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Exxon Mobil cuts 1,900 jobs in the U.S.



ExxonMobil (ExxonMobil) said on Thursday that it will lay off about 1,900 employees in the United States. This is the latest attempt to cut costs and protect its balance sheet when global oil demand is weak due to low oil prices and the pandemic.

“As part of the extensive global review announced earlier this year, the company plans to reduce its staffing in the U.S., primarily in the management office in Houston, Texas. The company expects that approximately 1,900 employees will be subject to voluntary and involuntary The impact of the plan.” 1982.

Exxon Mobil has stated that it will cut 1,600 jobs in Europe to reduce costs.

When announcing layoffs in the United States today, the super giant said: “These measures will improve the company’s long-term cost competitiveness and ensure that the company manages in the current unprecedented market environment. The impact of COVID-19 on ExxonMobil’s product demand increases The urgency of the ongoing efficiency work.”

After the press release announcing the layoffs, although oil prices fell 4% at the same time, as of 12:21 EST, Exxon Mobil’s (NYX:XOM) stock price rose 2.57%.

Related: Venezuelan oil powers believe that oil prices will reach $35 by 2021

Exxon Mobil said on Wednesday that it will maintain its fourth-quarter quarterly dividend at $0.87 per share. This is the first time in 38 years that the company has failed to increase its dividend payment in more than 100 years.

ExxonMobil will report on Friday that its upstream business has suffered a third consecutive loss this year, as lower oil demand continues to hurt oil companies’ profitability.

For the second quarter, Exxon Mobil reported a loss for the second consecutive quarter at the end of July, which was the worst loss for the American super giant in modern history.

Designed by Tsvetana Paraskova for Oilprice.com

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