https://oilprice.com/Latest-Energy-News/World-News/Exxon-Set-For-Another-Loss-In-Q3.amp.html
16 replies (most recent on top)
While it may be disguised, it's still not a layoff. It's still a PIP.
@2wkv+17d4qJAr, seriously?? There have already been MANY layoffs disguised as low performers being pip'd, forced retirements and forced resignations. Do you not look at the personnel board? Or are you a troll?
@2gwc+17d4qJAr I haven't heard of any layoffs happening, have you? I only know of the low performers being let go.
DW also said he would not cut capital spending and had no plans for lay-offs. He also gave updates to the investment community in 2018 and early 2019 that said EM was doing well on their target of doubling earnings by 2024. When they had to actually report earnings, they repeatedly missed. After 1Q2019, the investment community gave up on EM, it was obvious that EM was all talk. Who knows what the real financial stability of the company is, but cutting decades long employees without severance and cutting the 401k match seems like desperate moves. I hope the industry turns around next year.
Did you get PIP'd? DW explicitly said exxonmobil will not take on additional debt to continue operations.
Mgmt performance based on stock price not debt ratio. Get ready for borrowing or spending cash to pay next dividend.
I heard that people with 5 years or less will be part of the layoffs in the next six months. With a significant wave after the earnings call
We will rally! #WeAreExxonMobil . . . universally known for taking on the world’s toughest energy challenges and most importantly, energy lives here!
Please provide a list then
Exxonmobil saves a buck today and gives away technology/jobs to developing nations. Don’t be surprised when they no longer need Exxonmobil and kick the USA with the same technology.
History is littered with examples of we will ALWAYS need 'B' because of 'A.' Right up until 'C' came seemingly from nowhere and did it better, faster, and at a lower cost. Not saying this will happen with O&G, but burying your head in the sand like it never could is naive to the extreme.
@sru+17d4qJAr the only reason our debt ratio is low is we arrogantly refuse to write down assets
Keep telling yourself a certain company is “too big” to close down. The list of giant companies that are no more is too long for this short blog.
Yes population in increasing maybe there will be significant oil demand but who says XOM is the company to win in the market. Notice China has its own oil company. Notice many of the developing countries you mention also have their own oil companies. Why do they need Exxon?!
Anyways I digress....never say never and all companies are destined to die. A company was started to address a specific problem. If the management has fully addressed the problem the company will die or if the problem shifts and the company no longer has the best solution the company will die.
Careful about saying never.....
ExxonMobil is too big to close down completely or liquidate. GM went through worse times back 10 years ago, remember? And GM is OK now. ExxonMobil debt/capital ratio is still better than all oil companies. World population is still growing rapidly. Google "population growth" and you will see scary stuff about how many people are getting born daily. Try to fly jet engines with Tesla batteries and wind mills. Try to power F16s, cruise ships and large ships with Tesla batteries and wind mills, or excavating machines for mining industry. Try to eliminate fossil fuels and be ready to say good bye to plastics. Foolish politicians and journalists don't realize like it or not fossil fuels are here to stay. True their growth will smaller than electric cars but fossil fuels will grow and ExxonMobil will prevail. There will be blood till 2021 but wait and see - crude oil back to $60-75 and XOM stock at $75-$85. Darren Woods and others would have been flushed under the toilet by then. It won't be XOM smartness that will make XOM stock go back up, but it will the families having 3+ kids fueling the demand for fossil fuel products.
Big thing to watch for is cash flow. We promised no more debt, so we may use half our remaining cash to make ends meet with the dividend plus capex. Obvious already we need to cut the dividend but they’ll probably wait for Q4 due to some delusion they of a miraculous demand recovery while covid is literally resurging. I’d run for the door if our management is reckless enough to keep spending money we don’t have and liquidating the company.