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HOUSTON (Reuters) – Exxon Mobil Corp (NYSE:XOM.N) said on Wednesday its global workforce fell by 1,000 last year to 62,000 employees as part of cost-cutting designed to boost shareholder returns.
It was the third year in a row Exxon reduced its workforce, down from 75,000.
In a filing detailing its 2022 results, the company also warned of potential risks for its operations in Kazakhstan, the central Asia country that shares a 4,750 mile (7,644 km) border with Russia. The company produced 246,000 barrels of oil and gas in the country last year and exported it through the Caspian Pipeline Consortium (CPC).
In the event Russia interferes with the pipeline’s operation, Exxon “could experience a loss of cash flows of uncertain duration from its operations in Kazakhstan,” the filing said.
The U.S. oil major owns a 25% interest in the Chevron-led Tengizchevroil (TCO) oil production joint venture, which controls the Tengiz and Korolev oil fields in Kazakhstan, and a 16.8% working interest in the Kashagan field.
After-tax earnings from Exxon’s interests in Kazakhstan in 2022 were about $2.5 billion, the filing said.
