Exxon Mobil plans to cut 300 jobs in Canada

Exxon Mobil business

U.S. oil major Exxon Mobil said on Wednesday it plans to reduce up to 300 positions in Canada as part of an ongoing cost-cut plan due to a coronavirus-driven slump in oil prices.

Reductions will include positions at Imperial Oil, ExxonMobil Canada and ExxonMobil Business Centre Canada.

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 in budget cuts this year, Reuters reported.

Suncor Energy, Canada’s second biggest oil company, said last month it would cut its workforce by up to 15 percent over the next year and a half.

Canadian energy companies have also suffered from scarce capital due to chronic pipeline congestion and high emissions.