© Reuters. The Exxon Mobil Corp logo can be seen at the Rio Oil and Gas Expo and Conference in Rio de Janeiro
(Reuters) – Exxon Mobil Corp (N 🙂 said Wednesday that it has launched a voluntary layoff program for its Australian employees to ensure it survives "unprecedented" market conditions.
The program will be offered to all employees in Melbourne, Gippsland, Sydney, Adelaide and Perth, according to a statement from Exxon.
The Exxon spokesman in Australia declined to comment on what percentage of employees the company wanted to cut.
The news comes after Reuters reported last week that the U.S. oil company is preparing for deep spending and job cuts as it struggles to receive an 8% dividend for shareholders, with a multi-billion dollar quarterly loss looming .
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