ExxonMobil Corp. said it plans to cut around 1,900 domestic jobs, and to lower its global workforce by around -15% over the next two years.
The oil giant said that the dampening of energy demand due to COVID-19 has forced the company to make the changes.
According to Exxon, the job cuts will improve the company’s long-term cost competitiveness and to ensure the company manages through the current “unprecedented market conditions."
WTI crude prices have plunged more than -42% from their pre-pandemic peak. Outlook on near-term demand is gloomy among investors amid new lockdown orders in Europe and decreasing gasoline consumption in the United States.