Global energy company ExxonMobil has announced that it will reduce the number of its workers across its businesses in Europe.
The development is part of an extensive global review outlined during ExxonMobil’s second-quarter earnings call.
Proposed changes are subject to local information and consultation processes as applicable in each country and result from insight gained through reorganisations and work-process changes made over the past several years to improve efficiency and reduce costs.
The impact of COVID-19 on the demand for ExxonMobil’s products has increased the urgency of the ongoing efficiency work.
It is anticipated that up to 1600 positions would be impacted by the end of 2021 across the company’s affiliates in Europe. Country-specific impacts will depend on the company’s local business footprint and market conditions.
Europe remains an important market for ExxonMobil, as evidenced by recent major investments. However, significant actions are needed at this time to improve cost competitiveness and ensure the company manages through these unprecedented market conditions.