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ExxonMobil will eliminate 2,000 jobs across its global workforce, the latest step in a long-term restructuring program designed to trim billions in annual costs, but has (so far) ruled out US job losses.
The announcement came just one day after Calgary-based Imperial Oil, majority-owned by ExxonMobil, revealed plans to reduce its workforce by 20%. A spokesperson for Imperial confirmed those cuts represent about half of ExxonMobil’s broader plan.
Bloomberg reported the reductions represent 3% to 4% of ExxonMobil’s global headcount. The company employed 61,000 people worldwide at the end of 2024, according to a regulatory filing.
European offices hit by site closures
ExxonMobil said about 1,200 jobs will be eliminated in Norway and other European Union nations by the end of 2027. The company is consolidating operations and moving staff into fewer, larger hubs.
“Our global office network was established decades ago under very different circumstances,” a spokesperson said in a statement. “To support the collaboration so critical to our success, we are aligning our global footprint with our operating model and bringing our teams together.”
The company plans to build a new office at its Antwerp refinery in Belgium to house a European Technology Centre and most Brussels-based staff, while closing smaller offices across the EU.
No cuts are planned in the US, the oil giant said.
Market volatility drives job reductions
The energy sector has faced mounting pressure as oil prices remain volatile. OPEC+ production increases have weighed on markets, forcing companies to act quickly to protect margins.
ExxonMobil CEO Darren Woods has also voiced frustration with new EU corporate sustainability rules requiring firms to identify and address environmental risks within their supply chains. He warned earlier this month that the regulation could push businesses to scale back their presence in Europe.
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“The business and regulatory environment in Europe is challenging and this transformation will help us compete into the future,” ExxonMobil Europe president Philippe Ducom said. He added that the company would continue to maintain a significant presence in the region.
Other oil majors are following similar paths. Chevron said earlier this year it would cut up to 20% of its workforce, while ConocoPhillips announced plans to reduce staff by 20% to 25%.
Industry data shows US oil and gas production jobs fell by 4,700 in the first half of this year, as uncertainty over trade policy and demand dampened investment decisions.
