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02.09.2020

Exxon weighing job cuts globally

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The company has slashed capital spending this year by 30% to around $23 billion

Stocks impacted: Exxon Mobil Corp (XOM)

After the company announced a voluntary lay-off program in Australia, the firm is assessing possible worldwide job cuts, citing its cost-cutting measures amid prolonged negative market impacts. At that, the firm did not say what percentage of its workforce it was seeking to cut. Also, the company could send some jobs to countries with cheaper labor including Malaysia and India. As a reminder, earlier this year, Exxon reported that it was preparing deep spending and job cuts in an effort to preserve an 8% shareholder dividend. By the way, the company has slashed capital spending this year by 30% to around $23 billion. Exxon is looking to sell its 50% stake in the Bass Strait oil and gas joint venture in southeastern Australia, which could bring the ailing producer up to $3 billion. At that, the firm did not say what percentage of its workforce it was seeking to cut. Exxon stocks finished 1.28% lower on Tuesday.

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