Marathon Oil Lays Off Around 100 Employees In The U.S.

Houston-based oil and gas company Marathon Oil has laid off around 100 employees in the U.S. or around five per cent of its total workforce.

The lay-off of the workers came only two weeks after the oil and gas producer cut salaries of top executives and board members by 25 per cent.

The company’s actions were part of its “commitment to continuously optimise our cost structure“.

The company had about 2,000 full-time employees worldwide at the end of 2019, according to its latest available employment figures, with 74 per cent working in the United States.

Although oil prices have raced back above the pre-pandemic level of $60 per barrel in recent months, producers are focusing on improving balance sheets instead of raising output, as demand forecasts hinge on vaccine rollouts.

World oil demand in 2021 will rebound more slowly than previously thought, the Organization of the Petroleum Exporting Countries (OPEC) said on Thursday, adding to a series of downgrades as the impact of the pandemic lingers.