To recognize our record high share price and increased profitability over this past couple years, we are now annoucing a 50% reduction in Higher Education Awards benefit. Please don't see this as cost cutting, but rather further motivates you to fight over the remaining musical chairs such that you can provide for your dependents.
Please also read the latest email from DW, really highlights the progress this company have made under his fearless leadership.
Heading to washroom now to pu-e.
@OP+1td4VaAD
$100 is not sustainable for long because the inflation rises and other industries suffer so the politicians and central banks raise raites to deal with the high prices slowing the economy and reducing demand for oil. It took a decade after 2014 oil price drop and a pandemic followed by Russian invasion and export sanctions to get the oil up above 100 and it dropped again by 50 dollars from the peak in 30 months.
100 is just a temporary price. And after you consider inflation, oil prices have been dropping a lot since 2008 when we got 147 and remember how quickly interest rates were raised and economic depression started and oil prices dropped by 75% in 2008.
Right now OPEC is artificially reducing production by 1-2 million a day or about 2% globally to manage prices while everyone in Canada and US shale seems to have been maintaining or increasing production. One of these days, if KSA and Russia get tired, they will glut the market again and we go back to the 30-40 range.
And now we have lots of alternatives in the form of EVs, if oil goes up there they will start subsidizing solar and wind on large scale and open borders to low tariff Chinese EV. Texas already have lots of surplus electricity at night and companies offer free electricity at night and EVs are dropping rapidly in cost (tesla deprecation and cost of 2nd hand teslas). 100 dollar oil makes EVs very very cost competitive and unlike 2006-2014, people have this new cost effective alternative. I know someone who is a contractor at ExxonMobil refining sites and needs to drive 80 miles daily (reimbursed by ExxonMobil as mileage) and uses his tesla which charges for free at night in Texas because nighttime electricity is free.
All driven by market conditions. If oil prices ever go back to $100+ and stay there for a year or so, the companies like Imperial Oil and ExxonMobil will start begging people to come back. There will be no argument on increasing the benefit package.
Just wait and see.
They have enhanced benefits by offering incentive stock compensation to higher ranked CL25 to CL 29. I won't be surprised if the terms of the Pension Plan is further modified or terminated altogether. Imperial is not a charity and the compensation must remain competitive.
Funny how these communications come out after the EM Survey.
This is a company that brags about transparency and ethics.
Post from TheLayoff.com
They have already f'ked with the pension plan several times. First time in recent memory was in the late 1990s where they changed from the 1.6% plan to the "3 option plan". Then several years ago, they got rid of that plan and moved into the 1.5% plan with a retirement age of 65.
So disheartening to see the consistent erosion of our benefits year over year. I would be surprised if they take away the defined-benefit pension in the coming years.
@2dvg don't give them any ideaa
Whats next, EDO?