Overview

• Exxon confirmed in a company statement that it will eliminate about 2,000 positions and fold smaller locations into regional hubs.
• Based on Exxon's most recent headcount of roughly 61,000 employees, the cuts equal about 3% to 4% of its global workforce.
• CEO Darren Woods detailed the plan in a memo, saying colocating teams will align the company’s global footprint with its operating model.
• Exxon shares slipped after the news, with reports noting a decline of more than 1% in recent trading and a 2.5% drop in the prior session.
• The announcement follows Imperial Oil’s plan to reduce its workforce by about 20% and comes as other majors such as Chevron and BP cut jobs with softer crude prices weighing on the sector.