U.S. oil major Exxon Mobil Corp said on Wednesday it plans to reduce up to 300 positions in Canada as part of an ongoing cost-cutting plan due to a coronavirus-driven slump in oil prices.
Reductions will include positions at Imperial Oil Ltd, ExxonMobil Canada Ltd and ExxonMobil Business Centre Canada ULC, the company said.
Oil producers, including Exxon, have been slashing costs due to a collapse in oil demand and ill-timed bets on new projects. The top U.S. oil company had earlier outlined more than $10 billion US in budget cuts this year.
Earlier Wednesday, Calgary-based Imperial Oil confirmed it will be laying off about 200 of its 6,000 employees as part of a cost-cutting initiative.
Another Calgary-based firm, Suncor Energy, Canada’s second biggest oil company, said last month that it would cut its workforce by up to 15 per cent over the next year and a half.
Canadian energy companies have suffered from scarce capital due to chronic pipeline congestion and high emissions.