Mobil Corp. will eliminate 4,700 jobs in a worldwide restructuring aimed at keeping it competitive with other big oil companies that have drastically reduced their payrolls and costs.
Mobil said the cutbacks will save more than $1 billion a year when they are fully implemented by the end of 1996.
The Fairfax, Va.-based company will cut 4,000 jobs from its 14,500-member administrative work force and another 700 jobs in its refining and marketing businesses. Mobil, the country’s second-largest oil company, has about 50,300 employees around the world.
Mobil said the changes will result in a $300 million charge against second-quarter profits. The company earned $198 million, or 46 cents per share, in the April-June period after restructuring charges.