After what has been the company’s worst string of losses since its reformation in 1999, Exxon Mobil Corp. is expected to reduce its global workforce by 15% over the next two years. The multinational oil and gas corporation is expected to cut jobs in the United States, Europe, and Australia, with approximately 1,900 jobs being cut in Houston, Texas.
Approximately 14,000 workers are expected to lose their jobs overall—a figure that includes both full-time employees and independent contractors, spokesperson Casey Norton explained in an email.
The main reason for this tough decision is due to the unprecedented challenges faced by the company in today’s market. The job cuts are expected to aid Exxon Mobil Corp. in improving its long-term cost competitiveness with close rivals BP, Royal Dutch Shell, and Chevron.
Exxon Mobil seems to be enjoying an improved market position as of late, with shares rising by 3% to $32.51 at 12:34 PM in New York City on Thursday. It also happens to be the best performing exploration stock on the S&P 500 Index.
