Source: The Economic Times
U.S. oil major Exxon Mobil Corp said on Wednesday it plans to reduce up to 300 positions in Canada as part of an ongoing cost-cut plan due to a coronavirus-driven slump in oil prices.
Reductions will include positions at Imperial Oil Ltd , ExxonMobil Canada Ltd and ExxonMobil Business Centre Canada ULC, the company said.
Oil producers, including Exxon, have been slashing costs due to a collapse in oil demand and ill-timed bets on new projects. The top U.S. oil company had earlier outlined more than $10 billion in budget cuts this year.
Suncor Energy, Canada’s second biggest oil company, said last month it would cut its workforce by up to 15% over the next year and a half.
Canadian energy companies have also suffered from scarce capital due to chronic pipeline congestion and high emissions.