Exxon Mobil plans to cut about 2,000 jobs—3% to 4% of its global workforce—as part of a corporate restructuring.
Bloomberg first reported the move, noting that a company memo stated smaller offices would be consolidated into regional hubs. Exxon confirmed the layoffs to Barron’s on Tuesday.
“Our global office network was established decades ago under very different circumstances,” Exxon said in a statement to Barron’s. “To support the collaboration so critical to our success, we are aligning our global footprint with our operating model and bringing our teams together.”
Exxon has not detailed which jobs will be cut or when, though CEO Darren Woods has previously warned of layoffs under a plan to “redesign work processes and improve cost competitiveness.”
“We are making tough decisions, some of which will result in friends and colleagues leaving the company,” Woods said in 2020. “Our core values have never been more important. We will maintain our focus on doing what is right. We will continue to care for the well-being of our communities and our people and providing appropriate support for our colleagues who leave our organization.”
In a June interview with Fox News’ Bret Baier, Woods stated that global demand for oil and gas will remain strong through 2050, disputing claims of a steady decline in fossil fuel use.
Exxon’s cuts follow broader industry cost-saving measures: TotalEnergies aims to save $7.5 billion by 2030, Imperial Oil plans a 20% workforce reduction by 2027, and Chevron laid off up to 20% of its workforce in February. After the news, Exxon shares fell 1.46% to $112.55 on Tuesday afternoon.
Job cuts in the oil patch keep climbing: Exxon plans to cut 2,000 jobs. ConocoPhillips is cutting 20-25% staff, Chevron plans to idle 15-20% of its workforce, BP says its cutting 15% of corporate jobs & Halliburton is cutting as much as 4% in some units. https://t.co/L8PRDbGRGe
— Lisa Abramowicz (@lisaabramowicz1) September 30, 2025
