Exxon Mobil will lay off 2,000 workers globally, as part of its ongoing restructuring plan. This adds to the wave of job cuts in the oil and gas industry this year. Bloomberg News reported that the layoffs represent about 3% to 4% of Exxon’s global workforce.
Exxon has been streamlining operations following its $60 billion purchase of Pioneer Natural Resources in 2024. In November of the same year, the company announced it would cut nearly 400 jobs in Texas. Exxon explained that the layoffs are part of an efficiency drive. “We’ve seen the value of bringing people together in the same location,” the company said in its statement.
This news follows similar announcements in the industry. On Monday, Imperial Oil, a Canadian shale producer partly owned by Exxon, revealed plans to cut 20% of its workforce and shut down operations in Calgary.
The oil and gas sector has seen thousands of job cuts this year. Chevron is cutting 15% to 20% of its global workforce. BP has said it will reduce more than 5% of its jobs, and ConocoPhillips plans to cut 20% to 25% of its staff.
In the U.S., oil and gas production jobs dropped by 4,700 in the first half of 2025, according to Texas labor market statistics. Activity levels in major producing states like Texas, Louisiana, and New Mexico have declined slightly. Industry executives are reporting delays in investment decisions due to price volatility. This comes as Brent crude futures have dropped by 10.5% year-to-date. The decline is due to increased OPEC+ output and uncertainty over U.S. trade policy.
Exxon employed 61,000 people globally by the end of 2024, according to regulatory filings.
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