So now investors want more cuts in spending which we all know means more layoffs. We just experience a brutal round and now they're telling us there could be more? Is this what working at XOM has come down to? Layoff after layoff after layoff? And we're supposed to stay sane and productive through it all???
27 replies (most recent on top)
It is not Insane. It is reality. We have too many people doing not needed activities. So, we could do with fewer employees in certain areas (not everywhere). The investors are right. And yes, in this case you would like to remove people that are not performing well.
This is not the issue.
The issue is that all these worthless activities are supported by management. For example we have repetitive meetings because of needless levels of management that have to be “aligned”. We have huge number of retired on the job former high flyers that cannot move up. And these people were not asked to leave.
We also have often promoted people that only excelled in management up, nothing else.
This is the dead weight we are carrying and this is why many of the employees are frustrated since nothing is being done about this. We see it but upper management seems to be oblivious.
Why is it insane? They want a return on their jobs investment. That’s how capitalism works.
Look at our research organizations and the so called engineers trying their hands on management. I believe a lot of layoffs is needed to make this company remotely competitive.
Investors look forward to plenty more layoffs of useless employees.
Yes, yes, yes and yes.
Due to the poor management under Darren Woods reign, you are playing Exxon stock wrongly if you buy and own it. I made much more money trading the volatility of the stock ( buy and sell and buy and sell...).. owing this counter is Insane.. I’m sure management will concur.
Oh rest assured we are done with layoffs. The PIPoffs will continue though! #winning
Does anyone think some investors are willing to lose enough to destroy Exxonmobil? Who is Exxonmobil? Look beyond your hand.
Correcting a post below:
XOM is indeed a non-profit charity organization.
It's a US government subsidized non-taxpaying slush fund - both bread and circus.
Facts is facts. Science.
Investors - whether Slots, Poker or Baccarat - want to see a win on occasion.
They can be comped with a cushy dividend (Heineken free in the fridge) only so long.
Once they realize the game is rigged, they tend to move on.
Speaking of rigs - what country did we buy out in the Carib for 30 year production?
I keep forgetting.
But I'm just an investor.
This crowd constantly cries that EM management is completely incompetent, that none of the remaining employees want to stay at EM, that more than half of their time is wasted on useless activities, that a bunch of old guys sit around and drink coffee all day, that the company has been ruined and destined to fail, and so on.
So why shouldn't there by many, many more layoffs?
EM is simply granting the wishes of the posters on this site. All of these unhappy EM people can soon be happy unemployed people. Happy now?
There is no way to keep the sky hi stock dividends without layoffs. 🤔
If the dividend were cut..... tons of people would dump the stock and immediately it would drop 40%, maybe more.
Try to see past the chaos at the bigger picture. This is all diversion.
Has anyone stopped to wonder exactly who these investors are.
Thanks for the diversification advice. Of course I did the extended market and common asset etc but the company has said over and over again "we are exxonmobil we are the best." So like me many who are in the grind of operation and projects, we believed in the cool-aid. We believed because we produce the oil, hands on. We looked at the projections, we looked at the asset classes. All looked like a dream. Is this all an illusion? Nope, but I think the belief in the company's performance has been shaken for good. There are way too many people who are only concerned about lining their pockets not what the company is making. These folks should be kicked out to the curb and rest shall focus on delivering what we have promised to deliver.
Stock Split Date Stock Split Ratio Company Name If 100 Shares Owned Before 1st Split
June 12, 1951 2-For-1 Standard Oil 200
February 10, 1956 3-For-1 Standard Oil 600
July 14, 1976 2-For-1 Exxon 1,200
May 15, 1981 2-For-1 Exxon 2,400
August 13, 1987 2-For-1 Exxon 4,800
March 14, 1997 2-For-1 Exxon 9,600
June 20, 2001 2-for-1 Exxon Mobil 19,200
We were doing good until M&A's started. I started in '84. Best gains were before merger with Mobil. No more mistakes. Stay out of M&A's, if possible. Unless Leon's son agrees and we take over HES share in Guyana, and that's still risky with political situation there.
The all caps insane really makes it.
@vmm+18mJDcQJ
There are options in the Savings Fund. We don't typically call it a 401k in company, although it is. Since Enron forced all employees to only have Enron stock in their 401k and many of them went broke, it is now law that an employee is not forced to buy company stock. After this, XOM offered an extra 1% to those who would place at least 6% of their salary into XOM stock in the Savings Fund.
For some reason this requirement went away, but the 7% match applied to everyone, including those who invested in Equity Units, Extended Market Units, Bond Units, and Balanced Fund Units.
If you are dependent upon ExxonMobil Shares in your Savings Fund (401k), then you chose to drink the Kool-Aid. Any search for financial advice would have told you not to place more of your savings fund into company stock than was reasonable. With some companies, it would make since. XON stock has done poorly since the "merger" with MOB (Now XOM), and even poorer since Uncle Rex's ill-advised purchase of Cross Timbers Oil, which was almost solely shale gas at $6+/MBTU at the time... Should not attempt to drink out same pot you p in.
My investment funds and 401K is in the gutter because of XOM, we need more cuts - I shall be happy to leave in the next round, if that fixes the stock price. Stop the boondoggle, buckle-up and produce profits.
I got laid off 2 times in 12 yrs
“The firm [D.E. Shaw] believes Exxon’s failure to adapt has erased over $100 billion in shareholder value over the past five years, the people said. It has urged Exxon to cut its capital expenditures to a maintenance level of about $13 billion from a planned $23 billion this year, and to slash its operating expenses by as much as $5 billion, the people said. It could do so by lowering its head count, shrinking its real estate footprint and other measures, they added.”
https://www.bloomberg.com/news/articles/2020-12-09/d-e-shaw-is-said-to-push-exxon-to-cut-spending-costs
@fbd+18mJDcQJ When is HW3 supposed to wrap up?
HW3 my boy. HW3.
What are people hearing about this possible March round? What locations / functions would it target?
“Insane” is continuing to lose money because some 25 YO nobody thinks we should not have anymore layoffs.
dude ask around! There are more cuts in March
EM is not a non-profit charity organization!
EM is also not a government which can just increase tax to reduce the deficits.
Wake up and smell the coffee!
I get the emotional upheaval (I am going through it too) but please remember this is not a not-for-profit... this is a business and the purpose is shareholder value. We are still spending far more Capex vs our peers.