Exxon Mobil to cut 2,000 jobs amid restructuring, Bloomberg News reports

Energy major Exxon Mobil will lay off 2,000 workers globally as part of a long-term restructuring plan, Bloomberg News reported Tuesday, adding to a wave of job cuts in the oil and gas industry this year.

The reductions represent about 3% to 4% of the company’s global workforce and are part of an ongoing efficiency drive, the report said, citing a memo from CEO Darren Woods to employees.

The shale producer has been streamlining its operations after closing its $60 billion purchase of Pioneer Natural Resources in 2024. In November last year, the company revealed in a filing that it would cut nearly 400 jobs in Texas.

“We’ve seen the value of bringing people together in the same location. … We are aligning our global footprint with our operating model and bringing our teams together,” Exxon Mobil said in an emailed statement Tuesday.

On Monday, Canadian shale producer Imperial Oil, in which Exxon is a major shareholder, announced plans to cut 20% of its workforce and shutter business in Calgary.

Global energy companies have announced thousands of job cuts this year, as the sector navigates weaker crude oil prices and a rapid consolidation.

Chevron plans to lay off 15% to 20% of its global workforce, while BP has said it would cut more than 5% of its jobs and ConocoPhillips has announced it would cut 20% to 25% of its jobs.

U.S. oil and gas production jobs fell by 4,700 in the first six months of this year, Texas labor market statistics showed.

Activity levels in the key U.S. producing states of Texas, Louisiana and New Mexico declined slightly in the third quarter, with several industry executives reporting significant delays in investment decisions in response to price volatility, according to a survey by the Federal Reserve Bank of Dallas.

Benchmark Brent crude LCOc1 futures are down about 10.5% year-to-date, impacted by increased OPEC+ output and persistent demand uncertainty tied to the U.S. trade policy.

Exxon employed 61,000 people globally at the end of 2024, according to a regulatory filing.