ExxonMobil to cut 2,000 jobs amid restructuring, oil market challenges
Key Highlights
- ExxonMobil will cut some 2,000 jobs worldwide, mainly in Europe and Canada, by 2027.
- The operator is closing smaller EU offices and building a new European Technology Center in Antwerp, Belgium.
- CEO Darren Woods criticizes EU’s new sustainability laws, warning they could deter investment in Europe.
US oil giant ExxonMobil said Sept. 30 that it will eliminate 2,000 jobs worldwide as part of a long-term restructuring plan aimed at streamlining operations and cutting costs in the face of weaker oil prices and mounting regulatory challenges in Europe.
The reductions, which amount to roughly 3–4% of the Exxon’s global workforce, will be concentrated in Canada and across the European Union (EU), with about 1,200 positions in Norway and the EU slated for elimination by end-2027. Roughly half the cuts will come from Canadian affiliate Imperial Oil, Exxon confirmed to Reuters in an email. No US layoffs are planned.
The operator said the shakeup is designed to improve efficiency by consolidating offices and encouraging more collaboration. “Our global office network was established decades ago under very different circumstances,” a spokesperson told Reuters. “To support the collaboration so critical to our success, we are aligning our global footprint with our operating model and bringing our teams together.”
Exxon said it will build a new office at its Antwerp refinery in Belgium to serve as the new European Technology Center, while some smaller EU offices will be closed.
The restructuring comes as chief executive officer Darren Woods steps up his criticism of the EU’s new corporate sustainability law, which threatens fines of up to 5% of global sales for companies that fail to address environmental risks in their supply chains. Woods warned earlier in September that such rules risk driving investment out of Europe.
The move mirrors similar restructuring across the industry amid volatility in crude markets. Brent futures are down about 10% so far this year, weighed by increased OPEC+ output and demand uncertainty.
Chevron said in February that it would cut up to 20% of its global workforce, while ConocoPhillips recently disclosed plans to reduce staff by as much as 25%. According to Texas labor data, US oil and gas producers shed 4,700 jobs in first-half 2025.
ExxonMobil employed 61,000 people worldwide at the end of 2024, regulatory filings show.