Exxon expects to restore retirement match, avoid layoffs


Exxon Mobil expects to restore its contribution to the U.S. employee retirement savings plan this year and does not plan another major set of layoffs, Chief Executive Darren Woods told employees in a meeting this week.

The top U.S. oil producer last year slashed project spending and reduced output as it incurred a historic loss of $22.4 billion. Deep cuts included suspending its match for the 401(k) plan and launching job cuts to reduce its global employee and contractor headcount by about 15%.

“I think one quarter of positive earnings will not mean a successful year,” Woods told employees in a meeting on Tuesday, according to a regulatory filing on Wednesday. “So we’ve got a little more work to do, but I would just tell you to rest assured that restoring those benefits is an important priority that we are focused on; and when we’re confident we can do that and sustain it, we will.”

A large layoff is “not part of the plan today,” Woods said.

Reported first-quarter earnings could hit $2.26 billion, according to Refinitiv IBES, compared with a year-earlier loss of $610 million. Official results are scheduled to be released on April 29.