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Friday, October 30, 2020
While committed to paying out a declared cash dividend of $0.87 cents per share on the Common Stock, payable on December 10, 2020 to shareholders, Exxon Mobil Corp. says it will cut its global workforce by 15% over the next two years. Exxon’s total reduction will affect about 14,000 people, including 1,900 in the US.
“These actions will improve the company’s long-term cost competitiveness and ensure the company manages through the current unprecedented market conditions,” the company said in a statement on Thursday.
The company’s stock has seen a 54% decrease this year and it is expected to post its third consecutive quarterly loss when it reports earnings tomorrow. Exxon also lost its standing on the Dow Jones Industrial Average index in August. The company was the longest tenured member up until that point.
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