ExxonMobil will cut 300 jobs in Singapore
Oil titan ExxonMobil to cut staff in Singapore as part of reducing cost and remaining competitive in the oil industry.
About 300 positions will be removed before the end of 2021, out of a total of more than 4,000 employees.
The reason for the cut is the unprecedented market conditions resulting from the Covid-19 pandemic and ongoing reorganization/work-process changes.
“This is a difficult but necessary step to improve our company’s competitiveness and strengthen the foundation of our business for future success”, said Geraldine Chin, Chairman and Managing Director, ExxonMobil Asia Pacific Pte Ltd.
She added that Singapore continues to be a strategic location for the company, with a world-scale manufacturing complex and a talented workforce.
“The company remains committed to providing energy and products that are essential for society, while managing operations safely and responsibly, including reducing the risks of climate change”, ExxonMobil concluded.
The oil major had a $20 billion lost in the last quarter of 2020 compared to a profit in the same period of 2019 due to the COVID-10 situation and changing landscapes.
In 2020, ExxonMobil reduced annual cash operating expenses by $8 billion, of which $3 billion are structural reductions.
The company expects to generate additional annual savings of $3 billion by 2023, resulting in total structural annual expense reductions of $6 billion, including savings from a global workforce reduction.