Thread regarding ExxonMobil Corp. layoffs

This about sums up EM... similar to Amazon, a good company to invest in, a terrible place to work. One’s from the past, the other’s going into the future.

@aak+1aChBbLK
I’m no Exxon fan, but I don’t think this person knows what they are talking about. I think they have their earnings slight of hand backwards. Legacy costs are dragging down earnings, where as at their current capex spend it looks like they are net cash flow positive.

Permian is bleeding money, the Kearl of the South.

Exxon Mobil, Chevron Face Tough Investor Crowd

21. S. oil majors are making money again, but it will take more to assuage shareholders

By Jinjoo Lee
April 30, 2021 1:29 pm ET
Wall Street Journal

https://www.wsj.com/articles/exxon-mobil-chevron-face-tough-investor-crowd-11619803779

Despite improvements, both Exxon and Chevron shares fell slightly after Friday’s announcements, though their shares are up 25% and 13%, respectively, from 12 months earlier. Now that both companies are out of the danger zone, it is clear that investors will be demanding more from them.

For Exxon, that is materializing in the proxy fight that will occur next month, which seems to be gaining some traction. Activist investor Engine No.1 announced backing from large pension funds including Calstrs. Chevron, meanwhile, walks a careful tightrope on balancing its financial position and expectations for buybacks, for which investors are increasingly clamoring.

Investors have good reason to be assertive: Both companies’ returns on invested capital have been stuck in the single digits over the last five years— a far cry from their historical rate.

They have escaped the danger zone, but the coming quarters will present another set of management headaches.

Well, la-de-effing-da.
Two horses crawling to the butcher.

@aak+1aChBbLK et al

You can read for yourselves if you have the intelligence to understand and reason, or you can rely on how other's spin information. IEEFA is another leftwing org that is committed to "diverse and sustainable energy", aka new green deal. They will of course spin any fossil fuel news to the negative, especially if the news is positive for O&G. Just take a look at their website and see for yourself. Not even a business, funded by donations. One of the authors heralds from a sustainability think tank in Seattle. Other from NY. Yeah listen to these folks.

EM and shareholders had a good day. Employees should be happy, but not this bunch. Real investors saw what they needed to see. Improvement exceeding expectations. First step on a long road.

IEEFA: ExxonMobil reserve portfolio posts small quarterly return despite price increases
Upstream U.S. investments continued to perform poorly during first quarter

https://ieefa.org/ieefa-exxonmobil-reserve-portfolio-posts-small-quarterly-return-despite-price-increases/?utm_source=rss&utm_medium=rss&utm_campaign=ieefa-exxonmobil-reserve-portfolio-posts-small-quarterly-return-despite-price-increases

April 30, 2021 (IEEFA) — Despite an extraordinary increase rise in the price of oil for ExxonMobil’s U.S. operations, the company’s U.S. reserve portfolio managed a meagre $363 million in earnings, according to an IEEFA analysis of its first-quarter earnings report.

Oil prices rose to an average of $56.20 during the first quarter of 2021, a 44 percent increase from the $39.06 posted during the last quarter of 2020.

“ExxonMobil has been pouring billions into the Permian Basin since 2013,” said Tom Sanzillo, IEEFA director of financial analysis. “The earnings report of $363 million this quarter—when oil prices took off—represents more an accounting gimmick than an actual return for investors.”

The Irving, Texas-based supermajor reported spending $3.1 billon on capital expenditures during the first quarter, including $800 million on its U.S. upstream operations. Weak earnings in ExxonMobil’s upstream portfolio have become common. Since 2013, it has invested more than $60 billion in U.S. upstream operations while posting $6 billion in cumulative losses.

“Do the math,” said Clark Williams-Derry, an IEEFA energy finance analyst. “ExxonMobil’s U.S. upstream segment bled cash for the quarter, after factoring in capital expenditures. The company’s U.S. oil and gas portfolio continues to underperform.”

Tom Sanzillo (tsanzillo@ieefa.org) is IEEFA’s director of financial analysis.

Clark Williams-Derry (cwilliamsderry@ieefa.org) is an IEEFA energy finance analyst.

Jim Cramer: Chevron Is a Better Buy Than Exxon
DANIEL KUHN2 HOURS AGOTV-G49

https://www.thestreet.com/jim-cramer/jim-cramer-chevrons-a-better-buy-than-exxon

Cold chance in he-l we get our 7% back?