Thread regarding ExxonMobil Corp. layoffs

Don't hate on CSR. Their job these days is greenwashing - climate change theater. And they do it well. They pretend they are doing groundbreaking research while all they do is pipe $$$ through famous universities (Ozark style). What have we gotten from algae in over one decade? Or fuel cells in over three? Or the $600M of the Stanford program? And what has happened to all of those photogenic and articulate nobodies? Just photo ops with their equally incompetent IBM counterparts and inbred raises and promotions right on schedule. Therebis no hope. Get out!

@1kzl+16zraPbp - Corporate Strategic Research (now rebranded as “One R&D”. They were the people who did the long-range, blue-sky, out of the box research that gave us things like lithium ion batteries, hydrogen fuel cells and some of the catalysts used in fuel and lube production.

But that was decades ago. For the last 30+ years, they have just been a massive drain on the corporation. On their little hill in Clinton, you have a bunch of researchers that couldn’t hold a post doc position, coming up with ideas that generates lot of patents, but nothing commercially useful for he company.

They seem to be able to justify their existence simply on the basis of perpetuating their own myth that they are the best of the best, the brightest of the brightest - all the while giving the company zero return on the hundreds of millions pumped into them.

@yyj+16zraPbp pardon my ignorance, but I have been at the company far too long - though not long enough to ever enjoy a pension. What does CSR stand for?

The boss thinks he’s jack welch but he’s actually Jeff Immelt leading the destruction of a great company. Ridiculous targets, not accepting bad news, etc.

If you want to see the future just read about GEs past. They had a $2/share earnings target and ended up at $1/share. Immelt stepped down and the stock and dividend collapsed. Educate yourself, stand up to the absurd management, and save us from ourselves. No one will survive if we don’t change so you may as well get ahead of the curve...either with a new EM or with another company that has a business strategy, not id–tic financial targets given each year and never met.

https://www.google.com/amp/s/www.wsj.com/amp/articles/how-jeffrey-immelts-success-theater-masked-the-rot-at-ge-1519231067

Don't worry. Nothing will be censored unless someone exposes CSR in Clinton NJ and its worst of the worst management and employees.

Woods is a public figure. It makes no sense to try to censor every comment.

Now I’m having doubts about his projections.. stating that no one in the investment community could poke a hole in it..

Certainly worried for our jobs..

The forum was early this year.. 3 years in the role? Ain’t his first speech but surely once that needs a leader to step up. Unfortunately.. this?

I mean, from the first speech as ceo could anyone take Woods seriously?

@gxd+16zraPbp
Exactly! The company’s poor performance. I saw quite a few high CL’s on these threads (now deleted threads) who were PIP’d. The reality is if their projects were halted and they weren’t kissing enough a– to get mgmt to make up some silly tech job title for them to keep a job they were pip’d- not because of their bad performance but because the company is in financial distress and cannot pay severance for their layoffs because of their own bad performance. Some of the job titles made up in the last year or so are hilarious. Exxon always considered themselves elite or claimed to recruit the best yet they needed to hire consultants to come in and tell you how to restructure the company and do your job? In that case why pay someone 23.5 million a year to do nothing?

“Recalled sitting in the forum pre-covid when the DW said he wanted to give us a more informed view about company’s bad performance.”

Woods comparing Chevron to Enron? If that’s not the pot calling the kettle black I do not know what is.

It seems he has contradicted himself or just plain lied in almost every speech he has made.

That was the forum when he said he was underpaid as well. Also the ranking system worked for him so it wouldn’t change! Foot in mouth lots of PR to smooth things over and 2 years later a “new” system

Oh geez

She called to thank him. That forum was recorded for us to savour it in the intranet. One of Darren's proud moment when he was a supervisor. And this was Darren's eureka moment that it was not force ranking being the issue but how it was administered.. we have spent millions of dollars to reinforce this point..

I doubt she thanked him. It was probably a pretext to the company wide layoff we were about to have so management could tell themselves they were doing people a “favor” like DW since many are followers (no real leaders left). A CEO using his admin in his speech example should say volumes to those with and perception.

@pqx+16zraPbp Exxon as a heritage brand is nice.. but the only innovation for Darren Woods is Exxon’s enhancement on Jack Welch’s force ranking. New, simplified and improved version with lesser managers required to work on each individual. In a nutshell, NSI-ers will be dumped and removed from the system. I can picture Darren Woods smiling in his sleep every night for this proud achievement for 2020 and hoping he will be remembered.. like the lady that cried during the first time he mentioned the hard truth to her? And called him a year later to thank him? I saw the smile on our man’s face during our forum.. really proud of himself..

Not the Saudis, Qatar Petroleum will absorb us = QP America. Keep the name “Exxon” for appearances sake.

Aramco will buy us.
The Emir of Dallas - that's a title DW could get into.

Recalled sitting in the forum pre-covid when the DW said he wanted to give us a more informed view about company’s bad performance.. can indirectly suggested that Chevron is like Enron.. not sure who has dirt on their face now.. Competition can afford to invest in down times and.. we are left sitting here on borrowed fund.. I am vested and very worried if my 401K will recover.

Exxonmobil is and always will be molecule company! Just like Kodak was and always will be remembered as a film company.

The others pass us by with electrification.

@dat+ Doubt Chevron will want to by us as an operating unit.. probably some of our assets cheap.. and we can continue with our dividends program..

Huh?

@tan+16zraPbp
Think that much of yourself ?

For majority of those companies, just wait for the bubble to pop. Tech is so over priced right now it isn't funny.

Chevron should just buy xom out and PIP management across the company.

@tan+16zraPbp
Think that much of yourself ?

Darren Woods is a downstream guy that probably has 4-5 Upstream folks giving him advice and they are terrified about losing their jobs in the next performance cycle, so just imagine what kind of advice he is getting.

With 71,000 employees, and a market cap of just $173B, that’s like $2.5M per employee. Forget assets or anything else.

Salesforce even had a market cap of $187B today compared to EM $173B.

The worst part is that the company has NO plan to recover! There has been nothing communicated to Sr mgmt, to staff nor to shareholders for a recovery plan.

Everyone is meant to hold their breathe until a miracle happens...?

I have news for you: although many can buy us, no one will, because we s__k in so many ways

Don’t forget Tesla! And even if we double in market value we’d still be behind Walmart. O&G isn’t dead but it’s now looked at like every other commodity and there is plenty of it.

Others diversify we double down.

Maybe it’s time to look at the alternatives and grow the portfolio. No the top is to entrenched in buzzwords and managing and keeping the status quo. Too bad they aren’t being leaders that inspire and encourage innovation.

Spot on! We are ExxonMobil is the company motto, says it all!