Exactly like many people expected at the Midland office that there were not layoff at all after the morning speech. We are safe for now, that means the brightest and greatest people work at the Midland office.Not backstabbers and brownosers exist in Midland. "We are ExxonMobil"
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People talk of XTO as if all the locations are the same. The DRY GAS assets are not profitable. These are NOT in Midland. The OIL producing assets in Midland ARE profitable.
* History Lesson *
The old central basin platform waterflood was profitable when it was run by XTO as were many of the assets XTO bought from ExxonMobil. Guess what, ExxonMobil then paid a premium to buy these assets back from XTO and what did they do? They brought back all the things that made those assets unprofitable the last time ExxonMobil drove them into the ground and sold them.
EAT, SLEEP, RAVE, REPEAT, EAT, SLEEP, RAVE REPEAT...
We should never had bought XTO. Overvalued stupid purchase.
Exxon should have let XTO operate on their own instead of forcing their Exxon VP’s on XTO. Exxon has brought so many unnecessary safety policies and created way too many Foreman/Manager positions making it hard for XTO to thrive. XTO had reliable employees that didn’t need to be micromanaged and were very productive, but now everyone is afraid to do any work out of fear of breaking an unnecessary safety rule.
How many business units in the US made a profit this year? Exxon needs to get rid of all the redundant managers/foreman that do very little work and most of their job is giving people work authorization. Why do skilled/experienced workers need work authorization? Work authorization is a waste of time and ruins morale knowing the management doesn’t trust us to do our job.
My department has 3 foreman that manage 10 employees. How is that beneficial to the company. They could easily get by with 1 foreman for all 10 employees. Other departments are operated the same way with way too many people at the top that aren’t really needed for the company to operate. I would say the foreman spend at least half their time doing work authorization or LSA’s so we could save a ton of money doing away with work authorization and LSA’s and reducing the number of foreman.
The company just announced 30b write off of unconventional stuff....yeah of course there is no impact on XTO and midland
This is BS in so many ways.
xTO will be trimmed down, guaranteed. This will happen in 2021.
Wait until you see the Unconventional and Conventional numbers contributing to the 750.....all I can say is I hope you are all the wage!
If you believe that.
I wouldn't call it best and brightest. Lol
See, XTO purchase was a bargain after all!