Wxxon reports work force shrinks for third straight year
said on Wednesday its global work force fell by 1,000 last year to 62,000 employees as part of cost-cutting designed to boost shareholder returns.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 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 .
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 interest in the Chevron -led Tengizchevroil oil production joint venture, which controls the Tengiz and Korolev oilfields in Kazakhstan, and a 16.8 per cent 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.
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