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

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.

Go deeper

Ben Geman, author of Generate
Oct 26, 2020 - Energy & Environment

Trump reaches for oily lifeline

Illustration: Sarah Grillo/Axios

President Trump's campaign is making energy policy a prominent part of its closing swing state attacks against Joe Biden — especially in Pennsylvania, a state critical to Trump's reelection effort where he's trailing in the polls.

Driving the news: Trump's efforts include a new ad in Pennsylvania alleging that his Democratic presidential rival would crush the state's gas industry, and his campaign has aggressively deployed surrogates talking about energy in recent days.

Dan Primack, author of Pro Rata
23 hours ago - Economy & Business

Private equity shifts its attention to renewable energy

Illustration: Sarah Grillo/Axios

Private equity is watching the consolidation of the North American oil and gas sector from the sidelines, instead focusing its energy efforts on renewables.

Driving the news: Cenovus Energy on Sunday agreed to buy Husky Energy for $2.9 billion in stock, in a deal that would create Canada’s third-largest oil and gas producer.

Updated 7 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Politics: Axios-Ipsos poll: Federal response has only gotten worse — The swing states where the pandemic is raging.
  2. Health: The coronavirus is starting to crush some hospitals — 13 states set single-day case records last week.
  3. Business: Where stimulus is needed most.
  4. Education: The dangerous instability of school re-openings.
  5. States: Nearly two dozen Minnesota COVID cases traced to 3 Trump campaign events.
  6. World: Unrest in Italy as restrictions grow across Europe.
  7. Media: Fox News president and several hosts advised to quarantine.