XOM Exxon Mobil Corp

By Colin Kellaher

Exxon Mobil Corp. on Monday said it will cut up to 1,600 jobs across its European operations by the end of next year as part of the energy giant's worldwide review of its operations.

The Irving, Texas, company said it plans to reduce staffing levels across a number of its European affiliates, noting that country-specific impacts will depend on its local business footprint and market conditions.

Exxon in July reported a second consecutive quarterly loss amid lower oil and gas prices and reduced demand sparked by the coronavirus pandemic.

Exxon said Europe remains an important market, but that the company needs to take significant actions to improve cost competitiveness and ensure it manages through unprecedented market conditions.

Last month, Exxon launched a voluntary workforce-reduction program in Australia. The company currently has roughly 75,000 employees around the world, according to FactSet.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

October 05, 2020 11:45 ET (15:45 GMT)

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