The oil industry is in hot water, and to survive, the companies are cutting jobs. Here, Exxon joins with plans to shrink its workforce by 2,000 employees. The employees receive a memo on Tuesday (September 30, 2025), leaving several clueless. So, what does the memo say? How did Exxon’s CEO, Darren Woods, address the issue? What does the future of these 2000 employees look like? For that, learn more.
Why Is Exxon Mobil Laying off Now?
Restructuring plan – The company is combining the small offices into a bigger regional hub, meaning fewer offices and centralised teams.
Efficiency Drive – The company has big plans to reduce its annual spending by $9 billion by 2023 compared to 2019 levels.
Industry challenges – Especially because the oil industry is going through a tough time:
- Weaker crude oil prices are pushing profits down.
- Rapid industry consolidation, where large companies are forming partnerships with smaller ones, results in high competition.
Several others are also cutting jobs in the sector. Another company, Imperial Oil, has announced that it would cut 20% of its staff and shut its Calgary office.
Exxon’s History With Layoffs
Exxon’s CEO, Darren Woods, has announced the situation in a memo sent to the employees on Tuesday.
The process began in February 2025, when the company merged certain parts of the business to cut costs.
Exxon has acquired Pioneer Natural Resources for a whopping $60 billion, and to offset the costs, the company is now laying off employees.
The company cut around 400 jobs in Texas in 2024.
Final Thoughts…
Although Exxon Mobil is one of the world’s biggest oil companies, it couldn’t escape the tough time in the oil industry. The company is laying off around 3% to 4% of its total employees. Its total headcount was 61,000 people at the end of 2024, and now it will soon be 2000 fewer. An official response from the company is yet to come out.
Sakshi Jadhav
Leave a Reply