Exxon Mobil Corp. is cutting about 2,000 jobs globally, representing 3-4% of its workforce, as part of a long-term restructuring plan to consolidate smaller offices into regional hubs. The move is part of an efficiency drive in response to falling crude prices and aims to strengthen competitiveness for the future.

The job cuts will mainly affect Europe and Canada, with Chevron, ConocoPhillips, and BP also announcing thousands of job reductions in recent months. Exxon has been restructuring since 2019 to simplify its global footprint and improve competitiveness, with a focus on growth initiatives like oil in Guyana and LNG along the Gulf Coast.

Exxon plans to cut 1,200 positions in the European Union and Norway by the end of 2027, with half from layoffs. Imperial Oil Ltd., majority-owned by Exxon, will cut 900 positions to reduce operational expenses by $108 million annually. The company is moving towards regional hubs and closing smaller offices to streamline operations.

Since 2019, Exxon has reduced costs by $13.5 billion through restructuring, with plans to increase this figure by 30% through the end of the decade. The company has shifted to three main divisions to eliminate bureaucracy and duplication of services, leading to better performance and sharing of best practices between business units.

Exxon’s workforce has decreased by nearly 20% since 2019, with 61,000 employees globally at the end of 2024. The company aims to continue cutting costs and improving efficiency to maintain a competitive edge in the oil industry.

Read more at Yahoo Finance: Exxon to Cut 2,000 Jobs in Global Restructuring