When the XOM Houston layoffs were announced, a certain Upstream president boldly bragged about the benefits being better than those of the competitors. Is that true? Usually what comes out of their mouths is half truths at best.
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My independent gave me 2 years severance
Majority of the numbers listed below for EM Severance are pure BS.
Exaggerated as the company used to be.
It was a lie but XOM employees are brainwashed into believing they’re the best of the best in everything. eye roll
Shell has Much better benefits.
Evidently from the replies here Exxon's package is not better than the competitors'. XOM senior management lying as usual. Shame on them bragging about it.
BP offers 2 months minimum to all employees and 16.5 months to employees with 30+ years. I'm getting laid off in a few months from there and will be getting 13 months of severance, plus accrued vacation (8 weeks), 12 months of being on company healthcare with paying monthly rates as current employees. I have been with the company 15 years. I believe its a great plan and something that a lot of people stayed with the company for. I am certainly not sad since you can file for unemployment too.
Compared to smaller and similar sized companies in Midland it was worse. Even health insurance duration was shorter.
Seems like the XOM severance is nothing to brag about and below that of some of the other majors.
Not sure about Chevron or BP, but my brother-in-law is at Shell and they are currently offering 3 weeks/YOS (min 4 weeks, max 75 weeks). He's going to apply for it tomorrow.
Also, as a shareholder of the company, the company should not have given out RSU to ANYONE. Company doesn't make a profit, CEO shouldnt get a payout.
Most companies give almost nothing in severance. IOC OIl companies give about 2 weeks per yer of service with a cap of between 52 and 78 weeks. Mid size and small oil companies gave very little in severance. XOM severance is middle range. As a Shareholder I wish it was ZERO
@moq+18U7zBvT EM was worse. It was a sliding scale, but essentially 1 week per year of service, with more being awarded as your years of service went up past 8 or so years.
Other similar companies pay 3 weeks for each year of service with some minimum let’s say 4 weeks total and max of let’s say 60 weeks total. Don’t know what Exxon offers.