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ExxonMobil (XOM) Plans Job Cut as Pandemic Hurts Oil Demand

Zacks Equity Research
·2 min read

Exxon Mobil Corporation XOM plans to reduce headcount in the coming weeks, per Reuters. The leading integrated energy company is nearing the completion of its staff appraisal in the United States and Canada, added the source.

In an email to its employees, the company’s chairman and CEO, Darren W. Woods, said that additional reduction of headcounts is necessary since the energy business scenario is still challenging.

Notably, the pandemic has significantly dented global energy demand since strict lockdown measures are being taken to curb the spread of the virus. The drastic fall in fuel demand has dragged the price of West Texas Intermediate (WTI) crude, which is around $40 per barrel, down considerably below $60, at the start of 2020.

Woods added that the pandemic has slashed global demand for crude oil by 20%. This has led the energy giant to consider additional job cuts although the company has surpassed its 2020 target of cutting operating expenses and capital spending by $1 billion and $10 billion, respectively, per the source.

Exxon Mobil Corporation Price


Exxon Mobil Corporation Price
Exxon Mobil Corporation Price

Exxon Mobil Corporation price | Exxon Mobil Corporation Quote

Based in Irving, TX, ExxonMobil currently has a Zacks Rank #4 (Sell). Meanwhile, a few better-ranked players in the energy space are Equinor ASA EQNR, Sunoco LP SUN and Summit Midstream Partners, LP SMLP, each sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Equinorhas seen upward earnings estimate revision for 2020 in the past 30 days.

Sunocohas seen upward estimate revision for its 2020 bottom line in the past 30 days.

Summit Midstream has seen upward estimate revision for its 2021 bottom line in the past 30 days.

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