Exxon Undertaking Thorough Assessments



Exxon Undertaking Thorough Assessments
ExxonMobil (NYSE: XOM) has outlined that it is undertaking 'thorough and thoughtful' assessments as it seeks to make its organization more efficient and nimbler.

ExxonMobil (NYSE: XOM) has outlined that it is undertaking “thorough and thoughtful” assessments as it seeks to make its organization more efficient and nimbler.

“We all recognize the consequences of these difficult decisions and the impacts they have, which is why we’re focused on getting it right by undertaking thorough and thoughtful assessments by business and by country,” Darren Woods, ExxonMobil’s chairman and chief executive officer, said in an email sent to employees recently, which confirmed that more staff cuts are coming.

“We believe a bottom-up assessment is the right approach for our business and employees. Unfortunately, these assessments take time, which can cause additional anxiety,” Woods added in the email.

“Organizations are being informed of the impacts as soon as work is completed, which you’ve seen with recent announcements in Australia and Europe,” he added.

According to the Exxon head, the company is very close to completing study work in the U.S. and Canada, as well as other parts of the world. 

“For the U.S., as we complete our reviews, we will share an update with the board, and you can expect to hear details from your line leadership shortly thereafter,” Woods stated in the email.

“As difficult as this is, I hope you understand it is critically important for the future of our company,” he added.

Earlier this month, Exxon revealed that it plans to reduce staffing levels across a number of its European affiliates. In a statement posted on the company’s website on October 5, Exxon said it was anticipated that up to 1,600 positions would be impacted by the end of 2021 across the company’s affiliates in the region. Country specific impacts will depend on the company’s local business footprint and market conditions, Exxon noted. Back in September, ExxonMobil Australia announced that it had commenced a voluntary redundancy program.

Exxon had 74,900 regular employees at year-end 2019, according to its latest Form-10K, which shows that this figure stood at 71,000 in 2018, 69,600 in 2017, 71,100 in 2016 and 73,500 in 2015.

To contact the author, email andreas.exarheas@rigzone.com



WHAT DO YOU THINK?


Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.