Exxon Mobil Corp., one of the world’s largest oil companies, has announced plans to cut about 2,000 jobs globally, with a significant impact on Canada and the European Union (EU). The cuts represent 3% to 4% of the company’s global workforce and are part of a broader restructuring strategy.
How Many Jobs Will Be Lost in Canada and Europe?
Exxon confirmed that 1,200 positions in Norway and the EU will be eliminated by the end of 2027. In Canada, job losses will largely come through Imperial Oil Ltd., a subsidiary majority-owned by Exxon. Roughly half of the global job reductions will take place through Imperial Oil’s operations.
Despite the global restructuring, no layoffs are planned in the United States. Exxon emphasized that the job cuts are focused mainly on Canada and Europe, where the company is consolidating its operations.
Why Is Exxon Cutting Jobs Now?
The restructuring comes as the oil industry faces mounting financial pressures. A drop in global crude oil prices, combined with increased production from OPEC+ countries, has reduced profits for energy companies. To offset these challenges, Exxon is seeking to reduce costs and streamline its operations.
Exxon stated that the job cuts are aimed at improving efficiency and collaboration by bringing employees into fewer, consolidated office locations.
“Our global office network was established decades ago under very different circumstances. To support the collaboration critical to our success, we are aligning our global footprint with our operating model and bringing teams together,” a company spokesperson said.
Following the announcement, Exxon’s shares dropped about 1.2%, trading at around $112.80 USD in midday trading.
Were You Impacted by the Exxon Layoffs?
If you’ve been affected by Exxon’s recent restructuring and job cuts in Canada, you may be entitled to more than the initial severance package offered.
In Ontario, non-unionized employees including those working in oil, gas, energy, corporate, or administrative roles can often qualify for significantly higher compensation than the company’s first offer. Factors such as your age, role, years of service, and total compensation all play a role in determining what you are legally owed. In some cases, severance entitlements can amount to as much as 24 months of pay.
At Whitten & Lublin Employment Lawyers, we regularly assist professionals in the energy and corporate sectors who are facing sudden terminations. If you were affected by Exxon’s layoffs, call us today at 416-640-2667 or contact us online to schedule a consultation.
