America's largest oil company layoffs losses!

Recently, the oil giant Exxon Mobil stated that it will lay off 15% of its employees globally in the next two years. This is the third time the U.S. largest oil company has announced a layoff plan this year. The financial report announced on the 30th showed that for the first time in the company's history, it suffered losses for three consecutive quarters.

Exxon Mobil stated that it plans to reduce its US employees by approximately 1,900 due to continued pressure from the novel coronavirus pandemic. The layoffs will be done through a combination of voluntary and involuntary forms. The layoffs are part of an ongoing reorganization aimed at improving efficiency and reducing costs.
An ExxonMobil spokesperson said that as of the end of 2019, the company had approximately 88,000 employees, including approximately 75,000 employees and 13,300 contract workers.

The spokesperson said that the company plans to lay off approximately 14,000 employees between the end of 2019 and the end of 2022, including 7,000 employees and 7,000 contract employees. Covers 1,900 jobs in the United States, as well as the previously announced layoffs in Europe and Australia. This is an unprecedented layoff of the company.

The company said in a statement: "These measures will improve the company's long-term cost competitiveness and ensure that the company manages effectively under the current severe market conditions. The impact of the new crown epidemic on ExxonMobil product demand is increasing. The efficiency increases the urgency of work."

The financial report released on October 30 showed that in the third quarter of this year, Exxon Mobil suffered a loss of 680 million U.S. dollars, the first time in the company's history that it recorded a loss for three consecutive quarters. The same period last year was a net profit of 3.17 billion U.S. dollars. Quarterly revenue was 46.2 billion U.S. dollars, a drop of 29% from 65.05 billion U.S. dollars in the same period last year. After adjusting for a loss of 18 cents per share, the same period last year was a profit of 75 cents per share.

However, ExxonMobil’s third-quarter performance was better than the second quarter that was directly affected by the epidemic, and it was also higher than the market’s expected loss of 25 cents per share and quarterly revenue of US$46.01 billion. In the second quarter of this year, the company's adjusted loss per share was 70 cents, and revenue fell to 32.61 billion U.S. dollars, a decline of nearly 53% year-on-year, which was cut in half. The net loss for the quarter was as high as 1.08 billion U.S. dollars.

Exxon Mobil was once the largest publicly traded company in the United States, but it has been cutting costs due to the sharp drop in oil demand and the improper timing of betting on new oil fields and expansion. The company promised to cut $10 billion in project expenditures this year and cut operating expenses by 15%.

Earlier in September, the company stated that it had begun to provide Australian employees with a voluntary separation plan to ensure that the company can survive the "unprecedented" market environment caused by the epidemic and the sharp drop in oil prices.

In early October, Exxon Mobil stated that it would cut 1,600 positions in its European operations by the end of 2021.

Other oil majors are also layoffs due to the plunge in demand caused by the epidemic. BP plans to lay off about 10,000 people, Shell will lay off about 9,000 people, and Chevron announced that it will lay off about 6,000 people.