Exxon to Lay Off 1,900 Employees
Exxon, the nation's largest oil company, has announced some news that nobody in south Louisiana and Texas wants to hear. They plan to lay off at least 1,900 employees, primarily, but not limited to, the Houston area. The move is due to the drastic downtown in oil from the cornavirus pandemic.The company says they are looking to reorganize and cut costs with the lay offs.
During a company wide presentation last week, executives informed employees of their intentions, and said the lay offs would be through voluntary and involuntary programs. As of right now, Exxon employs about 1,200 people in the Houston area.
An official press release given to the Houston Chronicle said: “These actions will improve the company’s long-term cost competitiveness and ensure the company manages through the current unprecedented market conditions. The impact of COVID-19 on the demand for ExxonMobil’s products has increased the urgency of the ongoing efficiency work.”
Officials did not give a timeline of when the lay offs will begin, but they did state that employees affected will be given outplacement services and severance packages. But that won't likely take the sting out of the stunning news. Earlier this year Exxon CEO Darren Woods informed employees at a "town hall meeting" that lay offs were inevitable, despite the fact that just a couple of years ago Exxon was the most valuable company in the world. Coming from an oil family myself, I know how devastating this news is, and my heart is broken for all who are losing their jobs just as we are headed into the holiday season. Keep your chins up, fellow oil families.