Exxon Mobil is cutting 2,000 jobs globally to streamline operations, citing increased efficiency through consolidating smaller locations into hubs. CEO Darren Woods emphasized the need for tough decisions to boost efficiency in a volatile energy market. Exxon’s move follows other major oil companies reducing workforces amid falling oil prices. Imperial Oil, a subsidiary of Exxon, is also laying off 20% of its staff for similar reasons. Exxon Mobil shares are down 1% in recent trading but up 5% year-to-date.

Read more at Yahoo Finance: Exxon Mobil Is Laying Off 2,000 Workers, Consolidating Global Operations