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.
Originally posted by @bby+17xNulI2.