The announcement comes amid a wave of layoffs in the US energy sector and less than a month after ConocoPhillips, another major company in the oil sector, announced plans to cut up to a quarter of its workforce.
Specifically, Exxon’s “restructuring” will mean dismissing between 3% and 4% of its employees worldwide, focused on cost reduction.
Under Donald Trump’s administration, the price of a barrel of Texas crude oil fell to around $67, compared to nearly $75 per barrel before his tenure, which affected US oil companies by reducing their profits.
