Skip to content

CFDs are leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your deposits, so please ensure that you fully understand the risks involved. CFDs are leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your deposits, so please ensure that you fully understand the risks involved.

Exxon Mobil share price: where next as global job cuts plan unveiled?

The US oil and gas major revealed it is assessing its operations globally with the aim to make job cuts amid weak energy demand and low oil prices, with its shares down 44% year-to-date and trending lower in recent weeks.

Exxon Mobil Source: Bloomberg
  • Exxon Mobil assessing global operations with the aim of cutting jobs
  • Cost-cutting measures essential to offset weak energy demand and low oil prices
  • Exxon Mobil share price trending lower, down 44% year-to-date.

Exxon Mobil revealed it is assessing its operations globally with the aim to make job cuts amid weak energy demand and low oil prices, with its shares down 44% year-to-date and trending lower in recent weeks. The US oil and gas major also announced a voluntary lay-off programme in Australia.

The oil and gas company said that it is unclear at this stage what percentage of its workforce globally will be let go, but has told employees in Australia that it is happy to consider all staff with an interest in voluntary redundancy.

Exxon joins numerous oil and gas companies embarking on major cost-cutting programmes aimed at shoring up balance sheets amid acutely challenging market conditions which have led to a historic collapse in fuel demand.

Exxon Mobil is trading at $39.28 per share at the time of publication, with the stock on a downward trend since mid-August, losing more than 12% of its value.

Exxon Mobil dramatically reduces capital expenditure amid Covid-19

The oil and gas major has significantly cut spending in 2020 by almost a third to around $23 billion, with the company doing all that it can to maintain its dividend after it reported losses for the first half of the year.

‘We have evaluations underway on a country-by-country basis to assess possible additional efficiencies to right-size our business and make it stronger for the future,’ Exxon Mobil spokesperson Casey Norton told Reuters.

As part of its cost-cutting programme, Exxon is looking to sell a 50% stake in its Bass Strait oil and gas venture based in south-eastern Australia, which is valued at approximately $3 billion.

Brent crude and WTI oil prices slide as OPEC production rises

Brent crude fell below the psychological $45 benchmark on Wednesday, falling 72 cents (-1.58%) to $44.86 at the time of publication, while the US West Texas Intermediate (WTI) gave up its earlier gains, sliding 91 cents (-2.13%) to $41.85 a barrel.

The slide in oil prices is being driven by a 950,000 barrels per day (bpd) rise in production by the Organisation of the Petroleum Exporting Countries (OPEC) in August.

The impact of the coronavirus pandemic on global oil demand is worse than previously expected, according to OPEC’s latest monthly report. In fact, oil demand loss this year is expected to hit 9.1 million bpd, representing an increase of 100,000 bpd from its July forecast.

OPEC also warned that the global economy is predicted to shrink by as much as 4% in 2020, up from 3.7% the organisation forecast in July, which if true will weigh on oil prices.

How to trade stocks with IG

Looking to trade Exxon Mobil and other stocks? Open a live or demo account with IG and buy (long) or sell (short) shares using derivatives like CFDs in a few easy steps:

  1. Create an IG trading account or log in to your existing account
  2. Enter ‘Exxon Mobil’ in the search bar and select it
  3. Choose your position size
  4. Click on ‘buy’ or ‘sell’ in the deal ticket
  5. Confirm the trade

IGA, may distribute information/research produced by its respective foreign affiliates within the IG Group of companies pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the research is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, IGA accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore recipients should contact IGA at 6390 5118 for matters arising from, or in connection with the information distributed.

The information/research herein is prepared by IG Asia Pte Ltd (IGA) and its foreign affiliated companies (collectively known as the IG Group) and is intended for general circulation only. It does not take into account the specific investment objectives, financial situation, or particular needs of any particular person. You should take into account your specific investment objectives, financial situation, and particular needs before making a commitment to trade, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit.

No representation or warranty is given as to the accuracy or completeness of this information. Consequently, any person acting on it does so entirely at their own risk. Please see important Research Disclaimer.

Please also note that the information does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. Any views and opinions expressed may be changed without an update.

Seize a share opportunity today

Go long or short on thousands of international stocks.

  • Increase your market exposure with leverage
  • Get spreads from just 0.1% on major global shares
  • Trade CFDs straight into order books with direct market access
Learn more

Live prices on most popular markets

  • Forex
  • Shares
  • Indices

Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.

Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 20 mins.

The Momentum Report

Get the week’s momentum report sent directly to your inbox every Tuesday for FREE. The Week Ahead gives you a full calendar of upcoming key events to monitor in the coming week, as well as commentary and insight from our expert analysts on the major indices to watch.

For more info on how we might use your data, see our privacy notice and access policy and privacy webpage.

You might be interested in…

<h3>How much does trading cost?</h3>
<h3>Find out about IG</h3>
<h3>Plan your trading</h3>

Find out what charges your trades could incur with our transparent fee structure.

Discover why so many clients choose us, and what makes us a world-leading provider of CFDs.

Stay on top of upcoming market-moving events with our customisable economic calendar.