Is there going to be any reorg or Exxon Mobil layoffs? Any chatter, news or rumors?
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Adding to the need for layoffs is the fact that Pioneer hasn’t offshored their jobs. A whole bunch of techs, engineers, etc will lose their jobs to the BTC. Regulatory and PA in particular should be looking for new jobs before they are told to leave. Construction isn’t safe as ExxonMobil Global Projects will take that over. If you are at Pioneer look to see if your job is done in Midland or India and draw your own conclusions.
Once Pioneer aquisition closes there will be a need to get rid of employees. Mergers are always justified to investors by synergies and cost savings of scale which is just another way of saying they will get rid of people.
No rumors or chatter on reductions, other than natural attrition, retirements, and PIP/PIL (which are mostly tests of fealty - stick it out and you get through, 66% leave with the severance).
OP the answer is yes. Darren wants to shrink the company further. He told the investors that he sees another six billions in "structural savings" from now until 2027. He can't achieve this without firing more people and selling assets. His plan is to get rid of almost all employees in the High Cost countries like the USA, Canada, all of Europe, Singapore, etc. Employees will be disposed of via the annual performance assessment, or PA, where they'll be ranked as Needs Significant Improvement or NSI. Most will take the PIL or try and fail the PIP. I've been told that this time even the High Potentials will be laid off. Darren wants to reduce costs. Very very few will remain in the HC10. All assets will be run with cheap contractors. Anything that requires engineering work will be done from India or China. So, I'd say another 10,000 employees will be laid off in the next four years and some will be replaced by contractors. Of course, Kathy will hide the layoffs by including temporary contractors in the headcount number she reports to the investors.
@afc Dude, chill. At least the post/thread is on-topic (for once).
Let the man speak, bruh. That's why this forum is about (as opposed to the other vitriol posted as of late about bathrooms, whiny old f4rts, and entitled pis5ants).
Do you work for Exxon OP? Do you work in O&G?
Exxon has stated that it plans to maintain their PIP target at current levels. Every peer company has officially or unofficially frozen U.S. hiring excepting short-term contractors. All have discussed plans to reduce their workforces in 2024. Some will do it by layoffs, some will do it by attrition.
Oil prices are down. Natural gas prices are down. Demand is down. Growth targets in 2023 were missed. All of this points to WFRs.
I see you’ve posted this on some other company pages almost verbatim.
Get lost troll.
Not layoffs, but NSI target is 8%. Targeted are white males older than 45 and higher CL and those with less than 3 years at ExxonMobil. This saves money from pension and 401(k) match and lawsuits. Those remaining will be expected to pick up the work of those who left the company with no raise. Get ready, 2024 will be a rough year you the oil industry.