Thread regarding ExxonMobil Corp. layoffs

As a previous poster said, there is no good long term option: oil and refining is slowly dying and alternative energy does not have the returns of a cartel based business (btw, yeah, right, we are for free enterprise as much as we are for a sustainable green future).

The only sensible option is to slowly sell assets and give back to shareholders as dividend.

And in this world, cutting expenses is the way to go - the growth plan was BS anyway. And to cut cost you need to cut employees.

So DW is two out of three right - keep the dividend, reduce HC. He is wrong On the third because he thinks that he will turn around and grow a fossil company.

HC reduction is an one way street. All recent HC growth was based on silly arguments anyway. The issue is not why we needed layoffs. The issue is how they were done.

1) protect the dividend
2) cut Capex, make more disciplined investments
3) cut 20% of professsional employees
4) cut 30% of executives, No Restricted stock or cash bonus until XOM price back above $80/sh
5) cut salaries and benefits by 30%, lower the salary curves, extend the time to promotion. Then Put in variable pay tied to ROCE and earnings for everyone.
6) Sell assets
7) Fire bottom 5% every year from now at all CLs

• I'd reform the exec management team
• Cut the divident, let the stock price slide in short term if needed
• Use the funds from the dividend cut and invest into future
• Rebuild the lost trust, focus on all stakeholders that do not trust the company: the worker, the society, vendors/customers. Shareholders will be pis ssed because of the divident cut but they'll be fine.
• Keep pushing forward, have a long term view

If I were a CEO, I would resign because I lack required knowledge/experience to be a successful or just a reasonable CEO. That's probably the case with our current CEO as well.

RE: EMIT...AGILE a train wreck? No, dear...it was a plan well executed. AGILE weeds out the “bad actors”. You know, the ones who speak out. These are likely the people who surprisingly found themselves at the bottom of the rank list after their manager “really fought hard for them”.... LOL!!! The entire Corporation is going AGILE....it’s an easy way to get rid of people without a “lay-off” LOL! Call it what you want scoundrels!

I'd fire everyone who cannot spell correctly.

If I was CEO. The 1st thing I would do is drop the bottom 20%... 8% of our worthless emplouees isn't enough...

TBH there is not much he can do with the oil industry dying other than manage that death.

1. Double down on oil? The National oil companies (Saudis, Kuwaiti, Qatari, Russians) will always undercut him - this is the end game and they have populations to feed and revolutions to prevent.
2. Switch to a growth energy industry , like alternatives? Are you familiar with "utility returns" ? We have to create proprietary technology in a new area and we are incapable of that. There is still more money on oil
3. The only remaining option is to slowly distribute the company to the shareholders, through the dividend. I think that's what he is trying to do, only it may be faster than he hopes.

1) Cut executive compensation and bonuses for s—ing, performance NSI
2) Cut dividend by 50%
3) Fire myself, performance NSI

Get rid of IT management! It’s ridiculous that you have a VP, a pee-on (Wescoat) and then a large Leadership Team that have larger than life egos. There is no diversity in the “Leadership” team yet, they preach Inclusion & Diversity. HA! They (IT management) grossly overpaid a consulting company to create AGILE and after frivolous spending and paying millions, they realized that it was a train wreck. Sending jobs to low cost countries at a quick glance sounds good but, the poor service that is being provided leaves a mushed footprint. Overpaid misfits.

1. Sell all of XTO - all they gave XOM were net losses, never made a profit off of them
2. Split XOM into 2 new companies - Upstream and Downstream
3. I quit

@skb Very articulately put. As a scientist I was always happy to defend the oil industry and EM and predecessors for its stance on climate and highlight the fact that Exxon scientists invented the lithium battery, created the Vail sea level curve, and developed seismic stratigraphy, amongst other discoveries. The events of the past few months disgust me. While I haven't been let go, I will no longer defend EM's official stances to my friends and family.

Good point on # 2 from the previous poster. I’ve felt like there are two sides to every story and the whole debacle about #ExxonKnew might be something the external world doesn’t fully understand or want to understand completely. With the shady culture, and the shady leadership and lack of honesty and basic decency I think a lot of us are more certain of the whole thing. Some of us were willing to defend Exxon at a family gathering, or at a conference or external event. I don’t think that’s the case anymore... the internal trust is gone, and with that a whole slew of problems will come - climate change lawsuits being one of them.

Is Darren trying to get free feedback here? Lol

Oh my. Let me put on my Longhorn brain. Stretching, exhaling, touching my ends.

Number 1: Make dividend 100%.
Number 2: Concede that this global warming thing is real - and XOM and/or all current or past affiliates were not only complicit, but did so with full intention and knowledge of intended result.
Number 3: Plead idiocy and kneel to the pardoner. The toreador. Pass on to greener pastures.

1. Quit
2. Quit
3. Quit