World News | Exxon to Cut 1,900 US Jobs as Oil Industry Struggles

New York, Oct 29 (AP) Exxon Mobil is slashing 1,900 jobs from its U.S. workforce as the pandemic continues to sap demand for fuel.

The Irving, Texas-based oil giant said the reductions will be both voluntary and involuntary and will largely come from its management offices in Houston. The company had about 75,000 employees worldwide at the end of 2019.

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The oil industry has been struggling all year after prices fell well below what producers need to break even.

As the pandemic gripped the U.S. economy and demand for fuel plummeted, Exxon announced in March that it would cut expenses by 30 per cent.

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In a meeting with employees last week, DarrenWoods, CEO, said the company is exceeding the spending reductions it announced in March, deferring more than USD 10 billion in capital expenses and cutting 15 per cent of cash operating expenses.

The company recently announced it would cut about 1,600 jobs in Europe and it began a voluntary staff reduction program in Australia. It is also evaluating potential job cuts in Canada. (AP)

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)