Yes, this is not a good time for the company. But it's the same thing with the majority of corporations worldwide. Something like this is unprecedented in modern history. And Exxon is still too big to fall victim to it. This might not be our time, but our time will come again. Just be patient.
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@2bcx+17REt91r I felt like you too. Until summer. After a long career as a dedicated "company man" I was thrown out with a bogus PIP. I felt like I was stabbed in the back. My manager was a dishonest and unethical jerk. He used the new assessment system to settle his score with me. The company hierarchy let this happen. Who should I direct my anger towards? I certainly did not deserve this and all my colleagues strongly agreed. I blame management. They stood by and did nothing to stop this because they needed to deliver the right number of heads to the chopping block. They threw ethics (and a dedicated and productive employee) out the window.
The utter vitriol displayed in a large number of posts on these boards would make simply working at EM a real nightmare, forget about a comeback.
I agree that EM management has long cultivated a toxic culture, but I am disappointed and a bit surprised how much misdirected anger there is toward fellow employees that are not a part of the problem. And truthfully, not all supervisors and managers are bad. Some yes, but not all.
Maybe it's mostly the bitter and angry that post on these boards, but if what I read is representative of the overall workforce, toxic is an understatement.
EM is what it is, and it is probably not going to change much, at least in the near term. But, if employees can somehow set aside some of the oppressive anger, vindictiveness and lack of tolerance, it can still be a halfway decent place to earn a good salary.
Don't let the cancer of h*te ruin everything and everyone around you. Be respectful and kind to your coworkers and make the best of a very difficult situation. The majority of employees are good people just trying to earn a living and support their families. They are not your enemy.
Don't let those who are never happy with anyone or anything make your life even more miserable. Just refuse to be like them, and their voices and influence will diminish.
Wow people seem to hate URC. I did not work there but knew at least a couple of good people that did.
@gyy+17REt91r
My impression of RTD, previously known as URC is that it is nothing but a sewer. Just pure filth of poor attitude, zero workmanship and pathetic work culture.
Back when JDR started storing that new black gold in dirt pits,
the whalers kept on whaling.
We can blubber all we want - it's called pwogwess.
I see Exxon as a group of smart people doing stupid things - who to blame?
It will recover if you fire all upstream RTD and CSR two really terrible useless research organization employees and eradicate anything that resembles the extremely corrupt culture they have been producing. These organizations are as bad as EMIT.
These employees sit on their as5es and submit safety sharing and make bullets in power points all day long when they are not finding opportunities to fly business class on company dime for made up meetings to travel the world.
Exxon will be heading into the next upturn with the same team of arrogant, self-serving (mis) managers that already brought it to its knees, with the reputation of the most toxic workplace in the oil industry (demeaning PIP-offs and the “thinnest” severance packages), and a completely debased ranking system that will make it impossible to distinguish people who actually add value from sycophants and pre-determined winners ( not that it was really working well before). An oil price of $100/barrel will mask it for a while and then, when the next downturn comes again, everything will unravel.
The first thing they should do is fire whatever consultants they hired for this foolishness. Exxon had plenty of intelligent employees and that made it a great company. There should have been no need to hire consultants to come in and tell Exxon how to restructure the corporation. How many times do we need to spend millions doing things like this just to spend millions more reversing it when it doesn’t work.
This site must be monitored by a huge liberal. Can't say anything that offends HR or PG&A. Wow. The company let HR and PG&A take over and they focused on social issues not core business. Why can't you leave my opinion up?
The company went soft. Let social issues take over. HR and PG&A took the reigns. Major mistake. Take the company back.
I know this will be deleted. They let HR and PG&A rule. Not the engineers and scientists. Sorry not sorry.
Without new leadership and better ideas, nothing will change.
The decade long destruction of value is historical.
Cheerleading, Koolaid, and election-denial & resentment no longer cuts it.
Yes and make computer do all the rounds ! That will eliminate all the ops at site.
Cutting billions of overhead will make the company even more profitable when oil gets back to 60, than the last time oil was at 60 just 9 months ago. MAKE DEEP PERMANENT CUTS for permanent profitability
XOM is not a victim of Covid or oversupply, it is a victim of years of poor management decisions, a toxic work culture, incredibly wasteful work practices, and arrogance. Sure, Covid added to the pain, but XOM was in for a major correction long before the current crisis.
Crude demand will increase and prices will rise, sooner or later. It's inevitable. Since a rising tide elevates all ships, XOM will benefit from external factors along with others in the industry.
But XOM has a tremendous amount of work to do in order to ever become an industry leader again. I don't think it can happen because the same people that supported the many shortcomings of XOM are the same people now in charge. And they will perpetuate the same strategies and processes that brought XOM to its knees today. And they will get richer and richer.
If, hopefully when, the stock rises to the $60-70/sh price where shareholders can sell near their costs basis, XOM will be abandoned by almost everyone who owns shares today. That is when they will be in real danger of permanently becoming a second or third tier player forever.
Wishful thinking ! Read the WSJ, Shell, Marathon / Chevron closing refineries and demand is destroyed forever and not coming back.
Agree 100%. Company will be fine in a few years.
ExxonMobil’s woes began well before COVID. The stock has been in free fall since 2014. COVID just made it worse.
Yes I fully agree. ExxonMobil products are needed for plastics, jet engines, large ships, long distance diesel trucks, trains and in developing/third-world countries. I cannot imagine seeing planes with batteries and solar panels anytime soon. ExxonMobil is like a bad NFL team that will see a new head coach and new organization. Crude will be back to $50-$60 and XOM stock back to $50-$65.
Unless Exxon presents a plan it will enter a downward spiral from which it will be hard to recover. Personally I would like to see Exxon recover but it needs a pivot strategy such as blue hydrogen which it can drive with its capital and risk management competence. That will take the attention off its conventional business which will continue to generate cash as it has always done.
Don't wait too long to present a strategy that shows we are listening to capital providers.