In a statement to staff on Tuesday, CEO Darren Woods revealed the layoffs, which amount to between 3% and 4% of the company’s worldwide workforce. He explained the action as a component of Exxon’s long-term plan to boost competitiveness and efficiency.
Although this is a difficult choice, the adjustments made today will increase our competitive edge and solidify our advantages, ensuring that we stay ahead of the competition for many years to come. According to Woods’ memo, restructuring will focus operations on growth projects like global energy trading, liquefied natural gas along the U.S. Gulf Coast, and oil exploration in Guyana. Exxon just announced that it would be moving employees from Leatherhead, UK, and Brussels to its London headquarters. Since 2019, Exxon has been undergoing a significant organizational reorganization, breaking down its nine mainly separate departments into three main divisions: production, refining, and low-carbon. With goals to increase cost reductions by 30% by the end of the decade, the corporation has already reduced $13.5 billion in yearly costs, more than its foreign peers combined, thanks to shared services across engineering, IT, and project management.
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