Strike At Exxon Site On Hold: Talks Heat Up Over Severance Packages

A strike at Exxon Mobil Corporation‘s XOM petrochemical complex in northern France is reportedly expected to remain suspended through June 4 as talks are held over severance packages.

The strike is held by chemical unit workers who are set to lose their jobs, reported Reuters.

On May 24, around 20 chemical unit workers called strike over unsatisfactory departure negotiations, resulting in a limited number of shift operators through May 29 without supply interruption.

The report cited a CGT union representative who said that the strike at Port Jerome Gravenchon complex is expected to resume on June 5, if those talks do not resolve outstanding issues.

Last month, ExxonMobil Chemical France disclosed shutting down the steam cracker and closing chemical production at Gravenchon this year, which could lead to 677 job losses from 2025.

The company stated that the site has lost over EUR500 million ($542 million) since 2018 and remains uncompetitive.

The halt was announced to allow for continued negotiations on May 30 and June 4.

In another development, Exxon Mobil is renewing a 33-year-old lease on offices in Lekki, Lagos, amid plans to scale down operations in Nigeria. The lease was set to expire on Friday.

Investors can gain exposure to the XOM via Energy Select Sector SPDR Fund XLE and IShares U.S. Energy ETF IYE.

Also Read: Shell And Exxon Eye North Sea Asset Sales In $500M Deal: Report

Price Action: XOM shares are up 1.01% at $115.14 at the last check Friday.

Photo: Del Henderson Jr. via Shutterstock