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ExxonMobil Warns of Layoffs Ahead
Irving-based ExxonMobil Corp. plans to lay off an unspecified number of employees as low oil prices force the company to delay major projects, the Dallas Morning News reported.
“These are difficult times,” CEO Darren Woods said in the message, the text of which was released by the company Wednesday. “We are making tough decisions, some of which will result in friends and colleagues leaving the company.”
ExxonMobil’s stock has plunged this year and the company was forced to slash its capital spending budget by a third, or $10 billion, earlier this year. Rivals such as BP and Chevron Corp. have also announced large layoffs in recent weeks.
“Our plan is to continue to stage project execution and spending,” Woods said. “Making the organization more efficient and more nimble will reduce the number of required positions and, unfortunately, reduce the number of people we need.”
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- ◦Economy
