I feel mad but I am not sure if my anger is due to the COVID demand drop and industry slump or how the company responded to it all
I don’t know
4 replies (most recent on top)
I am upset that it took COVID to change our management’s thinking. We are a fat, high cost company in comparison to our peers. We are spread out all over the world and in many places that are high risk. Before COVID, we were going to spend like crazy and increase production no matter the cost and the level of borrowing required with the hopes that $100 per barrel oil was going to come back and mask our inefficiencies.
We knew our poor strategic position years ago and did nothing. The fix still would have been the same as now and resulted in layoffs. But it could have occurred in a time of higher oil prices and a more optimistic outlook for the industry.
Covid did not cause this. It accelerated it.
The competitors, Chevron, BP, Shell, and others were navigating the same Covid waters, however their response handling the situation was better than XOM, especially when laying off people. XOM was the most brutal of all.
The response.