Lots of retirement announcements in the last couple days all having a Nov 1 retirement date. Sounds like the end of the PIPs and it’s quite sad to see so many technical experts known externally in the industry in this bucket....Shame on Exxon for doing it this way.
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Shame on those who are retirement eligible and dot not retire and wait for the package. I understand every situation is different but if you are eligible just go. You might have great competency but younger folks will step up. Recognize you had a good run with the company and it’s time to give back by taking you off the payroll and leave the spot for the younger folks. 40+ years of service and still “hanging in there”, really?
@1qyv+17C1UQnx: My comments were really a caution to those who weren’t already overweight in stock. A diversified portfolio is the best portfolio. I agree those already holding need to be careful in this price environment. I’ve been there and get it.
The company may not be financially bankrupt (yet) but they are morally and ethically bankrupt now. Not the type company anyone should be proud to work for anymore.
@ziq+17C1UQnx is not the least delusional, at least when judged by his post. He simply points out that individuals holding XOM stock as a large percentage of their portfolio should not focus totally on the current low per share price, but instead realize that they are still receiving a nice dividend at least for now. It's equivalent to a 3-4% yield based on a stock price of $70 or so, which is pretty good with today's interest rates. The current yield calculation showing 10% or more is meaningless unless you are buying in at these levels.
Lots of employees are overweight with XOM stock. Unless you want to sell at prices likely below your cost basis assuming you accumulated stock over the last 10-15 years, then one option is certainly to hold out for increasing oil demand to raise stock prices sooner or later, and in the meantime, keep clipping dividend coupons. I am not willing to sell at the current prices, so what other choice do people have, unless you believe it will never rebound, which I don't.
When investing, you should be looking at total return and not just the dividend. Apple didn’t pay dividends until 2012. In 2010, would you have rather invest in Apple (no dividend) or XOM?
People continuing to purchase XOM because it will improve the ACB or because the dividend yield increases as the stock price languishes are not being rational.
XOM continuing to pay a dividend it can’t afford is the equivalent of going into debt to show off on Instagram.
And the whole so and so “ has elected to retire” is a straight up lie. Should Exxon just change this terminology? It’s just so unethical ... none of these people I see retiring that I know have “elected to retire “. They were forced out or “ forced to retire”.
@zxy+17C1UQnx: Reason: The advice is to load up on a long time declining stock in order to receive an uncertain future dividend. Our stock has been declining since 2013. It is delusional thinking.
Someone explain why @ziq+17C1UQnx is being downvoted? His dividend comment sounds right.
@ziq+17C1UQnx: That is ridiculous. Hopefully, you we’re being facetious. If not, how did you get WiFi in the rubber room?
Folks shouldn’t wait until retirement to lower company stock allocation. Any competent fiduciary financial advisor would agree that holding more than 5% stock in any single company is very unwise.
Only some. Not all
If dividend stays at current levels then even those who own 100% XOM stock in 401K will get around $40K to $50K dividend income per year if they have worked 20+ years, so guys who are feeling bad with low 401K, see your dividend in the statements and you will be OK. And though I agree things will not be as rosy for ExxonMobil like in the past, do not forget oil will eventually go back to $50-$70 as corona is not going to be around for ever and cannot see United and Southwest flying with Tesla motors nor the big diesel trucks in highways. And poor countries continue to over-populate and over-reproduce, population needs in Asia and Africa will maintain stability in oil demand. Expect good continuing dividend and stock to go up to $60-$70 in 2-5 years. With all these cutbacks, ExxonMobil's strength in plastics and if they get a better CEO, he/she will enter newer fuel areas and ExxonMobil will be OK. No panic, not to worry anyone, young or old. Don't worry, Be Happy!
Our employees are our greatest assets....
- Nooooot
I retired this year(as soon as I hit 30 years). I was lucky and started the process a while back(got 90% out of majority stock at 80 dollars). One thing I learned is many employees even older ones own way too much stock. 401 k having 80 to 90% in stock. I was lucky/smart and got out before stock crashed and covid hit. Many are stuck now with a 401 k that's maybe half of what they had last year because of this. Gonna be a rough next few years for them. I know employees in their late 60's and even early 70's in this spot. They are gonna be forced out I think in a bad financial position.