The sad news truly! The leading company in the United States just announced in their recent press statement that they are firing more than 1900+ employees from the United States of America.
The US top company who is known for its trading in oil and gas company Exxon Mobil said, on Thursday it plans to cut its 1,900-strong employee base. Dismissals will be done through a combination of voluntary, programs. “The impact of COVID-19 on demand for ExxonMobil products has begun to heighten the urgency of continued work.”
Earlier in October, Exxon said it would cut its European operations to 1,600 jobs through the end of 2021. According to Jennifer Rowland and Edward Jones, the mutual cuts account for about 5% of Exxon’s global workforce.
This statement comes in the oil and gas industry in a sense of the pain of the Corona pandemic. West Texas Intermediate crude, a benchmark for oil, has recovered since falling into positive territory for the time recorded in April, but the contract is not trading at a significant discount to preceding prices.
While Exxon has frequently said its pays are a priority. On Wednesday, the company maintained its fourth-quarter dividend at 87 cents a share, although it was the first time since 1982 that it had not raised its dividend. Exxon will announce its third-quarter results on Friday before the market opens. Shares are up 2.6% during the day. For the year, the share is up 53%. The company said its management offices in Houston, Texas will be primarily affected by announced employee cuts.
Furthermore, ExxonMobil said it expects about 1,900 employees to be affected by the voluntary and involuntary programs. “The reductions in the workforce are the process of reconfiguration and the process changes that have been made over the course of the many in the training apparatus.
ExxonMobil said: “The measures will improve long-term cost competitiveness, the company’s ability to survive through the current unprecedented market conditions. Now, that’s quite hard for the employees as Covid-19 impact has made quite an effect on every business and organization. Want to share your thoughts about it? Comment below!