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. The news comes about three weeks after the company announced an estimated 1,600 job cuts in Europe.

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. These workforce reductions are the latest part of that cost-reduction plan.

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Source Fool.com