Following a decline in oil demand and sales, multinational oil and gas corporation, Exxon Mobil has on Friday announced that it will be slashing its global workforce by fifteen percent, making it 14,000 jobs by the next 2 years, according to Nairametrics. In a statement, the American oil corporation says the job cuts are due to the impact of the COVID-19 pandemic on the oil and gas industry. The cuts include 1,900 at the Headquarters in Houston, Texas, U.S. Also, job slashes were announced in Europe and Australia as well as reductions of contractors.
"These actions will improve the company’s long-term cost competitiveness and ensure the company manages through the current unprecedented market conditions," the company said.
The development is an effort of the Chief Executive Officer, Darren Woods in a bid to cut losses as the company records its worst loss in history.
The oil giant is among other oil producer companies that have been cutting jobs in response to the sale and demand slump influenced by the pandemic. Other companies to slash jobs include Royal Dutch Shell Plc with 9,000 jobs on the line, BP Plc to slash 10,000 jobs, and Chevron Corp with 6,000 jobs.
This development will further increase the level of unemployment in Nigeria as it houses one of Exxon Mobil's largest operational base. Also, Chevron plans to reduce its workforce in Nigeria by 25 percent.
