Exxon Will Reinstate 401(k) Match Benefit for Staff From Oct. 1

Exxon Mobil Corp. will reinstate its policy of matching employees’ contributions to their 401(k) retirement savings plans after suspending the benefit last year as Covid-19 roiled global oil markets.

Employees will receive the match from Oct. 1, spokesman Casey Norton said by email.

Exxon slashed its workforce and halted benefits like bonuses and the savings match last year as the oil giant borrowed its way through the pandemic and made its first annual loss in at least four decades. But its financial fortunes have reversed this year, with crude prices up about 46%.

The company’s second-quarter earnings are likely to ...