I’m guessing engine 1 will:
- reduce pay
- reduce benefits
- eliminate pension
- eliminate retiree healthcare
- sell off the company in pieces
16 replies (most recent on top)
You mean they might freeze pay raises, take away our 401K and send our jobs overseas…. Oh…wait…
I don’t think anyone will really see any difference. There are 3 “Engine No. 1” Directors out of - what ? - 20 ? That’s not enough to force any changes. This was more about showing DW that people are unhappy with his leadership and voting against his wishes.
Darren has spoken! or whining?
Too late, EM was Kodak 5 years ago. Once the extended fuel cell code is cracked, and it will be cracked, I believe change will happen quickly. I need Engine 1 to drive that stock price up so I can parachute out...
This is such a smooth brain comment. Can someone PIP @OP please!
With Goldman Sachs predicting 80/B by 4Q21. That means XOM earns about 28G in 2022. At 16 PE, that means XOM stock at 95 to 105 by YE 2022. Engine 1 wants more disciplined investing and revised management compensation structure. My guess is the formula for bonus and RSU will change to focus more on cash gen and ROCE. plus some weight on little on Disciplined climate investing.
At 80 div is safe, Debt will paydown quickly, but still too many "overpaid employees" as assets get sold off to reduce carbon footprint.
Not sure to upvote because ExxonMobil is a garbage company that should be destroyed, or downvote for your whining....
Oh shut up already Darren
@xcv
You don’t get it. Stock is rising only because oil is rising in the short term and chemicals market has top of cycle margins, not because of anything different EM is doing vs industry. You might win in the very short term but will lose the plot long term. Climate issue is a structural issue. Shareholders are not advocating dropping your core business and become a renewable company totally. But a reasonable balance across the two is required. We are still very slow to acknowledge any direction away from core oil and gas.
We keep saying we don’t want to be Kodak, yet we behave like Kodak.
2 out of 10 won't make a difference. They only meet quarterly. Nov co plan review should be interesting.
Engine 1 should fire all employees and then reduce their pays lol
You’re an id!ot! Nothing will change as it shouldn’t. Engine 1 has no plan for the company, be carbon neutral? Where are their specifics? Is it profitable? 2 out of 12, maybe 3 out of 12 seats. Can’t change anything. D Woods got dealt a bad hand from Tillerson, then the china virus ki---d demand, it will rebound. XOM will rise again! Already happening! Hold onto your shares, going to 90 by December 2021! Dividend is safe.
As a pi$$ed off former employee, I see this more as giving DW and the "boys" a bl00dy nose !
Stop whining. They only got two members in and you are already crying
So... They're just going to keep doing what DW was already doing?
Giving a whole lot of worry and credit for 2 out of 12 Board Members. Change will be slow, that said it is good to have some thought diversity (no more rubber stamping) at the board.
And in the end, if the viable parts of the company survive beyond the current hubris, great! Getting rid of the rest of the dead weight will lift the remainder.