Any info? VSP seems to have depopulated some areas quite nicely. GoM is as busy as ever.
Who is gonna get hit in Houston??? Anybody feels a massive drop in activity?
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I see XOM is censoring Shell boards too now this is humorous. They cut many high performers and threw their employees under the bus in an effort to hide to their bad investment decisions.
XOM has in fact been quietly cutting since 2015. Very quietly and forced lot of retirements. And by reading the CL levels of a lot of the cuts they were certainly not low performers. It’s a disguised lay-off. Legal but very unethical.
I heard they cut IBAS pay after 16 weeks, but do you think the majority waiting for a return to the Host country will be returning or do you think many will face a layoff as part of the current expat review?
They have cut IBAS pay while we are waiting to return. However, the benefits will be reinstated once we return to the Host location.
That is interesting and makes a lot of sense. A lot of expats around the world have been repatriated/ evacuated due to Covid, but are are under the assumption they might return to their expat posts. In light of what you are saying about expat job cuts, I am wondering whether many will in fact return to their posts late this year as they expect.
In reply to your question on expats.
The reductions of expats is already included in the 3.5 billion already accounted for by the start of 2021.
So the 13600 may indeed included more expats , but many have already been repatriated this year, so cannot see it being a big make up of this figure.
Do you like many of those 13,800 potential job cuts will include a large number of expat job positions?
From the SVS exercise, 1500 approved equated to $500 million annual savings. This equates to 0.3Million dollars per employee.
Current projected Opex savings are expected to be 3.5 Billion per annum by beginning of 2021.
Capex spending in 2020 currently expecting 20 billion , which is a 5 billion drop and will not go above this based on forecast commodity prices.
The Q2 results stated an expected improvement in 2021 of 14 % on 2020 commodity prices.
For 2021 results to even resemble 2019(which wasn’t a great year) then will need a further 9.6 billion savings per annum, Capex currently projected would be sustained of 5 below plan. This leaves 4.6 billion opex. If this all from further staff reductions based on a SVS figures then this would equate to 13800 more job cuts. for reshape.
Yes - in 2015 they used the ‘performance’ scam. Since we’ve been remote, I’ve been using all my time to start a home business thanks to Shell allowing us to work from home. Im even using my Shell laptop to launch my business. You should consider doing the same. How much work have I done for Shell since going remote? Zero! My line manager is doing the same. Oh forgot to mentioned- I got my TV next to my laptop so I’m always ‘green’.
@3fjp, XOM did cut in 2015-2016,. They just used the sneaky performance based excuse that they are using now. Back then, employees were far more fearful to share externally. Now they are leaking like a sieve.
A lot of interesting points about US and elsewhere. What about Shell expats in West Africa? How ( and when) do you think they will be impacted by job cuts, if at all?
To the poster that stated "If motivation is zero what needs to be cut is senior management" So true.
Look at what the devil Watkins and her team have done and then put the blame on all the lower level staff. Selling assets at 10 cents on the dollar and claiming it as victory. Promoting a– kissers that are incompetent and consulting them on the Avanti design. Now as people are about to exit they want them to complete a transition plan to show them what work needs to be done.as they havent a clue.
A year or two from now the rest of unconventionals will fold.
The XOM board is very noisy. But XOM did NOT cut in 2016. Today it is cutting the bottom 8% of the professional workforce and the low performers are complaining. That is about 3000 people and many of these will be early retirements. XOM has not had big impairment charges (like Prelude). Low performers are noisy on all layoff boards
The person praising XOM. Go check their board here.
It's not a pretty sight!
All I know is that as a shareholder of RDSA, I’m extremely disappointed. The stock is a dog. Exxon, BP, Chevron have all taken hits, but none have been punched in the mouth like RDS. BP cut the divided in half and gained 7 points. I don’t think current management is savvy enough to manage the share price. So as a shareholder and employee, I get double hit by their incompetence (share price 50% drop and 0 on the scorecard). The share price moves with commodities markets. That’s it. The constant reorganization’s and FTE cuts don’t help the price. Exxon seems to understand this, but not Shell. Good luck “catching the tiger’s tail” as we’ve all heard Ben say...
If motivation is zero what needs to be cut is senior management that created this fiasco. BP factor of 0.5 and now 0 ... let’s look at the evidence
- Prelude 🤦🏻♂️ Senior management decided to push that through
- US shale - again a strategic decision
- Missed targets year after year - why? Management adjustments or refusal to give any bad news (‘cooking the books’)
- Now milking the cash cow to death for all this green nonsense
Yet at the end no accountability at the top for the sh** show and the employees get the brunt of it. So yeah excuse us for having a motivation issue, why work the extra 20 hours a week to get laid off in 6 months ...
If motivation is near zero, then Shell will need to cut more next year
Yea, agreed “work” from home has been wonderful.
I am liking this work from home stuff. Sure, paying for it indirectly with no bonus or raise next year. But no commute and relaxed at home.
We should know who is impacted and who’s not this year, not in 2021.
No raise, no bonus and maybe no job next year... motivation levels will be near 0...
this is probably the calm before the storm of 2021
How could there not be a hit in activity after what we've seen in Q2? Seems like you are holding on to hope that isn't there. Start looking for a new job in tech like I'm doing. Oil and gas is dead