Why ExxonMobil Stock Jumped Today
Shares of ExxonMobil (NYSE: XOM) rose 5.1% on Thursday after the energy giant reaffirmed its long-term commitment to fossil fuel production, albeit with a more streamlined cost structure.
CEO Darren Woods told Exxon's employees to expect layoffs, as low oil prices continue to plague the industry. "These are difficult times," Woods said. "We are making tough decisions, some of which will result in friends and colleagues leaving the company."
Job cuts could help ExxonMobil weather a coronavirus-driven industry downturn. Image source: Getty Images.
Source Fool.com
