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ExxonMobil to write off assets worth tens of billions of dollars

ExxonMobil to write off assets worth tens of billions of dollars 

ExxonMobil intends to write off its assets in the amount of 17-20 billion dollars. As noted in the strategic development plan of the corporation, several projects related to gas production will be cut.


Including, Exxon will refuse to develop dry gas fields in the Appalachians and Rocky Mountains, in Oklahoma, Texas, Louisiana and Arkansas in the USA. Projects in western Canada and Argentina will be closed. This will lead, according to plans to write off assets worth billions of dollars.

Earlier it also became known that Exxon will go on an unprecedented staff reduction: 15% of its employees will be laid off.

ExxonMobil is taking such steps to cut costs on untimely new projects amid falling oil demand, said corporation spokesman Casey Norton.

The largest US oil corporation expects to cut costs by $ 10 billion this year alone.

“The impact of the COVID-19 pandemic on oil consumption has increased the urgency of ExxonMobil's efforts to improve efficiency,” reports Reuters. According to the agency, at the end of last year, Exxon had about 88.3 thousand employees, including 13.3 thousand contractors.

The staff cuts are the result of ongoing reorganization and changes that have been made to work processes over the past several years. improve efficiency and reduce costs.

ExxonMobil recognizes the impact of cuts

“These actions will improve the company's long-term cost competitiveness. And they guarantee that the corporation will cope with the current market conditions, – said in ExxonMobil. “The company recognizes that its decisions will affect employees and their families and will only enforce them after a thorough assessment and thoughtful discussion.”

“Workers laid off under the forced layoff program will be supported. Including severance pay and employment services, ”added the corporation. : ///

Record ExxonMobil will write off assets worth tens of billions of dollars first appeared TEKNOBLOG .

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