Foreign media said that the US oil and gas giant ExxonMobil announced on the 5th that it would cut 1,600 jobs in Europe, accounting for more than 11% of its total European employees.
Currently, the company is in trouble due to the impact of the new coronavirus epidemic. The company is not the only energy company suffering from the COVID-19 crisis and market changes, with Shell, BP and other companies also announcing layoffs.
According to a report by Agence France-Presse in Washington on October 5, ExxonMobil said in a statement: “The impact of the new coronavirus on demand for ExxonMobil’s products has increased. The current urgency of improving efficiency.”
The company said the layoffs will be completed by the end of next year, but did not disclose further details, saying only that “the specific impact will depend on each country. Regarding our company’s local business footprint and market conditions.”
The report pointed out that due to the decline in crude oil demand caused by the epidemic, coupled with consumers’ increasing shift to green energy, ExxonMobil The company’s stock price has fallen by more than half this year on Wall Street.
The company was briefly surpassed in market capitalization by New Era Energy, a clean power company that owns two electric utilities in Florida.
ExxonMobil has 75,000 employees worldwide, 14,000 of whom are in Europe. The company said Europe remains critical to its business.
The company said: “However, significant action is now needed to improve cost competitiveness and ensure that the company can operate in these unprecedented market conditions.”
The report noted that ExxonMobil is not the only energy company suffering from the COVID-19 crisis and market changes.
The Anglo-Dutch Shell Oil Group said last week that in order to reduce costs, the company will lay off up to 9,000 employees by 2022, accounting for more than 10% of the total number of employees.
Its competitor BP announced that it would lay off 15% of its employees, equivalent to 10,000 people.
When oil service provider Schlumberger announced its results in July, it said it would lay off more than 21,000 people, equivalent to 1/4 of its total employees. </p
