or is it done?
27 replies (most recent on top)
$40 to $48 is a 40% increase? Lol. Are you daft? Sounds like Darren's funny math. Double revenue by 2025!!
Also, it will was ANNOUNCED that it would happen, the 4Q earnings report isn't even out yet. You're such a clown. Enough said.
So now all of a sudden you believe EM management???? Now, that is a BREAKTHROUGH!!
Well, three strikes and out. LOL
We assume your inability to respond with anything but childish name calling means you have exhausted your knowledge of GAAP and have hopefully learned a bit about earnings, special items and cash flow. There is no credible argument against the facts laid out, No need to thank us further. BTW, the stock is up 40% since the write-down was announced. Not sure EM can survive taking this kind of beating. LOL
President of R&S said that the split was pretty much 50/50 during a global employee forum. I'd take that over your speculative BS.
The announcement estimated that 14,000 positions would be eliminated. Said it would be split between contractors and employees, but "split" did not mean an "even split", just that contractors would be included. Stated that 1900 US positions would be eliminated with vast majority at Spring campus. Said it would occur through 2021. I haven't found a global summary of actual reductions thus far, but I don't think any of these metrics have been met, and 2021 has just begun. Sadly, likely more to come.
15% was also contractors being let go. They publicly announced that 50% of the 15% number was going to be from contractors.
75k x 0.15 / 2 = 5.6k people between retirements, layoffs and PIPs.
Typical exxonmobil douchebag that thinks he knows the answers. Don't bother arguing with this troll.
Announced 15% workforce reductions over 2020-2021. Round 1 did not reach 15%. So, more to come. Clear as a bell, but people keep asking if it is over. Not the company’s fault that people don’t listen.
why is em so secretive to our employees? what are they afraid of? Just communicate the layoff as clear as a piece of white plain paper... what so tough?
When it hits the books? LOL. For 4Q20 reporting, it will be treated as a “special item” and adjusted earnings will not include the impact. And that is the measure against which earnings misses and beats are judged. Do you really think this isn’t already baked into the unadjusted earnings outlook? Haha.
News Flash: EM vastly overpaid for XTO, but don’t tell anyone. It is a closer held company secret and it will shock the financial world when revealed. Oh wait, did it already leak? LOL. Nice try, but wrong again.
Lol. So you say investors know all about exxonmobil and the stock price already has all negative aspects built in? Want to bet that when exxonmobil has the $20 billion hit the books stock will tank?
Pure ignorance of how a market actually works.
Finance 101, please pay attention. The valuation needle didn’t waiver on the $20B write-down because every analyst had already reflected it in their projections. Doesn’t have anything to do with cash flow. Strictly a non cash earnings effect. And nobody, repeat nobody, thinks EM value is $20B less because of the write-down, except for the one person posting here. Ho-hum. EM just doesn’t like to publicly admit huge failures like the XTO purchase price. Cash and earnings impacts on a before tax basis are different for some items, related for some items, and exactly the same for some items. Everyone needs a basic understanding of finance period.
Just how many phases is management speaking of? I keep hearing, “as we near the end of phase 2....” which leads me to believe that Phase 3&4 are just around the corner. Similar to phase 2, look for small groups to suddenly grow only to be heavily impacted. Ask the Geos who were smacked with a bold face lie after asking upper management if that was their approach and SHE clearly said, “no.”
The guy you are commenting on is talking about the $20+ billion to cover the dividend for 2021 (cash payments that actually need to be funded). Not adjusting the assets valuation (valuation of total assets that play into debt to equity valuations for the company which play into stock price). Please try to keep up, it isn't that hard..
We are not selling that 20B, instead that's the asset write off, like what CVX and other major did for the past years. XOM is shockingly and unethically delaying the write off and it could preserve it's financial standing. So when that write off completes, the value of XOM is 20B lesser. Cheers!
Not only are more terminations coming with the next PIP but also as noted on this forum the 15% reduction has yet to be accomplished so more nonPIP terminations are on the way especially as those non-USA BSCs get up to speed. Also, there are 20+ billion dollars in assets we need to sell (unless we plan to borrow more to pay the dividend) and that will result in termination as well and you can count on the fact that you will not be retained. So unless you are a middle manager or above daily kool-aid drinker you are in jeopardy of being terminated. I encourage as a best practice for everyone to look for another job except for the middle manager or above daily kool-aid drinkers, they know how to run this company anyway, right? Yes they do, just as they have done for the past 10+ years, right into the ditch and beyond.
The PIPoff is right around the corner
Oil as a worldwide commodity is going to see a reduction YOY. But, booms and busts are a concequence of underbuild and overbuild. For the upstream producer, just have to hope that others are not spending significant capital investing in new wells. No investment for ANYONE will lead to under investment and a boom in pricing just like over producing in Permian lead to this current bust (plus covid Ofc).
Downstream assets are going to be an issue with an ever increasing decline in fuels. Since they are basically fixed assets that only require maintenance costs, all operators are going to fight for that last bit of margin (tight margin environment). Slowly, we should see lack of investment in maintainance (and more high concequnce scenarios play out) or overall shutting down on non-profitable refineries (look at shells convent refinery). Chem integrated ones will last longer.
Oil is not ending the dependence is shrinking.
If you're are Retirement able and you are PiP'd - there is an odd paragraph near the end of the paper they make you sign - you can opt out of Age Discrimination waiver.
Buried deep in there. Requires writing a notarized letter to the handling XOM Attorney - AFTER you sign the overall legal waiver.
Just a little something to keep in mind...
Yes there have always been booms and busts. But overall there was a trend line of positive growth (with corrections here and there).
Moving forward, that trend line might be inverted. Where we see an overall decrease in growth over time, with occasional mini booms here and there.
Well, DUH! You really need to ask. But, this time those retirement eligible folks are going to feel the pressure to leave. Keep in mind AGE DISCRIMINATION and what constitutes this. For those NSI just hope for a nicer package than the last.
Just confirmed by a sr vp, pip for nsi, then after layoffs for ni
EM announced a 15% workforce reduction. Round 1 did not go that far, so there should be more in 2021.
I've seen this story play out over the last 40 years. Boom bust boom bust. In '86 they even had bumper stickers 'Please God, give us other boom, we promise not to screw it up this time' Guess what, there was always another boom.
One thing I learned in this industry, Never say Never.
More. Oil is ending, what do you think? Can’t believe people have the mindset of a secure future in oil