exxonmobil layoffs june 2020

Oil demand dropped by 20%, from 101 million barrels per day in December 2019, to just 78 million barrels per day in April 2020. In Q1, Exxon swung to a $640 million loss—its first loss in a decade after a $2.9 billion market-related charge. Exxon, headquartered in Irving, Texas, employed nearly 75,000 people globally at the end of 2019. How Will Offshore GOM Oil Employment Shake Out? Exxon may follow suit of its rivals BP and Chevron and smaller companies which announced job cuts to reduce costs to weather the impact of the pandemic. A man cycles past a shuttered movie theater in Times Square following the outbreak of coronavirus disease (COVID-19), in the Manhattan borough of New York City, New York, U.S., March 17, 2020. Sorry, your blog cannot share posts by email. Tweet on Twitter. Unfortunately for ExxonMobil the virus does not appear to be going away any time soon. Exxon Mobil CEO Darren Woods listens as President Donald Trump speaks during a meeting with energy sector business leaders in the Cabinet Room of the White House, Friday, April 3, 2020, in Washington. Back in May, Chevron also outlined that it was planning a 10 percent to 15 percent reduction in its global workforce this year. “I’m proud of our company’s response efforts,” said Woods. The company anticipates that up to 1,600 positions will be impacted by the end of 2021 across its affiliates in the region. It has also cut its production from the Liza field in Guyana, although that was related to the risk of excessive flaring and not the coronavirus or prices. Off-topic, inappropriate or insulting comments will be removed. In addition to offloading some lower-performing employees, the oil giant is preparing to rid itself of its UK North Sea assets, for which it can no longer expect as much money thanks to the downturn. Jennifer Rowland, an Edward Jones analyst, said that ExxonMobil, “has been taking on additional debt for over a year and is likely running out of capacity to continue to do so without jeopardizing the strength of its balance sheet, which is a company crown jewel. Oil Giant Exxon Set to Announce Layoffs in Canada | CBC News.”, Wire, Bloomberg. It has also cut its production from the Liza field in Guyana, although that was related to the risk of excessive flaring and not the coronavirus or prices. “Exxon Mobil to Workers: Job Cuts Are Coming.”, “Rich, Gillian. The news comes as Minnesota and D.C. launch climate-related lawsuits against Exxon—and others–alleging that they have deceived oil consumers for years about the effects of climate change, and about their role in causing climate change.

“New COVID-19 Cases Reported Worldwide Reach New High.”, Jones, Benji. 'company' : '', The company also expects to reach its proposed U.S. investment of $50 billion over five years announced in 2018. During a first quarter call, CEO Darren Woods said that 70% of the oil major’s investor base is made up of retail and long-term investors that expect a strong dividend. ExxonMobil is also supporting efforts to redesign and accelerate production of reusable face masks and shields to help alleviate the shortage for medical workers and first responders. 'industry_sector' : 'Downstream,Upstream', The company is maximizing production of products critical to the global response, including isopropyl alcohol, which is used to manufacture hand sanitizer, and polypropylene, which is used to make protective masks, gowns and wipes. Timing of expansion plans for select downstream and chemical facilities across the company’s portfolio will be adjusted to capture efficiencies, slow spending pace and better align with a return in commodity demand.

September 2, 2020. 'audience' : 'News', The pandemic is making the injustice of job losses a reality with even massive companies like Exxon turning layoffs…

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