ExxonMobil to Trim U.S. Workforce, Citing Cost Reductions and COVID-19

John Bromels, The Motley Fool
·2-min read
ExxonMobil to Trim U.S. Workforce, Citing Cost Reductions and COVID-19
ExxonMobil to Trim U.S. Workforce, Citing Cost Reductions and COVID-19

U.S. oil giant ExxonMobil (NYSE: XOM) is planning to cut 1,900 jobs, or about 2.6% of its workforce, according to an Oct. 29 press release. In March, the Saudi Arabia-Russia oil price war caused global oil prices to crash. Then the rapidly spreading COVID-19 pandemic destroyed demand for oil, resulting in ExxonMobil making a commitment to major spending cuts.