Based on page views, Rigzone’s downstream readers showed particularly strong interest last week in a report about pending workforce reductions. Keep reading to learn more about the anticipated job cuts, along with other popular recent downstream-related articles on Rigzone.
Exxon Prepares to Cull White Collar USA Jobs
Exxon Mobil Corp. (NYSE: XOM) could reduce its U.S. office-based workforce by up to 10% within the next five years, according to this article from Bloomberg. Citing unnamed sources, the news agency stated the company is targeting its lowest-performing employees and will thus not frame the reductions as layoffs. Furthermore, the article states that evaluations are underway and affected employees have not yet learned their fate. A 2020 company filing showed that the U.S. accounts for approximately 40% of ExxonMobil’s 72,000-strong global workforce, Bloomberg also notes.
USA Oil Prices Close Gap to Brent
For the first time in years, the Brent and West Texas Intermediate (WTI) oil benchmarks are heading toward parity, Bloomberg has reported. Often cheaper than Brent, the WTI has become more expensive as U.S. oil producers continue to show discipline and inventories of domestic crude steadily decline, the news agency explained. The article goes to say, however, that the likelihood of Brent and WTI actually intersecting may be limited given signs of a rise in U.S. oil production.
$510MM Middle East Contract Goes to Saipem
A unit of Abu Dhabi National Oil Co. (ADNOC) is expanding its sour gas plant, and it has named Saipem the winner of a competitive tender to oversee the project’s engineering, procurement, and construction. The project will expand ADNOC Sour Gas’ Shah Sour Gas Plant’s capacity by 13% and enable the facility to increase recovery of higher-end products, according to the client company’s CEO. The plant upgrade’s projected completion is 2023.
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