Exxon Slashes 2,000 Jobs. Why the Oil Giant Made the Move Now.

Exxon Mobil plans to cut about 2,000 jobs globally, Bloomberg reported on Tuesday. (Dean Mouhtaropoulos/Getty Images)

Exxon Mobil is planning to slash about 2,000 jobs, a spokesperson for the oil major confirmed to Barron’s Tuesday.

The job cuts represent 3% to 4% of the energy company’s global workforce.

“Our global office network was established decades ago under very different circumstances,” Exxon said in a statement. “To support the collaboration so critical to our success, we are aligning our global footprint with our operating model and bringing our teams together.”

Created with Highcharts 9.0.1Source: FactSet

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Exxon has chopped and changed its internal structures in recent years as part of a continuing corporate shuffle designed to save money. The layoffs were first reported by Bloomberg, which noted that they were part of a longer term restructuring.

Exxon is just the latest oil giant this week looking to cut costs amid lower crude prices—the OPEC+ cartel has flooded the market with excess supply as it bids to win back market share.

French oil major TotalEnergies said on Monday that it would start a plan to save $7.5 billion by the end of the decade. Petroleum refiner Imperial Oil , which is majority owned by Exxon, said it would reduce its workforce by 20% by the end of 2027, which it expected would save $150 million a year.

Rival Chevron laid off 15% to 20% of its workers in February.

Exxon stock was down 1% at $112.94 in early trading Tuesday, while Chevron has declined 0.9% to $154.74. The S&P 500 was down 0.2% and the Dow Jones Industrial Average was little change. West Texas Intermediate U.S. crude prices slid 0.8% to $62.96 a barrel.

Write to George Glover at george.glover@dowjones.com