National

Generate

Axios Generate

ExxonMobil is planning to shed up to 1,600 jobs in Europe by the end of next year as it looks to cut costs, the oil-and-gas giant said Monday.

Why it matters: It shows how the pandemic, which has battered prices and cut oil demand, is affecting the world's most powerful energy companies.

"The impact of COVID-19 on the demand for ExxonMobil’s products has increased the urgency of the ongoing efficiency work," the company said.

Where it stands: "The job cuts amount to more than a 10th of the company’s European workforce. Exxon employed about 75,000 people worldwide at the end of last year," the Financial Times reports.

Exxon to slash up to 1,600 jobs in Europe

Even oil isn't safe from the coronavirus economy.

Photo: Budrul Chukrut/SOPA Images/LightRocket via Getty Images

Energy

ExxonMobil

Business

Jobs

Oil companies

ExxonMobil is planning to shed up to 1,600 jobs in Europe by the end of next year as it looks to cut costs, the oil-and-gas giant said Monday.Why it matters: It shows how the pandemic, which has battered prices and cut oil demand, is affecting the world&#x27;s most powerful energy companies.

Ominous forecasts about the impact of climate change serve as the backdrop for the world — led by U.S. lawmakers and companies — to debate big action on the problem, which could upend energy systems and our way of life.

Energy & Environment

After a record economic expansion, the coronavirus pandemic sent the U.S. economy into a recession as unemployment soared to staggering heights. The country now faces urgent questions about how much stimulus is needed for reeling consumers and businesses, and what a recovery might look like.

Exxon to slash up to 1,600 jobs in Europe

Go deeper