ExxonMobil CEO warns of job cuts

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ExxonMobil Chairman and CEO Darren Woods warned of job cuts in the United States and Canada.

He cited a "devastating" cut to oil demand by about 20%. That's roughly five times the drop from the Great Recession, Fox Business reports.

"We still have some significant headwinds, more work to do and, unfortunately, further reductions are necessary," Woods said in an email to the company's nearly 75,000 employees.

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