Thread regarding ExxonMobil Corp. layoffs

D.E. Shaw is said to push Exxon to cut capex, opex

  • Investor has increased stake in Exxon since September
  • New York-based firm sent letter to oil giant Tuesday

“The firm believes Exxon’s failure to adapt has erased over $100 billion in shareholder value over the past five years, the people said. It has urged Exxon to cut its capital expenditures to a maintenance level of about $13 billion from a planned $23 billion this year, and to slash its operating expenses by as much as $5 billion, the people said. It could do so by lowering its head count, shrinking its real estate footprint and other measures, they added.”

https://www.bloomberg.com/news/articles/2020-12-09/d-e-shaw-is-said-to-push-exxon-to-cut-spending-costs

by Buckle up, buttercup
| 2088 views | | 9 replies (last December 12, 2020) | Reply
Post ID: @OP+18kW2UcW
Comment! It's anonymous!

9 replies (most recent on top)

@1ced+18kW2UcW I second that, based on their actions.. Michael Wirth any time more competent that Darren Woods. Most of my coworkers concurred as well.

by Anonymous
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Post ID: @3dgu+18kW2UcW

Chevron please take over and cut all management first. Your ceo is so much better

by Anonymous
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Post ID: @1ced+18kW2UcW

And then! Hopefully Chevron takes over!

by Anonymous
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Post ID: @1zcr+18kW2UcW

XOM will be below 70k employees at YE20 and below 65k in 21 and 62K in 22. Capex will be 16G in 21 and opex reduction will be over 4G. That will protect the divident with oil at $50/B. Oil should average about 55/B for 21. We need refiining margins and Chem margins to return to normal. We will know more after winter (gas sales)...plus the summer gasoline sales will be clear, plus covid vaccine will start to cause recovery in aviation fuel and diesel. Shaw has capex at 13G...hat is too low.
Discoveries in Guyana, Suriname and Brazil are icing on the cake (about 10 exploration wells) in these countries

by Anonymous
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Post ID: @1aqp+18kW2UcW

All the retirees don’t give a damn about current workers they just want their dividend.

by Anonymous
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Post ID: @1vkk+18kW2UcW

Not good to be weak. The vultures begin to circle...

by Anonymous
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Post ID: @1ktu+18kW2UcW

Engine #1 and D.E. Shaw together may lead to some change. Independently they just do not have large enough stakes to force change. These two and others should work together and we may see shareholder value return.

by Anonymous
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Post ID: @1aio+18kW2UcW

The head count needs to be reduced drastically, including that of management layers. As a shareholder, I want the company to be a lean-machine, and focus on efficiency and pay the dividend! The recently announced numbers aren’t enough. The cut needs to be deeper! There is way too much fat in the middle management and high-dollar white-collar work force!!

by Anonymous
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Post ID: @1tcf+18kW2UcW

Good! As a shareholder, I echo the same!!

by Anonymous
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Post ID: @mdz+18kW2UcW

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