While Exxon and Chevron's combined job postings have declined this year, the overall hiring outlook remains positive and surpasses pre-pandemic levels, according to the analytics firm's report.
These positive hiring trends are reflective of the broader global oil and gas sector, with notable job posting activity in countries such as the United States, India, and the UK. Additionally, countries like Sweden and the United Arab Emirates (UAE) have shown significant year-on-year growth in job postings, as indicated by the GlobalData Job Analytics Database.
Sherla Sriprada, a business fundamentals analyst at GlobalData, remarked, “It is important to note that while the U.S. still represents a significant portion of job postings by major industry players, hiring activity is also evident in various countries across different continents.”
The majority of job openings at Exxon and Chevron are concentrated in the United States; however, a considerable number of positions are also available in the Philippines, Argentina, and various locations in India.
Exxon’s job advertisements are primarily focused on emerging lithium products in the U.S. and lubricant operations in Argentina, while Chevron is seeking talent for supply and trading bulk operations in Argentina and for compliance with GHG/methane regulations in the United States, according to GlobalData's research.
“Analysis of employment trends at Exxon and Chevron from GlobalData’s Company Filings Analytics Database indicates that Exxon’s global employee numbers have decreased over the past five years, whereas Chevron has experienced growth in 2023,” Sriprada noted.
“Nevertheless, Exxon has seen a slight increase in its U.S. workforce in 2023, while Chevron's U.S. employee numbers have shown more substantial growth.”
In the U.S. upstream sector, companies like Exxon and Chevron, along with other producers, have been striving to achieve more with fewer resources, successfully increasing their output even as the number of active rigs has remained relatively stable in recent months.
With a new administration expected to adopt more favorable policies towards the industry, U.S. producers are not anticipated to initiate a significant "drill, baby, drill" strategy to enhance oil and gas production.
Analysts suggest that commodity prices and market fundamentals will play a more crucial role in guiding the operational and production activities of these companies in 2025 and beyond, although deregulation and expedited permitting for energy infrastructure could provide some assistance.
The focus of the U.S. oil industry has shifted considerably since the beginning of Trump's first term.
While drilling continues in the U.S. shale region, the motivation is primarily to allocate a larger share of profits to shareholders. The industry has made significant strides in capital discipline and efficiency, achieving greater returns on investment. Current priorities emphasize returns to investors and financial strategies that can endure fluctuations in oil prices.
"We're not going to see anybody in 'drill, baby, drill' mode," stated ExxonMobil Upstream President Liam Mallon at the end of last month.
Mallon further noted, "A radical change in production is unlikely because the vast majority, if not everyone, is focused on the economics of their operations."
Chevron, another major player, announced in early December that its capital expenditure (capex) for 2025 would be lower than that of 2024.
The company anticipates its upstream spending for the upcoming year to be around $13 billion, with approximately two-thirds allocated to its U.S. operations.
"Spending in the Permian Basin will be less than the 2024 budget, expected to range between $4.5 and $5.0 billion, as production growth is curtailed in favor of generating free cash flow," Chevron stated.