On September 2, a spokesperson for ExxonMobil announced that it was implementing a voluntary layoff plan in Australia and said that it was considering the possibility of global layoffs.
ExxonMobil is a global oil giant. Due to a sharp decline in performance, the company has begun large-scale layoffs.
Affected by the new coronavirus epidemic, oil demand has decreased and prices have fallen again and again. Compared with the profit of US$3.1 billion in the same period last year, second-quarter profit fell by US$1.1 billion. The market expects that the continuation of the new crown pneumonia epidemic will continue to affect oil production cuts.
ExxonMobil has cut its capital expenditures this year by 30%, currently to US$23 billion, and in the first After reporting losses in the first and second quarters, it announced in August plans to sell assets and reduce operating expenses to safeguard its dividend.
ExxonMobil told the media in July that the epidemic had not resulted in any layoff plans. But today the company said it has completed a review of its work projects in Australia and is looking for volunteers to voluntarily leave the company. And said: “This layoff will ensure that ExxonMobil can operate normally during this unprecedented crisis.”
Å CxonMobil did not disclose the proportion of layoffs but said it would consider laying off any employees who are interested in voluntarily resigning.
Meanwhile, ExxonMobil is planning to sell its 50% stake in its Bass Strait oil and gas joint venture in southeastern Australia, with analysts estimating the joint venture could fetch as much as 3 billion US dollars.
Under the difficulties of performance, ExxonMobil’s stock price has also been retreating. As of the close of U.S. stocks on September 1, Exxon Mobil’s share price was US$39.43, down 1.28% that day, and its share price has fallen 40.42% this year.
2007 was ExxonMobil’s highlight moment. At that time, its market capitalization ranked first in the world, reaching a peak of US$525 billion. At that time, the price of oil exceeded US$100. /bucket. As of today, Exxon Mobil’s market value is only US$166.7 billion, not even 1/10 of Apple’s US$2.29 trillion market value at the top of the list.
The sluggish performance and the decline in stock price have caused Exxon Mobil to lose its foothold in the Dow Jones Industrial Average. As the economy recovers and travel increases, demand for oil will still increase.
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