ExxonMobil is planning for layoffs due to the coronavirus pandemic and trouble in the oil and gas industry. CEO Darren Woods told employees the North Texas energy giant has suffered mightily this year due to a drop in demand and needs to make job cuts. He says ExxonMobil is doing a massive re-assessment of its North American operations, which should be completed in the near future. Woods believes the pain is temporary, but noted the company isn't sure when the recovery will start. ExxonMobil cut spending by 15% earlier this year.
Photo: Getty Images