Thread regarding ExxonMobil Corp. layoffs

@4igs+16NdmOIc - Agree. They should start by cutting you.

In 1986, we cut 30% of employees and we became a better company. In 1998, Pre-merger Mobil cut 20% and XOM trimmed about 10%. At merger in 1999, we had 120k people and was down by 30% to 85K in just 4 years. Same will happen with this workforce reduction, 30% cut and we will be a more profitable and streamlined company with fewer management layers. Sorry, but we do not need all 75k of you. Fewer than 70k by yer end 2020. After asset sales by 2025 there will be only 50K. With this business environment and activity levels, fewer people are needed. Cutting the dividend does not solve the problem. The problem is too many people who make too much money relative to activity levels and relative to the competition. The dividend has nothing to do with how many jobs need to be cut, activity drives headcount

Has anyone written a LI for the 1st and 2nd quarter losses yet? Done a FRCS?

One of the most relevant posts found here. Lay-off season has started.. remember the goal is not to be caught surprised.. fail to plan, you plan to fail..

So much talk about DW.. I have not seen him for months.. is he still around?

Much win. Very debting. Wow.

Nope, the biggest problem is despite knowing that it was going to be out of cash, to continue paying dividends and sacrificing these projects, money already spent will comeback to haunt.. clearly someone failed to plan.. DW needs to go..

I just woke up. Are we winning yet???

The biggest problem DW has with his plans is xom ran out of money, no one questions Guyana & Permian or cutting some VP positions. But the problems all happened before DW, $200B+ in stock buybacks, Kearl, heavy oil before tight oil, overpaying for xto, walking away from US onshore right before the shale boom. If we only had avoided buybacks we could fund projects and buy cvx now. The only Risk mgmt RT did was take the SoS job so he had to unload xom stock before it collapsed. Now xom in same position as everyone else in O&G, have to cut overhead to survive. But with 8% dividend and production declining you’re going to shrink until ds & cc turn around so you can fund growth again. S—s. cvx merger? Wasn’t “winning” coined by Charlie Sheen?

@1uqj+16NdmOIc Love attending those forums while we get paid seated there.. really magical.. for me it’s comparing Chevron to Enron and how D.W mentioned that he was able to do secret analysis to be able to show that we have so much WIN. Better content than a trump rally.. for me.. at least..

Too much win.. such that.. we now have to shut down units consistently to prevent getting so high in winning..

Competitors will come out stronger with assets they acquired during this crisis.. for us.. we can be proud that we issued bonds to pay dividends.. at all cost.. like selling away an kidney to continue donating to your neighbourhood charity.. surely good karma will come!

By the behavior described by many here, I believe they are past redemption. They have drunk their own cool-aid so much -the best and brightest- that they have list touch in reality and believe they can do no wrong. They violated the first rule of d–g pushers : don't get high on your own supply, and we are all paying for it. I don't even believe in external CEO, the company is hollowed out technically, a shadow of its former self, and will implode once the golden handcuffs are removed.

The downfall of EM is putting a downstreamer as CEO. Billions are now spent on downstream projects that will never make any significant return. Capital is gone, debt is in the balance sheet. Historically, 65 - 75% of profits come from upstream. Now we have Guyana and Permian. Not looking good. Short XOM!!!

@rnj+16NdmOIc Is a troll nothing in this thread violates the terms of this board

@tsc+16NdmOIc You are utterly delusional. XOM has literally lost all of the value that had been added by merging with Mobil and then some. And that’s not from Covid. XOM’s enterprise value had steadily dropped from $440 billion in mid-2016 to $305 billion in February of this year. Go look up the numbers and see for yourself.

Sold off my personal share at a loss but glad I did so.. would be worse..

I just say #WeAreExxonMobil 3 time in front of the mirror every night....one of these nights, I will awaken the spirit of Rockefeller and XOM will be saved.

ExxonMobil has outstanding employees. And this is true worldwide. I know it. I’ve seen it. I’ve worked with them.

Management? That’s something else. They’re over-rated. I don’t understand why they’re needed. All they do is make life more difficult for the good people. And they are over-paid for this.

The higher you go, the worse it gets. More over-paid, and under-worked.

If you look at the profits, it’s obvious that profits of ExxonMobil (and the other majors) depend entirely on oil prices. When oil prices are high, profits are high and the top execs get big bonuses. Mind you, it’s nothing they did. It’s just the market.

But when it comes to the big expenses, they’ve made poor decisions. But no one is calling them on these, and none of the top execs get punished for their horrible performance. If any rank and file employee had performed so badly, they would have long been fired. Not so with top management. Or middle management.

And with the bad times now, the good folks at the bottom of the ladder are again paying the price for the mis-steps and utter incompetence of the top brass.

To be fair though, most big corporations work the same way. I don’t know if it’s a consolation.

We are in this together is brainwashing bs. Good people that still work at xom will tell you what they have seen is wrong. The need to lay-off is one thing but rigged ranking to conceal a lay-off and avoid severance is disgraceful. People still there are getting resumes ready and waiting around to see the next group cut.

I would trust upper management if they would be humble and acknowledge they failed (not Covid, or the oil war), them.
Then I want to see them making real sacrifices, not symbolic gestures.
Until then, I don’t buy the “we are in this together” bull.
It’s disingenuous and insulting.

Yep can’t think Of a single thing the leadership team has said that has actually happened. Ridiculous 2025 targets, no layoffs planned, on and on. No trust

Your post is so spot on and relevant!

This is a tough time for O&G but XoM will bounce back stronger. I hope y'all won't be whining about how much profit they are making when that time comes