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The plans for ExxonMobil’s Singapore operations come after the US oil giant announced on Sept 30 that it will lay off 2,000 workers globally.
SINGAPORE – ExxonMobil expects to cut its staff number in Singapore by 10 per cent to 15 per cent by the end of 2027 as part of global restructuring efforts.
The US energy giant declined to reveal a firm number. It has about 3,500 employees in Singapore, so the impending cuts could affect around 500 workers.
ExxonMobil also said on Oct 1 that it plans to move its Singapore office from downtown to the site of its Jurong plant by the end of 2027.
This comes after the company on Sept 30 said it will lay off 2,000 workers globally , mainly in Canada and across the European Union, as part of a long-term restructuring plan that will affect about 3 per cent to 4 per cent of its workforce. There are no planned job cuts in the US, reported Bloomberg.
In response to The Straits Times’ queries, Exxon Singapore said: “We are making changes to how we work so we can improve our competitiveness in an ever-evolving landscape and position the business for future success.
“While detailed planning is still under way and organisational design is not yet complete, we anticipate this will result in estimated employee redundancies of 10 per cent to 15 per cent by year-end 2027.”
The company added that it will continue to maintain its manufacturing presence in Singapore.
ExxonMobil began production at a new plant on Jurong Island in September to convert heavy residue that is left after refining of crude oil into higher-value lubricant base stocks and lower-sulphur fuels.
It runs two refining sites in Singapore, one in Pioneer Road on the mainland and the other on Jurong Island, with a combined crude processing capacity of 592,000 barrels per day.
ExxonMobil also plans to move employees based at its HarbourFront offices to the Jurong Refinery in Pioneer Road.
“As part of this change, we intend to exit our HarbourFront offices over the next few years,” the company said.
“We’ve seen the value of bringing people together in the same location. These changes are designed to improve our competitiveness, increase effectiveness and drive innovation.”
Responding to queries from The Straits Times, a spokesperson for the Economic Development Board (EDB) said the board, Workforce Singapore and job-matching platform e2i “will continue to work closely with ExxonMobil to support affected employees, including facilitating job placements”.
“ExxonMobil will continue to maintain a significant business footprint here, including in manufacturing, headquarter and trading functions,” EDB said.
Chevron, ConocoPhillips and BP are among major oil companies to have also announced retrenchments in recent months in response to falling crude prices in 2025 as the Opec+ group of oil producers have boosted output.
ExxonMobil, however, has been on a major internal restructuring push since 2019 as chief executive officer Darren Woods seeks to simplify the company’s sprawling global footprint that came as a result of the merger with Mobil two decades ago.
The changes have helped ExxonMobil cut US$13.5 billion (S$17.4 billion) in annual costs since 2019, according to the company. It plans to increase this figure by 30 per cent until the end of the decade, reported Bloomberg.
ExxonMobil employed 61,000 people globally at the end of 2024, nearly 20 per cent fewer than in 2019, according to the company’s annual filings.
[SRC] https://www.straitstimes.com/business/companies-markets/exxon-expects-to-cut-singapore-staff-by-10-to-15-by-end-2027
