Thread regarding ExxonMobil Corp. layoffs

Start planning your exit strategy

From an employee perspective the smart thing is definitely to be planning your exit strategy. That's what I'm doing and many others I know. We will be regrettable losses based on our current ranking. The ranking hasn't always been good to me. I'm currently doing well but know based on past experience that can all change when I get a new role or manager. I suspect many on this board have had similar experiences. When I hired on I was proud to be working for ExxonMobil. We had the best benefits, the best pay, the best you name it. It was not only fun but a source of pride to be here. That has all changed. This isn't a 2020 COVID change. We have slowly as employees been given changes that if they had happened all at once would have resulted in a mass exodus. Because they have happened slowly over time many haven't even noticed they are happening. The company is sinking. The industry is in trouble. Look around. You may have to move. You may have to take a temporary pay cut. Ask yourself though if you extrapolate out five, ten, fifteen, twenty years from now where you will be at ExxonMobil (no raises, no savings plan match, etc.) vs where you could be at a company with real opportunities in a growing rather than declining industry.

Nicely put, @osus+17y9GQBn.

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| 3491 views | | 6 replies (last November 18, 2020) | Reply
Post ID: @OP+17XksfEe

6 replies (most recent on top)

The fact is the orld hs more oil reserves than the world needs. Meaning oil prices will experience more cycles than they have ever been. That is the main problem.
Get out if you can.

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Post ID: @2wpf+17XksfEe

@eql+17XksfEe you are here means you are generating negative values... that is worse that zero.

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Post ID: @1nio+17XksfEe

The term regrettable doesn't really bother the company right now, it's just one more person that gets us closer to our HC target and one more person who wants to stay who can stay. We all know we are going to lose good people over the next few years but we have to slim down, make tough decisions, and rationalize jobs.
Things will bounce back and covid will not permanently keep demand as low as it is. I think the company will learn a lot through this cycle, just like anyone who has a reality check their life.

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Post ID: @1phm+17XksfEe

Why are people so stupid. Oil consumption != number of cars. Automobile usage is a small, small fraction of total oil usage. over 50% is for energy, what do I mean, for the electricity you use to power your electric car. Wind/solar make up what total percentage of the power grid, less than 5%, and that is sporadic, I have seen wind farms from Texas to California where 1 windmill was functional and the others just sitting there, wasn't because the wind wasn't blowing. The solar farms in Arizona, they might supply enough power for the cattle ranches nearby, so they can product milk in the desert. think green, losers.

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Post ID: @acj+17XksfEe

when oil returns to $60/B...XOM will be more profitable than last time oil price was at $60/B...Because there will be $4G less in employee expense. Many of these people are pure cost & generate ZERO VALUE. he company will be better and more profitable at 50K employees vs todays 75k

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Post ID: @eql+17XksfEe

ExxonMobil made mistakes - XTO, not going into green/renewable. But life is like a football team- if you keep losing, eventually, the head coach gets the boot and often the entire coaching staff are flushed. There will be new CEO sometime, oil will go back to $50-$65. Stupid people, poor people, religious loons keep producing 5-15 kids per family, this will keep oil demand high for next 30 years I promise. Cant make plastic with solar and wind. Cant fly jet engines with solar, wind and batteries. Cant operate heavy machinery and diesel engines with green stuff. Electric cars will grow 400%, yes, but oil will grow at 1% but will not die. Oil and gas cannot die. So called clean plants run off natural gas. ExxonMobil will be there for the longer term and stock will be at $50-$75 in 2-5 years. Not a high flying stock, agreed, but it is not the end of the world. If young, 40, it is not the end of the world.

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Post ID: @kpc+17XksfEe

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