Metso headcount reduction need is up to 95 positions globally

Metso headcount reduction need is up to 95 positions globally

Exxon Mobil Corp. (XOM), one of the world's largest oil and gas companies, has announced plans to reduce its global workforce by approximately 2,000 jobs as part of its ongoing restructuring strategy. This move, representing about 3% to 4% of its global workforce, is aimed at consolidating smaller offices into regional hubs to enhance operational efficiency. The company's CEO, Darren Woods, emphasized that these decisions are crucial for maintaining competitiveness and securing a leading position in the coming decades.

The workforce reduction is part of a broader restructuring effort that began in 2019 following Exxon's merger with Mobil. The new regional centers will focus on key growth areas such as oil operations in Guyana, LNG projects along the Gulf Coast, and global trading. For instance, Exxon plans to relocate staff from Brussels and Leatherhead to central London, a hub for its trading activities.

The decision comes amid declining crude oil prices due to increased supply from OPEC and its allies, prompting similar actions from other major oil companies like Chevron Corp., ConocoPhillips, and BP Plc. Since 2019, Exxon's restructuring has achieved annual cost savings of $13.5 billion, surpassing other international oil majors. The company aims to increase these savings by 30% by the decade's end, with improvements in asset maintenance and best practice sharing across divisions.