Sorry Yanks, 20% headcount reduction in U.S. by December. This was from a very reliable source. Will be a combination of retirement and layoff. Some sites will see higher reduction than others, 20% of U.S. workforce. You are lucky as we were much higher than that. Good luck to all!
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Areas that will be hit the hardest in the U.S. are EMRE, plant engineers, contact engineers, HR, accounting, safety, environmental, purchasing and other areas that are not essential to continued operations. Some jobs will be contracted to other countries, some Exxon will do without for a while. Exxon will reduce spending on projects further and doesn’t need many in projects. EMRE provides no value to the operating units, nice to have but not needed. Operations and maintenance are essential, but there will be some cuts there and those people will take on additional responsibilities such as safety and environmental. Exxon will reduce the layers between operators and the plant manager. Squash the pyramid.
Truth teller, you are just as dumb as the managers and supervisors that work for this company.
75% of Europe is not being laid off
20% is too low. It will be much higher (although not as high as the 75% in Europe).
Did the OP just say he/she had a very reliable source? That’s good enough for me! If it’s on the interweb it must be true.
@utd - details were reported in an earlier thread. Just scroll through the pages and you'll find it
To the original poster, what areas were hit the hardest in Europe? Engineering? Projects? Health and environmental? Off site support? I work in process control and have been a nervous wreck lately.
Back of the envelope math: 20% of US employees. The Management Committee including DW is based in the US. So with roughly 5 of them, we should cut one, right?
Which one? How about the one that masterminded the growth strategy?
Sorry DW, you must go (also because you NSI)! #FireDarren #ReplaceWithNeil
Lets have some perspective. Since 2014 our competitors have been in lay-off mode. Just google Chevron or ConocoPhilips or BP layoffs and you will see these companies have had 3/4/5 rounds of layoffs in last 5 years. XOM protected employees through these cycles and was developing a smart 2025 Plan to re-capture top position, before joint black swans of OPEC+ and COVID caused a pause, and need to trim costs. I have watched colleagues in BP and Chevron have to re-apply for their jobs multiple times since 2014. XOM cut drilling programs, deferred capital programs, and released contractors, before expanding the program to release low performing employees. But the company is still hemorrhaging cash at $40/oil, so cuts must be deeper. I agree that we could have taken 20% dividend cut and preserved jobs, but it would only delay the inevitable because even with the dividend cut we would still be uneconomic.
Wonder if incentives will be offer to folks volunteering to separate. Highly ranked here but not within retirment window.
I don’t believe the company will use PIP in these next set of cuts. It was a mistake the first time as it hurt company morale. I believe there will be some form of incentive offered by the company in the first wave. It will probably be fair but not excessive. For the older folks it maybe a combination of pension and cash incentives. For the younger it maybe cash. If you don’t take it, you won’t be offered it again. If you are laid off later you will get minimum compensation.
Trolls will tell you management will try to screw you over. I don’t believe it. They don’t want ex employees spilling secrets to sites like this, Greenpeace, etc.
Whatever the cut levels, the company should not use the PIP program for significant continuing layoffs. The impact on moral and general productivity would just be too much. ( yes the company does not really care about you). Getting over with let’s the survivors get on with business. Hiring will be frozen and natural attrition will continue to reduce head count.
This is what I heard fro management as well. The next two weeks the work study results should be coming out. Going to be worse than Europe.
ahhh... just in time for the holidays!
gotta make sure the “shareholder” can buy a new yacht while employees argue over who should get fired first because our measly salaries will add up to pay a..... 15 billion dollar dividend? (clearly math is not the strong suit of some of the people on here)
He is not blowing smoke. Results of your HW3 etc are already in place to the degree needed. Cuts are not waiting for board approval or any other “study”. Early november.
Sweet! It’s like an unlucky draw! Definitely something we need to welcome the holidays!
Probably what DW is eluding too during the forum today
While the numbers seem right, your "reliable" source is just blowing smoke out their a–. Nothing is set until the results of the HW3 and TMTS strategies are let known to the employees and layoff numbers are publically shared. Likely it can be more than 20%.
Also, Europe announced approximate layoffs through end of '21. Likely to allow for a transition of those functions to outsourced labor. Highly unlikely we will just sever employment with little plan for handover (and in many cases formation of these new functions to do the work).
Thanks for the heads up. Feels about right based on unit rates and competitor analysis. Not sure that there is much redundancy in US after recent re-.org (except maybe XTO) so reductions will be based on porting work to Argentina, Budapest, KL and Bangalore (IT, Accounting, HR, Engineering, Project Controls, Controllers). You can go to XOM Linked In and see the job postings for these value / technical centers already.