: Exxon Mobil has reduced its workforce for three straight years, while net income, revenue and the stock price have increased sharply


Exxon Mobil Corp. XOM, +0.01% disclosed in its 2022 annual report that it had 62,300 employees at the end of last year, to mark a third-straight year that the oil giant’s workforce has been reduced. After having 74,900 employees at the end of 2019, a sharp drop in oil prices to start 2020 as the COVID-19 pandemic took hold, led to a 2,900 reduction to 72,000 employees at the end of 2020, and then a 9,000 decline to 63,000 employees at the end of 2021, before another 700 jobs were cut in 2022. But while the workforce has declined by a total of 12,600 employees since 2019, revenue has jumped by 56%, to $398.68 billion in 2022 from $255.58 billion in 2019, as revenue per employee nearly doubled to $6.40 million from $3.41 million. And 2022 net income of $55.74 billion was nearly four times 2019 net income of $14.34 billion. And Exxon Mobil’s stock ended 2022 at $110.30, or 58.1% above the year-end 2019 price of $69.78. In comparison, continuous crude oil futures CL00, +0.17% ended 2022 at $80.26, up 31.4% from the end of 2019, while the S&P 500 SPX, -1.05% rose 18.8% from the end of 2019 through 2022.

This article was originally published by Marketwatch.com. Read the original article here.

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