I chose the PIP option. I preferred it becasue it gave me options. If I am successful, I can stay. (That pension is pretty nice) I do not have to sign the "I will not sue you" document. And sure I do not get outplacement help, but I can still look for other work.
At the beginning of August, I was sincere in wanting to stay. However, a lot has changed in the past six weeks. Oil & Gas is struggling - fracking has increased supply and COVID has reduced demand. Consumer preference is for renewable energy. I don't believe O&G will ever recover. Exxon has done worse than other oil majors. Look at natural gas prices for the past 10 years - that XTO purchase was a huge boondoggle. Exxon wants to be an energy company, but refuses to invest in renewable energy. I mean freaking algae! WTF We deserved to get delisted from the Dow for poor management decisions. Look at the culture and how they treat us employees. The "most valueable asset" doesn't get the respect of a severance package, but instead a kick out the door. They cut the 401K match, Australia is having a real layoff and we are still not cutting enough costs. So for sure there is more coming. Probably global layoffs where local country laws don't prevent it, maybe pension cuts. Anything to protect the sacrosanct dividend.
The past six weeks have changed my perspective. My primary goal now is to find a new job. Even if I am successful at the PIP, I still plan to leave. My advice is most of you should do the same. Update your resumes, get your linkedin colleagues to reference you and start applying.