Exxon Mobil Corp. plans to lay off an unspecified number of employees as low oil prices force the company to delay major projects, Chief Executive Officer Darren Woods said in an email to staff.
Prior to the pandemic, Chief Executive Darren Woods pursued an ambitious spending plan to boost oil output and turn around sagging profits on a bet that a growing global middle class would demand more of its products.
Get the latest headlines delivered to your inbox every weekday. “We all recognize the consequences of these difficult decisions and the impacts they have …”. Employees who are separated through involuntary programmes will receive severance and outplacement services. Nov. 3 (UPI) -- North Carolina Gov. Score one for humans: Walmart fires its shelf-scanning robot, Cowboys are on the verge of becoming first team in NFL history to start 0-9 vs. the spread, Unlike 4 years ago, George W. Bush and his wife, Laura, will keep their White House votes to themselves. Trump fends off Biden in Texas, demands halt to vote-counting needed to determine winner, Live blog: Updates and results from the 2020 general election, Elections 2020: See live results of key races in Texas, Republicans send Democrats an Election Day message: Texas is still red, Texas Sen. John Cornyn wins fourth term over Democrat MJ Hegar, Democrat Colin Allred beats Republican Genevieve Collins in 32nd Congressional District, Republicans appear poised to hold on to majority in Texas House, Beth Van Duyne declares victory in tight race with Candace Valenzuela in Texas' 24th Congressional District, Plano Republican Van Taylor wins reelection in Texas' 3rd Congressional District, Pioneer Natural Resources doubles down on Permian with $4.5 billion deal for Parsley Energy, Pioneer Natural Resources lays off 300 more, split between Irving office and Permian operations, Coca-Cola brings first ‘Around the World Experience’ exhibit to DFW Airport, McKesson sees earnings boost ahead from lucrative virus vaccine distribution deals, The cruise ship industry is giving up on 2020. BP, Royal Dutch Shell, Total and Repsol and others have cut billions of dollars off the value of their oil and gas properties, something Exxon has yet to do.
“These are difficult times,” Woods said in the message, the text of which was released by the company Wednesday. Nov. 3 (UPI) -- More than 101.2 million people voted early in the 2020 U.S. election, more than double the previous record for early voting in 2016, an elections monitor reported Tuesday. The oil behemoth’s job cut is just the latest sign of struggle among U.S. energy producers seeking to weather the industry’s worst downturn in recent memory. After halting Ant’s big IPO, China reportedly wants to go further, Stocks swing higher as US vote goes to the wire, Alibaba tumbles, Ant Group IPO cancellation leaves Hong Kong stocks fluctuating, Ethiopian PM Abiy accuses TPLF of camp ‘attack’, vows response, Trump claims premature victory as vote count continues: Live news, Everything you need to know about US elections – in infographics, Biden’s dream of a first-round knockout punch dies with Florida, Al Jazeera Centre for Public Liberties & Human Rights. It is exposing up to 10% of U.S. staff to harsh reviews that could push thousands out of the company, and is taking away lavish retirement benefits that had career employees staying 30 years on average. Construction at a $10 billion-plus LNG facility in Texas where Exxon holds a 30% stake already was moving slowly and now “there isn’t the urgency,” said Alex Munton, with consulting and data firm Wood Mackenzie.
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