I suspect that when XOM posts some solid earnings for 2-4 quarters in 2021, they will bring the 7% match back. They won't bring it back before they're done laying off, for obvious reasons. It will come back as a morale boost to surviving employees after cuts are complete and earnings are back. But salary raises will be reduced to net incomes will always be lower due to the longer term labor supply/demand mismatch within the industry.
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I would never recommend my sons to join Rockefeller's company.
University? Anyone in USA that knows about climate change looks at Exxonmobil with disgust. Exxonmobil is the leading figure that supported climate denialism and is thought of as the largest contributor to the current climate crisis we are in today.
Talk to your kids in university......Exxonmobil has a bad reputation and once lost, it is gone forev.er..
The well has dried up. It's time to shut-in!
There's no such thing as a temporary tax.
If I could predict the price of oil I would be rich and not on this board.
The 401k match is gone forever and will never return. there is no need for the Corporation to have a 401k match to retain employees,in fact, I would suggest that the Corporation is very happy to have you leave the company if the 401k match is that important to you. This way they can avoid terminating us. And since the remaining employees are not leaving then why would they ever bring this back? Wait till you find out what they are planning to do to your pensions and health care insurance this year. Oil is not coming back, neither the price nor most importantly the demand for oil, chemicals, gasoline and lubes. certainly not in 2021 and 2022 and possibly never. We must accept this "new normal". One thing you can be certain of though, the folks in the god pod will get their salary raises and their stock bonuses.
The price of WTI oil is based in dollars, not different kinds of fruit or vegetables. In addition, oil is a traded commodity and is subject to political trade and economic changes. Your analysis is silly.
In 2000, you grow and sell apples. Your cost is 50 cents per apple, plus a tax rate of 10%. Break-even cost is 55.5 cents.
In 2020, due to "inflation" the cost per apple has increased by 54%. But the tax rate is now 30%, and instead of the red apples you grew in 2000, you now grow a completely different variety of green apples. Takes a completely different type of soil, fertilizer, etc. and only develops apples every third year.
Using all of this valuable information, what do you conclude about the break even cost of red apples in 2020? Maybe that a pumpkin now has a break even cost of $1.00?
That is the idiocy of your analysis. It defies even the most basic understanding of mathematics and common sense. And you can't apply "average" inflation to everything; it is commodity specific. Has the cost of computer chips increased by 54% since 2000? What about avocados? VCRs? Would be funny if it wasn't so absolutely pathetic. Please tell us you don't work for EM.
The CPI inflation is even worse. $1.54 in December 2020 has the same value as $1 in January 2000. That is a cumulative inflation rate of 54% over 20 years. Got that info from the CPI website inflation calculator.
The comparison is valid only if the portfolio and all other factors impacting break even costs are identical for 2000 and 2020. Both factors are entirely different. There is no correlation whatsoever. Plus, you don’t avg annual inflation rates to get total inflation over a period of time. Doesn’t work like that. Have to use consumer price index, and again, only for apples to apples comparisons.
Sorry, but the analysis is fatally flawed and means absolutely nothing regarding break even costs or profitability in 2020.
That should be the average price of 2000, not 2020. Fixed the typo.
The average price of WTI in 2000 was $30.26. The total inflation rate from 2000 to 2021 is 33%. The current price of WTI would have to be over $40 just to break even with the average 2020 price. So oil at $50/barrel is good for now, but how long will that last?
@1zab+18W4R3es. I’m sure that is why you are here because you have it so great. 🙄
Delusional human
Love my job at Exxon, sans the spoiled brats, such as those who infest this board. Go work somewhere else if its so bad! Is It not better elsewhere? Or is it you don’t have the guts to go anywhere else?
It will be several years before match returns. Competitor salary surveys show XOM total compensation (base salary+bonus+benefits) is ABOVE MARKET.
Even if other oil and gas companies recover in the short term, ExxonMobil will not, because it is very poorly managed. There will be a price to pay for management's incompetence.
You have a crystal ball that tells you the future price of oil? No one knows when the match is coming back. I can tell you over the last 20 years I have seen nothing but a reduction in benefits to employees. Once something is taken away it is not brought back. I can’t think of a single instance of it being brought back. Truth is no one can predict when it will come back. I can tell you it will be after every other one of our competitors has brought it back. We can cut as fast as anyone but we are never lead on the benefits to employees. Only do it once surveys say we are dead last.
Funny the company talks so much about the value of reputation how hard it is to earn back broken trust as far as external relationships go but doesn’t consider the impact the past year has had on employee trust.
It's very hard to build a reputation for a company of that size. It's even harder to re-build it. It will take years. People won't forget what the company did anytime soon. At some point the company will have to spend to attract talents back or to retain talents, unless they want to keep running crippled and then die out over the time like GE.
You are a silly goose, OP.
The company can't be made pretty in the O&G field ever again.
Cement shoes.
Long pain ahead
Yeah sure, but all who will survive may only be there till they jump ship. Once you screw people's lives around it is difficult to get over it.