Brent is down about 35% since April when the layoff plans were put in place. If I had to guess, more layoffs are going to be needed early 2026 unless prices recover.
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@bg do you promise? That would be great.
@bv Unfortunately, most visions are very similar, as those called visionaries have severely limited insight. However, Exxon has somewhat maintained its long-term vision, although it is not an ideal company to work for.
Why is Brent crude even a metric anymore, as it is mostly tapped out? Oil is down because of some under-the-table deal between Trump and Saudi Arabia (that I don't really understand), pushing up OPEC volumes overall. With Permian oil volumes significantly declining from current peak deliveries over the next 5 years, the potential that secondary sanctions might reduce Russian oil deliveries, and continued dysfunction in Venezuela, I would think that a smart forward-looking oil company would focus on reserves growth rather than short-term cost saving. Perhaps I should start applying for jobs at companies with a more visionary approach.
Wave 3 is Q2 2026