Up to 1,900 workers in the US will lose their jobs as part of those cuts. Most of the impacted roles are in the Houston area.
https://www.businessinsider.com/insider-energy-exxon-job-cuts-2020-10
Leaked documents reveal new details on Exxon's job cuts
Exxon is cutting 15% of its global workforce including up to 1,900 US workers
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Zeta is the 27th named storm this year, and one of the several hurricanes that disrupted offshore oil production and refining. Oddly, storms like these — made worse by burning fossil fuels — typically give oil prices a boost because they temporarily disrupt supply.
But the pandemic has proven to be a much more formidable force against the oil industry. On Thursday, crude prices fell to their lowest level since early June, as fears of a second wave cemented, so it's no surprise that companies continue to reduce spending.
Let's get to it.
On Thursday we were the first to report that Exxon Mobil is making major cuts to its global workforce, which stood at more than 88,000 last year.
Read more: We got our hands on internal documents that detail a timeline for the layoff and how the company will determine who it affects. You can find that here.
In other news: Exxon announced earnings on Friday morning, reporting a loss of $680 million.
The bottom line: A ban on new drilling leases on federal lands, as Biden has proposed, is unlikely to have a major impact on the US oil industry, Artem Abramov, an analyst at Rystad Energy, said in a webinar this week.
That's it for this week! Have a great weekend.