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    ExxonMobil to Axe 1,600 Jobs in Europe

Summary

The cut would represent 11% of its workforce on the continent.

by: Joe Murphy

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ExxonMobil to Axe 1,600 Jobs in Europe

ExxonMobil announced on October 5 it would cut up to 1,600 jobs in Europe by the end of 2021, or 11% of its workforce in the region, as part of cost-cutting measures undertaken in response to the Covid-19 pandemic.

ExxonMobil is active in 16 European countries, working as an oil and gas producer, refiner and petrochemicals maker.

"Europe remains an important market for ExxonMobil, as evidenced by recent major investments," the company said. "However, significant actions are needed at this time to improve cost competitiveness and ensure the company manages through these unprecedented market conditions."

ExxonMobil launched plans last year to withdraw from Europe's upstream sector, to focus on bigger, higher-margin projects in the Americas and elsewhere. It has reportedly given investors until October 28 to bid for some of its UK North Sea assets, having sold its Norwegian upstream business in late 2019 to Var Energi for $4.5bn. It is also seeking buyers for its stake in an offshore Romanian project.