“Well, I can think of no higher purpose than helping people and communities around the world grow in prosperity and achieve their aspirations for a better life through affordable energy.”. This week two high-profile mergers were announced as explorers seek to gain scale and cut costs to survive the devastating impact of Covid-19 on global demand for fuel.

“We are making tough decisions, some of which will result in friends and colleagues leaving the company.”. Many have succumbed to bankruptcy. Write CSS OR LESS and hit save. CEO Darren Woods told employees the North Texas energy giant has suffered mightily this year due to a drop in demand and needs to make job cuts. “These are difficult times,” Woods said in the message, the text of which was released by the company Wednesday. Exxon’s stock (XOM) has plunged 52% this year and the company all but ended its aggressive, $30 billion-a-year counter-cyclical growth strategy. Links will not be permitted. The oil behemoth’s job cuts are just the latest sign of struggle among U.S. energy producers navigating the industry’s worst downturn in recent memory. The oil behemoth’s job cuts are just the latest sign of struggle among U.S. energy producers navigating the industry’s worst downturn in recent memory. ExxonMobil’s stock has plunged 52% this year and the company all but ended its aggressive, $30 billion-a-year counter-cyclical growth strategy. The number of layoffs … © Copyright 2020 Bloomberg News. The oil behemoth’s job cuts are just the latest sign of struggle among U.S. energy producers navigating the industry’s worst downturn in recent memory. “Well, I can think of no higher purpose than helping people and communities around the world grow in prosperity and achieve their aspirations for a better life through affordable energy.”. India Proposes Law to Tackle Country’s Deadly Air Pollution, California Outages Open New Chapter in State’s Climate Fight, Tropical Storm Zeta Threatens Mexican Resorts, U.S. Gulf Coast, Diving for Sea Urchins to Revive Barren Oceans. All rights reserved. Significant investments are needed by oil and gas companies such as Exxon to meet projected long-term consumption, Woods said. But Woods was clear that the cutbacks are not a sign that his faith in oil and gas is in any way diminished. Woods also mounted an extensive defense of fossil fuels, calling them a “higher purpose” that aids global prosperity at a time when European peers are looking at renewables as the future. It also cut 2020 capex by a staggering $10 billion—a 30% cut. Exxon, under Woods, won’t be taking this course. “Today’s alternatives don’t consistently offer the energy density, scale, transportability, availability -- and most importantly -- the affordability required to be widely accepted,” he said.


This week, two high-profile mergers were announced as explorers seek to gain scale and cut costs to survive the devastating impact of COVID-19 on global demand for fuel. Linkedin. Thursday, 22 October 2020 09:20 AM. Also See: Shale Oil M&A Accelerates With Pioneer’s Move to Buy Parsley. California announced a new plan to end the sale of gasoline-powered cars by 2035.

LSU Football 2020 Commemorative Championship Edition, Be Our Guest: A Hotel, Hospitality & Meeting Guide, Franciscan Missionaries of Our Lady University | FranU. The EU is aiming to reach neutrality across all greenhouse gases by 2050. It symobilizes a website link url. Kevin Crowley Keep discussions on topic, avoid personal attacks and threats of any kind.

Just last month China pledged to be carbon neutral by 2060, a shift that would set into motion a drop in oil and gas consumption, according to government-affiliated researchers. Fossil fuels will still account for half of the global energy mix in 2040 and often provide the most cost-effective pathway to development in poor countries, especially those in Africa and Asia, Woods said. Exxon CEO plans layoffs but retains faith in oil by KEVIN CROWLEY BLOOMBERG NEWS | October 23, 2020 at 1:58 a.m.
ExxonMobil plans layoffs but maintains faith in fossil fuels. Twitter. But Woods was clear that the cutbacks are not a sign that his faith in oil and gas is in any way diminished. This week two high-profile mergers were announced as explorers seek to gain scale and cut costs to survive the devastating impact of Covid-19 on global demand for fuel. Facebook. Renewables on their own are not enough to solve climate change, according to Exxon, which claims to be focusing on novel technologies in partnerships with universities and start-up businesses. “These are difficult times,” Woods said in the message, the text of which was released by the company Wednesday. Exxon, under Woods, won’t be taking this course. Have a confidential tip for our reporters? ... Exxon could soon announce US layoffs. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc. Hillary Clinton: Most Republicans Are 'Cowards, Spineless Enablers' of... Trump Intensifies Fracking Assault on Biden in Pennsylvania... Report: Trump Plans to Fire FBI, CIA Director After Election... Kremlin Accuses Biden of Spreading Hatred of Russia... AOC: 'Critically Important' Progressive Like Bernie Gets Cabinet Seat... Hillary Clinton: Most Republicans Are 'Cowards, Spineless Enablers' of Trump, Trump Intensifies Fracking Assault on Biden in Pennsylvania, Report: Trump Plans to Fire FBI, CIA Director After Election, Kremlin Accuses Biden of Spreading Hatred of Russia, AOC: 'Critically Important' Progressive Like Bernie Gets Cabinet Seat. “Making the organization more efficient and more nimble will reduce the number of required positions and, unfortunately, reduce the number of people we need.”. , Woods also mounted an extensive defense of fossil fuels, calling them a “higher purpose” that aids global prosperity at a time when European peers are looking at renewables as the future. “We are making tough decisions, some of which will result in friends and colleagues leaving the company.”. Rivals such as BP Plc and Chevron Corp. have also announced large layoffs in recent weeks. Rivals such as BP Plc and Chevron Corp. have also announced large layoffs in recent weeks. “Our plan is to continue to stage project execution and spending,” Woods said. Oct 22, 2020 ExxonMobil is planning for layoffs due to the coronavirus pandemic and trouble in the oil and gas industry.

2020-10-23T14:16:00Z The letter F. An envelope. ExxonMobil plans to lay off an unspecified number of employees as low oil prices force the company to delay major projects, Chief Executive Officer Darren Woods said in an email to staff. Fossil fuels will still account for half of the global energy mix in 2040 and often provide the most cost-effective pathway to development in poor countries, especially those in Africa and Asia, Woods said. The EU is aiming to reach neutrality across all greenhouse gases by 2050. As Bloomberg reports, Woods also mounted an extensive defense of fossil fuels, calling them a “higher purpose” that aids global prosperity at a time when European peers are looking at renewables as the future. An image of a chain link. But Woods was clear that the cutbacks are not a sign that his faith in oil and gas is in any way diminished. “This is a compelling investment case for the industry and our company -- and is foundational to our long term strategies and plans.”, Darren Woods sends message to staff about ‘difficult times’, Oil giant to delay projects, meaning fewer employees needed, Explore dynamic updates of the earth’s key data points. Exxon’s stock has plunged 52% this year and the company all but ended its aggressive, $30 billion-a-year counter-cyclical growth strategy. Returns as of 10/25/2020. It appears ExxonMobil, in an attempt to “cut more workers without using traditional layoffs” (Jones), has adjusted its performance evaluations in order to justify more job cuts.


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