ExxonMobil to cut 14000 jobs worldwide

[escveritas]

[WSJ] Exxon Mobil posted its third consecutive quarterly loss for the first time on record Friday and disclosed that it may write down the value of natural-gas assets worth as much as $30 billion, as the coronavirus pandemic continues to pressure the world’s biggest oil companies.

The Texas oil giant reported a loss of $680 million in the third quarter compared with a profit of $3.17 billion during the same period last year.

On Thursday, Exxon said it could cut as much as 15% of its global workforce, or about 14,000 jobs, as the struggling oil company tries to cut costs and survive the Covid-19 downturn. In all, big oil producers and services firms are collectively shedding more than 50,000 jobs.

“The world’s economy continues to operate below pre-pandemic levels, impacting demand for our products which are closely linked to economic activity,” Chevron CEO Michael Wirth said Friday.