Exxon Considering Global Job Cuts after Lay-Off Plan in Australia Revealed

Sonali Paul
Wednesday, September 2, 2020

Exxon Mobil Corp is assessing possible worldwide job cuts, a spokesman said on Wednesday, after the company announced a voluntary lay-off program in Australia.

Exxon is the latest oil major to embark on axing jobs spurred by a historic collapse in fuel demand because of the coronavirus pandemic.

The company has slashed capital spending this year by 30% to around $23 billion and said in August it planned both capital and operating expense cuts to defend its dividend after reporting losses in the first and second quarters.

"We have evaluations underway on a country-by-country basis to assess possible additional efficiencies to right-size our business and make it stronger for the future," spokesman Casey Norton, based at the company headquarters in Irving, Texas, said in emailed comments to Reuters.

The comments mark a shift, after Exxon told Reuters in July it had no plans for layoffs due to the pandemic and no percentage targets to reduce its workforce through this year's employee reviews.

In Australia, Exxon said on Wednesday it had completed a review of its current and future project work in the country and was seeking volunteers to quit the company.

"This program will ensure the company manages through these unprecedented market conditions," it said in a statement.

The company did not say what percentage of its workforce it was seeking to cut, but said in Australia it would consider all employees who expressed an interest in voluntary redundancy.

"Until other study work is complete, it would be premature to draw conclusions for other countries," Norton said.

Exxon is looking to sell its 50% stake in the Bass Strait oil and gas joint venture in southeastern Australia, which analysts have estimated could fetch up to $3 billion.

Analysts have speculated it could also sell or close its Altona plant in Melbourne, Australia's oldest refinery.

(Reporting by Sonali Paul; Editing by Tom Hogue and Christian Schmollinger)

Categories: People & Company News Energy People Activity Australia/NZ Jobs

Related Stories

Woodside Inks Long-Term LNG Supply Deal with China Resources

Valeura Wraps Up Infill Drilling Campaign in Gulf of Thailand

Six New Gas Wells in Line for BP’s Shah Deniz Field in Caspian Sea

Malaysia's Petronas Plans Job Cuts

Initial Drilling Results Raise Questions on South Korea’s Offshore Gas Viability

European LNG Imports Up with Asian Influx

Offshore Service Vessels: What’s in Store in 2025

ABS Approves Hanwha Ocean’s FPSO Design

INEOS Picks Up CNOOC’s US Assets in $2B Deal

OPEC+ Passes on Oil Output Increase, Weighs the "Trump Effect"

Current News

INEOS Wraps Up Acquisition of CNOOC’s US Oil and Gas Assets

Fire at Petronas Gas Pipeline in Malaysia Sends 63 to Hospital

Japan’s ENEOS Xplora, PVEP Ink Deal for Vietnam Offshore Block

CNOOC Makes Major Oil and Gas Discovery in South China Sea

Valeura’s Assets in Gulf of Thailand Remain Operational After Earthquake

Op-Ed: Kazakhstan’s National O&G Firm Positioning Itself as Global Energy Player

Woodside to Shed Some Trinidad and Tobago Assets for $206M

CNOOC Sees 11% Profit Growth in 2024 Driven by Record Oil Production

‘Ultra-Mega’ Offshore Deal for L&T at QatarEnergy LNG’s North Field Gas Scheme

Keel Laying for Wind Flyer Trimaran Crew Boat

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com