Oil giant ExxonMobil has announced plans to cut about 2,000 jobs worldwide as part of a sweeping restructuring effort aimed at streamlining its operations and consolidating smaller offices into regional hubs.
The job losses, representing between 3% and 4% of the company’s global workforce, were disclosed in a memo to employees on Tuesday by Chief Executive Officer Darren Woods. He described the move as part of Exxon’s long-term strategy to improve efficiency and strengthen competitiveness.
‘This is a tough decision, but the changes announced today will further strengthen our advantages and grow the gap with our competition, helping us remain in the lead for decades to come,’ Woods said in the memo.
The restructuring will center operations around growth projects such as oil exploration in Guyana, liquefied natural gas along the U.S. Gulf Coast, and global energy trading. Recently, Exxon confirmed it would relocate staff from Brussels and Leatherhead, U.K., to its London hub. Exxon has been undertaking a major internal overhaul since 2019, reducing bureaucracy by collapsing its nine largely independent units into three core divisions: production, refining, and low-carbon. Shared services across engineering, IT, and project management have helped the company cut $13.5 billion in annual costs, more than its international peers combined, with plans to push cost reductions 30% higher by the end of the decade.
The company employed about 61,000 people globally at the end of 2024, nearly 20% fewer than in 2019. Imperial Oil Ltd., Exxon’s Canadian affiliate in which it holds a 70% stake, separately announced a 20% workforce reduction on Monday.
Exxon’s cuts mirror similar moves by Chevron, ConocoPhillips, and BP, which have all trimmed jobs this year amid volatile oil prices triggered by oversupply from OPEC and its allies.