Oil giant Exxon Mobil is preparing to cut thousands of jobs worldwide in a corporate reshuffling.
A spokesperson for Exxon confirmed to Barron’s on Tuesday that the company plans to cut 2,000 jobs, representing 3% to 4% of the energy company’s global workforce.
The news was first reported by Bloomberg, which said that Exxon sent a memo to employees noting the company is consolidating smaller offices into regional hubs as part of a long-term restructuring plan.
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“Our global office network was established decades ago under very different circumstances,” Exxon said in a statement to Barron’s. “To support the collaboration so critical to our success, we are aligning our global footprint with our operating model and bringing our teams together.”
Exxon did not immediately respond to Fox News Digital’s request for comment or clarification on what positions may be cut and when.
In recent years, Exxon Chairman and CEO Darren Woods warned of layoffs as part of an ongoing plan announced to “redesign work processes and improve cost competitiveness.”
“We are making tough decisions, some of which will result in friends and colleagues leaving the company,” Woods said in 2020. “Our core values have never been more important. We will maintain our focus on doing what is right. We will continue to care for the well-being of our communities and our people – and providing appropriate support for our colleagues who leave our organization.”
In a June exclusive interview with Fox News’ Bret Baier, Woods argued that global demand for oil and natural gas will continue to grow, or at least remain strong, through 2050, contrary to narratives suggesting fossil fuel usage could steadily decline.
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Exxon joins other oil industry leaders looking to cut costs. TotalEnergies announced Monday it hopes to save $7.5 billion by 2030; Imperial Oil said it will reduce its workforce by 20% by December 2027; and Chevron laid off 15% to 20% of employees in February, Barron’s also reported.
Following the job cuts news, Exxon shares were down 1.46%, trading at $112.55 as of Tuesday afternoon.
FOX Business’ Lucas Manfredi contributed to this report.
