- Workers striking at TotalEnergies SE (NYSE:TTE) and Exxon Mobil Corp’s (NYSE:XOM) French refineries have rejected a pay offer, extending the strike that has disrupted supplies to almost a third of French petrol stations.
- Workers at TotalEnergies asked for a 10% increase in wages.
- On Sunday, TotalEnergies proposed to move salary discussions forward in response to union demands as it sought to end the strike.
- The strikes have increased pressure on the government of French President Emmanuel Macron, says Reuters. The strikes add to the public discontentment with inflation and rising household costs amid increasing energy insecurity.
- “Negotiations are underway and on track…I hope that in the coming hours, the soonest, this can be resolved. Blocking is not a way to negotiate,” Macron said during a visit to the Mayenne in western France.
- TotalEnergies temporarily halted production at its 240,000 barrels per day Gonfreville refinery due to industrial action by General Confederation of Labor (CGT) threatening supplies.
- Two ExxonMobil refineries have also been out of action since late September.
- Price Action: TTE shares are down 2.40% at $49.69 on the last check Monday.
- Photo from Pixabay
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