Texas-headquartered Oil and Gas company Exxon Mobil Corporation (NYSE: XOM) announced plans on Monday to cut jobs across its affiliates in Europe. The country-specific impact of the layoffs is still uncertain, and the decision would be based entirely on the company’s presence in the local markets and the prevailing market conditions.

In the last six months, Exxon stock has dropped close to 17%, and approximately 52% on a year-to-date basis.

What Happened: Exxon’s plan to reduce staff is driven by cost competitiveness and it estimates up to 1,600 employees across Europe could face the ax by the end of next year. According to the Financial Times, this represents more than one-tenth of its total headcount in the European region.

In an earnings guidance shared last week, the company said it expected to post anywhere between a loss of 68 cents and a profit of 7 cents in the current