| Chevron cutting up to 7,000 jobs as oil profits shrink | |
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DALLAS (AP) -- Chevron is cutting up to 7,000 jobs, or 11 percent of its workforce, the latest indication of the toll that low oil prices are taking on the industry. The two biggest U.S. oil companies reported huge profits for the third quarter. Chevron Corp. said Friday that it earned $2 billion, and Exxon Mobil Corp. earned more than $4.2 billion. But those profits are down sharply from a year ago. Chevron's profit was 64 percent lower than last year's third quarter; Exxon's profit fell 47 percent, its worst third quarter since 2003. Both companies are slashing costs to boost profits. Chevron plans to cut capital and exploratory spending next year by one-fourth, with further cuts in 2017 and 2018 depending on the oil industry's condition then. That will include cutting the workforce by 6,000 to 7,000 jobs and shedding a similar number of contract workers, said Chairman and CEO John Watson. Many of the layoffs will be in Australia, he said, and an unspecified number will be in the U.S. Chevron has 64,700 employees. Exxon doesn't announce job cuts, and a spokesman declined to say whether the company had reduced its headcount in response to low oil prices. Vice president of investor relations Jeffrey Woodbury told analysts that Exxon has "continuously ... right-sized our global function organization" and has the same number of employees today that it had in 1999, before its merger with Mobil. |
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Exxon Mobil is a and oil producing company based in United states of america. Exxon Mobil is listed in Germany, in United Kingdom and in United States of America. Its market capitalisation is US$ 499.8 billions as of today (€ 467.1 billions). Its stock quote reached its lowest recent point on March 14, 1997 at US$ 100.12, and its highest recent level on April 26, 2024 at US$ 117.96. Exxon Mobil has 4 237 270 016 shares outstanding. |