Exxon to cut 1,900 US jobs as oil industry struggles

By CATHY BUSSEWITZ AP Business Writer

NEW YORK (AP) — Exxon Mobil is slashing 1,900 jobs from its U.S. workforce as the pandemic saps demand for fuel.

The Irving, Texas, oil giant said the reductions will be both voluntary and involuntary and will largely come from its management offices in Houston. The company had about 75,000 employees worldwide at the end of 2019.

The oil industry has been struggling all year after prices fell well below what producers need to break even. As the pandemic gripped the U.S. economy and demand for fuel plummeted, Exxon announced in March that it would cut expenses by 30%.

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In a meeting with employees last week, CEO Darren Woods said the company is exceeding the spending reductions it announced in March, deferring more than $10 billion in capital expenses and cutting 15% of cash operating expenses. The company recently announced it would cut about 1,600 jobs in Europe and it began a voluntary staff reduction program in Australia. It is also evaluating potential job cuts in Canada.