Exxon Mobil Cutting 1,900 US Jobs as Oil Demand Slows

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Exxon Mobil Corp said on Thursday it will lay off about 1,900 employees in the United States as the COVID-19 pandemic batters energy demand and prices.

Exxon was once the largest U.S. publicly traded company, but has been cutting costs due to a collapse in oil demand and ill-timed bets on new oilfields and expansions. It has promised to shed more than $10 billion this year in project spending and cut operating expenses 15%.

The company lost nearly $1.7 billion in the first six months of the year and is expected to post another quarterly loss on Friday.

Exxon said the job cuts, part of a global reorganization, will come mainly from its Houston, Texas office and will include voluntary and involuntary cuts.

Read more at NEWSMAX.

{Matzav.com}

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