Image of Jurong Aromatics Corp. Pte. Ltd.’s plant, located on Jurong Island in Singapore, which Exxon Mobil acquired in January 2017. (Source: Exxon Mobil Corp.)
Exxon Mobil Corp. plans to cut its workforce in Singapore, home to its largest oil refining and petrochemical complex, by about 7% amid the “unprecedented market conditions” resulting from the COVID-19 pandemic, it said on March 3.
About 300 positions out of 4,000 current jobs will be impacted by the end of 2021, the company said in a statement.
The Singapore layoffs come weeks after Exxon Mobil announced its plan to close its 72-year-old Altona refinery in Australia and convert it to an import terminal. The top U.S. oil producer, once America’s most valuable company, posted a historic annual loss for 2020 after the coronavirus pandemic slashed energy demand.
Exxon Mobil’s announcement also follows European major Royal Dutch Shell Plc’s decision in November to cut 500 staff and halve its crude processing capacity in Singapore as part of a global strategy to reduce carbon emissions.
Exxon Mobil’s Singapore complex has the capacity to refine about 592,000 bbl/d of oil and includes its biggest integrated petrochemical production site.
The city-state will remain a strategic location for the company, it said.
“This is a difficult but necessary step to improve our company’s competitiveness and strengthen the foundation of our business for future success,” said Geraldine Chin, chairman and managing director, ExxonMobil Asia Pacific Pte Ltd.
Last year, Exxon Mobil said it remained committed to a multibillion-dollar expansion at the Singapore complex amid an ongoing review of its projects globally.
Recommended Reading
Artificial Lift Firm Flowco’s Stock Surges 23% in First-Day Trading
2025-01-22 - Shares for artificial lift specialist Flowco Holdings spiked 23% in their first day of trading. Flowco CEO Joe Bob Edwards told Hart Energy that the durability of artificial lift and production optimization stands out in the OFS space.
Not Sweating DeepSeek: Exxon, Chevron Plow Ahead on Data Center Power
2025-02-02 - The launch of the energy-efficient DeepSeek chatbot roiled tech and power markets in late January. But supermajors Exxon Mobil and Chevron continue to field intense demand for data-center power supply, driven by AI technology customers.
Utica Liftoff: Infinity Natural Resources’ Shares Jump 10% in IPO
2025-01-31 - Infinity Natural Resources CEO Zack Arnold told Hart Energy the newly IPO’ed company will stick with Ohio oil, Marcellus Shale gas.
Utica Oil’s Infinity IPO Values its Play at $48,000 per Boe/d
2025-01-30 - Private-equity-backed Infinity Natural Resources’ IPO pricing on Jan. 30 gives a first look into market valuation for Ohio’s new tight-oil Utica play. Public trading is to begin the morning of Jan. 31.
Ovintiv Names Terri King as Independent Board Member
2025-01-28 - Ovintiv Inc. has named former ConocoPhillips Chief Commercial Officer Terri King as a new independent member of its board of directors effective Jan. 31.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.