We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
ExxonMobil (XOM) Plans Job Cut as Pandemic Hurts Oil Demand
Read MoreHide Full Article
Exxon Mobil Corporation (XOM - Free Report) plans to reduce headcount in the coming weeks, per Reuters. The leading integrated energy company is nearing the completion of its staff appraisal in the United States and Canada, added the source.
In an email to its employees, the company’s chairman and CEO, Darren W. Woods, said that additional reduction of headcounts is necessary since the energy business scenario is still challenging.
Notably, the pandemic has significantly dented global energy demand since strict lockdown measures are being taken to curb the spread of the virus. The drastic fall in fuel demand has dragged the price of West Texas Intermediate (WTI) crude, which is around $40 per barrel, down considerably below $60, at the start of 2020.
Woods added that the pandemic has slashed global demand for crude oil by 20%. This has led the energy giant to consider additional job cuts although the company has surpassed its 2020 target of cutting operating expenses and capital spending by $1 billion and $10 billion, respectively, per the source.
Equinorhas seen upward earnings estimate revision for 2020 in the past 30 days.
Sunocohas seen upward estimate revision for its 2020 bottom line in the past 30 days.
Summit Midstream has seen upward estimate revision for its 2021 bottom line in the past 30 days.
Breakout Biotech Stocks with Triple-Digit Profit Potential
The biotech sector is projected to surge beyond $775 billion by 2024 as scientists develop treatments for thousands of diseases. They’re also finding ways to edit the human genome to literally erase our vulnerability to these diseases.
Zacks has just released Century of Biology: 7 Biotech Stocks to Buy Right Now to help investors profit from 7 stocks poised for outperformance. Our recent biotech recommendations have produced gains of +50%, +83% and +164% in as little as 2 months. The stocks in this report could perform even better.
Image: Bigstock
ExxonMobil (XOM) Plans Job Cut as Pandemic Hurts Oil Demand
Exxon Mobil Corporation (XOM - Free Report) plans to reduce headcount in the coming weeks, per Reuters. The leading integrated energy company is nearing the completion of its staff appraisal in the United States and Canada, added the source.
In an email to its employees, the company’s chairman and CEO, Darren W. Woods, said that additional reduction of headcounts is necessary since the energy business scenario is still challenging.
Notably, the pandemic has significantly dented global energy demand since strict lockdown measures are being taken to curb the spread of the virus. The drastic fall in fuel demand has dragged the price of West Texas Intermediate (WTI) crude, which is around $40 per barrel, down considerably below $60, at the start of 2020.
Woods added that the pandemic has slashed global demand for crude oil by 20%. This has led the energy giant to consider additional job cuts although the company has surpassed its 2020 target of cutting operating expenses and capital spending by $1 billion and $10 billion, respectively, per the source.
Exxon Mobil Corporation Price
Exxon Mobil Corporation price | Exxon Mobil Corporation Quote
Based in Irving, TX, ExxonMobil currently has a Zacks Rank #4 (Sell). Meanwhile, a few better-ranked players in the energy space are Equinor ASA (EQNR - Free Report) , Sunoco LP (SUN - Free Report) and Summit Midstream Partners, LP (SMLP - Free Report) , each sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Equinorhas seen upward earnings estimate revision for 2020 in the past 30 days.
Sunocohas seen upward estimate revision for its 2020 bottom line in the past 30 days.
Summit Midstream has seen upward estimate revision for its 2021 bottom line in the past 30 days.
Breakout Biotech Stocks with Triple-Digit Profit Potential
The biotech sector is projected to surge beyond $775 billion by 2024 as scientists develop treatments for thousands of diseases. They’re also finding ways to edit the human genome to literally erase our vulnerability to these diseases.
Zacks has just released Century of Biology: 7 Biotech Stocks to Buy Right Now to help investors profit from 7 stocks poised for outperformance. Our recent biotech recommendations have produced gains of +50%, +83% and +164% in as little as 2 months. The stocks in this report could perform even better.
See these 7 breakthrough stocks now>>