Read the letter Exxon CEO sent staff after job cuts - Business Insider

, based on documents obtained by Bloomberg News. lost its position as the most valuable oil company in the US to Chevron on WednesdayExxon, like other oil companies, has been hit hard by the severe drop in oil prices, spurred by the coronavirus pandemic. However, it faces unique challenges among its peers,While the company's CEO, Darren Woods, is known for staying quiet, he sent a letter to employees Tuesday morning, that was obtained by Business Insider.

Even under low-carbon scenarios, people will continue to need Exxon's products — namely, oil and gas — for decades to come, Woods said. BP, Total, and some Wall Street analysts have suggested that demand for oil could peak by 2030, or before. Do you have information about Exxon? Reach out to this reporter at'A message from Darren Woods'I hope that you and your loved ones are staying safe and healthy as we continue to manage through this unprecedented time.

Despite the significant steps we have already taken, there is still more to do. Most importantly, we must continue efforts to structurally improve the earnings and cash flow performance of the corporation. Fortunately, the work we have done over the past few years has positioned us well. Our investment portfolio remains the strongest in industry, and the organizational changes we've made are enabling further improvement opportunities - many of which were in progress prior to the pandemic.

I understand the added burden all of this brings, but these actions are necessary to ensure the long-term success of the company. The work we are doing today will result in a more efficient organization that will emerge stronger and better able to compete through the price cycles inherent in our commodity-based business.

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