Thread regarding ExxonMobil Corp. layoffs

Another example that darren doesn't know what he's doing

Reuters is reporting that Exxon Mobil has lost more top crude oil traders from its U.S. energy trading group. They became fed up with our incompetent senior management.

Highly experienced traders were recruited from the outside in 2019 because of their extensive experience in oil and gas markets. This was part of Darren’s big push to make money in trading, to try to copy the success of our competition at BP and Shell.

When oil collapsed last year, traders at BP and Shell bought in to take advantage of the extremely low prices and sold at higher prices for future delivery. BP and Shell reported billions in profits from their trading groups last year.

But what does our brilliant CEO do? He restricted capital to the trading group and curtailed their ability to make trades, and downsized the staff. Perfect timing! Another major blunder from Darren. His mistakes and flip-flops are becoming legendary.

Remember – we zig when they zag. Winning!

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| 2636 views | | 12 replies (last June 13, 2021) | Reply
Post ID: @OP+1bi6HFIN

12 replies (most recent on top)

If I wanted to work for a glorified hedge fund I would have pursued an MBA.

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Post ID: @2joh+1bi6HFIN

When Mobil traded they did it from Fairfax where there was little competition for resources. It's a different story in Houston. Be careful where you lay your hat!

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Post ID: @2bpf+1bi6HFIN

@2ysi+1bi6HFIN

Wrong question. How much would they have made if management hadn’t tied their arms behind their backs. Our competitors made serious cash but our management wouldn’t let them because they were worried about stockpiling cash to pay the dividend. They could have paid the dividend and had money left over but were too afraid. Meanwhile our competitors are filling their bank account up with cash.

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Post ID: @2qmr+1bi6HFIN

How much money did trading make in 2020?

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Post ID: @2ysi+1bi6HFIN

And therein lies the problem: EM should be incapable of accepting the risk that comes with not hedging.

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Post ID: @2qhb+1bi6HFIN

EM is incapable of accepting the risk that goes with trading. That group should never have been established without a clear understanding of what would be required.

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Post ID: @2lxv+1bi6HFIN

I came in as an experienced hire to trade and we are leaving in droves. XOM brought us here with a lot of hype and to “teach” them how to trade. then we got here and realized what a disaster it is. No back office support, no risk team, no compliance, no incentives to trade - no bonus or percentage of book, taking away benefits, and making it hard to work through the bureaucracy. But the worst part of being an experienced hire is that your experience isn’t respected and XOM lifers have no problem riding your coattails and telling you how to do a job they have no experience or knowledge in doing. I’m not surprised these guys left. There’s so many others that left or are leaving that didn’t make the news, but not surprised here at all.

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Post ID: @1kvx+1bi6HFIN

Why do people keep writing these essay length posts?

Everything I don’t like about my boss can be easily summed-up by using a single four letter word that starts with “c” and rhymes with “runt”.

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Post ID: @1xax+1bi6HFIN

https://www.reuters.com/business/exclusive-exodus-veteran-crude-oil-traders-exxon-continues-sources-2021-06-11/

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Post ID: @pmu+1bi6HFIN

There is a market for stupid; it is backward.

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Post ID: @loy+1bi6HFIN

There is a reason Reuters loves this story and will keep coming out with new add-ons….and it is not good news.

I once ran into a West Texas farmer who probably never went to college. The guy knew all about hedging his crop though. ALL about hedging his crop. It was the single most important task in his farm season, for all that was concerned.

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Post ID: @ley+1bi6HFIN

Link please

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Post ID: @yui+1bi6HFIN

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