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11/25/2020, 8:24 PM (Source: TeleTrader)
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Exxon to lay off 300 workers in Canada

Exxon Mobil Corp. announced on Wednesday plans to cut up to 300 positions in Canada as a part of cost-cutting measures.

The layoffs, set to take place by the end of 2021, will affect Imperial Oil Limited, ExxonMobil Canada Ltd., and ExxonMobil Business Centre Canada ULC, the company said.

Exxon, whose revenues hit hard by the coronavirus crisis and weaker demand for oil, was recently reported to have cut its outlook for oil prices. The energy giant reportedly now expects them to fall between 11% to 17% annually in the next seven years.

Breaking the News / MD