I keep hearing about lots of changes before the end of the year. Does anybody know or has anyone heard rumor of what any of the so called changes are? Just curious what has been said on the street
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Darren Woods gets booted for being so useless? now that’s real change. Seriously, he is either brilliant or really bad... so far all the investment decisions shows how derailed we were from the once mighty Exxon.
Wonder if they'll spin off the different business lines - EMRE, Chem, Upstream, etc. into separate companies? Didn't Phillips 66 recently abscond from Conoco Phillips? I don't know the pros/cons but it's been discussed at XOM for some time.
Been talking about one company -merhing f&l with chemicals first and then the whole thi g with upstream- for years. Wouldn't be surprised if it happens now, would wring efficiencies and lead to positions eliminated. Makes sense for a small company - reliance passed us in market xap and even tesla did! Also more technical work moving to Bangalore and Kuala Lumpur.
@xyq - agreed. The Fed has already taken steps to nationalize the economy. Didn’t think that this was the way we’d get socialism in the US, but here we are.
Exxon managers need to start being held accountable for their poor decisions and fired. They are responsible for running this company into the ground. Eliminate the multiple layers, quick job rotations, obsessive focus on LPS, and endless stewardship. Focus on the fundamentals of the business, process crude into higher valued products. Each employee should be responsible for finding ways to be more efficient, improve margins and reduce cost.
Holy cow, this thread is a mess. Sorry to op for all the political crazy non-answers below.
Word on the street is more cuts to come in coming years. COVID recovery in all likelihood will take longer than the media likes to present (have you seen the reports that the antibodies don't last forever for people who had the virus? There are cases of reinfections so idk what that means for the effectiveness/length of time a vaccine will last). All this to say, the economy and oil and gas industry may be stuck in this bad environment for a while or worse, who knows.
If that's the case, definitely more cuts on the way in the coming years. This first round, they cut the technical folks bc obviously the management isn't going to cut themselves if they can help it. The next round, management is joining the chopping block (you don't need that many managers if you have fewer technical people to manage!). The fewer technical people are going to be overworked, management will be stressed out and demanding better performance so their necks aren't sticking out, morale will decrease, people will try to leave, pension will freeze, overall work place will be more toxic and cut throat.
So advice, start looking for a way out now.
This irrelevant drivel of a thread - needs to be removed. Too much bitter drinking at home, it seems.
But the original question for this thread was simple: "What change is gonna come for ExxonMobil?"
And just to stay on topic then:
Changes will be very bleak - likely, the entire O&G industry will need to be nationalized.
All the real property is leased anyhow, and those long-dead plant ancestors that make the product belong to you and me. Indisputable. Always has been.
Unless you went to Texas A&M or BYU, I guess, and got that bookish education.