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ExxonMobil consolidates offices under multiyear overhaul
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CEO Darren Woods says cuts will sharpen competitiveness
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Layoffs mark one of Exxon’s biggest shakeups since 1999 merger
ExxonMobil Corporation has announced plans to eliminate about 2,000 jobs worldwide as part of its ongoing restructuring programme, amounting to nearly 4% of its global workforce.
In a memo to staff on Tuesday, Chief Executive Darren Woods described the move as one of several “tough decisions” aimed at streamlining operations and widening the company’s edge over competitors.
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“These changes will further strengthen our advantages and grow the gap with our competition, helping to keep us in the lead for decades to come,” Woods said.
The cuts are tied to a multiyear restructuring Woods began in 2019, which has already collapsed Exxon’s nine semi-autonomous business units into three core divisions — production, refining, and low-carbon. Centralised services now cover engineering, IT and project management, with the company claiming over $13.5 billion in annual savings since the overhaul began.
As part of the restructuring, smaller offices will be consolidated into regional hubs aligned with Exxon’s growth priorities, including offshore projects in Guyana, liquefied natural gas operations along the U.S. Gulf Coast, and global trading in London.
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The announcement follows similar workforce reductions at rivals Chevron, ConocoPhillips and BP, but Exxon said its decision is driven more by structural reforms than oil price pressures. Calgary-based Imperial Oil Ltd., a subsidiary nearly 70% owned by Exxon, also confirmed on Monday that it would cut 20% of its staff.
Woods insists the changes will leave Exxon leaner, more integrated, and better positioned for future growth. The company has pledged to boost cost savings by another 30% by the end of the decade while continuing to invest in new energy projects.
The restructuring represents Exxon’s most significant overhaul since its 1999 merger with Mobil, signalling the scale of transformation sweeping through the global energy industry.
