How much is the company saving year over year with these cuts? Including the studies for all countries.
State your assumptions.
I estimate average “cost” of an employee when you consider benefits, flights, training, meals, etc. to be about $200,000/year.
I assume company wide there’s about 8,000 being cut. Therefore 1.7B per year.
Thoughts?
Factor in another 7k contractors @100k.
Agree with any rational thinking person, business environment is unsustainable at the low prices. Employees headcount is cut to maintain positive cash flow (before dividend) at low oil price. If oil price doesn't return to $50+ soon, dividend will need to be cut to maintain.
Get rid of everybody to save a lot of money and keep only one position .... :-)
Company is saving on payroll by reducing number of employees. Travel has been cut. 401K match is cut. They are doing many things in the right direction. When crude goes to $50+ then all the profits will come back. I cannot see crude staying at $40 forever.
That is good math, but 1.X billion won't cut any cheese for the needs.
Speaking of cheese - can that be made from crude oil?
Kurds (we've used them before).
the Exxonmobil Whey.
Most likely this won’t be the last lay-off, as fundamentally management hasn’t addressed their shortcomings nor have they plugged the holes or stopped the bleeding on bad projects, bad decisions, and bad people in charge.
Only a fool would believe that with the 2020 layoffs they are going to get the size of the organization “right”.
An even bigger fool would think laying off people is going to solve the problems of a bad strategy, bad leadership, and terrible culture.
They are not “right sizing”, they are pulling the last straws as the organization fails.
I think the idea is to align number of employees with current and forward business requirements
You are good at math, must work in the BAR group.