Thread regarding ExxonMobil Corp. layoffs

BLOOMBERG Exxon Plans Below-Inflation U.S. Pay Raises Despite Banner Year

By Kevin Crowley
December 2, 2021, 12:59 PM CST

Exxon Mobil Corp. will award U.S. employees below-inflation pay increases in early 2022 despite a strong rebound in earnings over the past 12 months.

The oil giant will increase salaries by an average of 3.6% for those employees who performed with “merit,” according to a company document seen by Bloomberg. The highest average increases will be awarded to employees working in the so-called upstream division that drills for oil and natural gas, the document said, but all pay decisions will depend on individual performance.

“Total compensation is highly competitive relative to other companies with whom we compete, both in the marketplace and for talent,” spokesman Casey Norton said in an emailed response to questions. “Inflation is one of many variables we assess.”

U.S. consumer prices jumped 6.2% in the 12 months through October, the most since 1990. Exxon employed 72,000 worldwide as of the end of 2020, with just less than half working in the U.S., according to a regulatory filing.

In October, Chief Executive Officer Darren Woods said employees should be “encouraged” by Exxon’s policy of returning to annual salary increases. His remarks happened during a town-hall style event in which he was questioned about the company’s “major attrition issues.”

But the salary boosts are unlikely to mollify employees who endured a temporary reduction in pension-saving benefits during the global pandemic.

Exxon’s financial performance has improved markedly this year after a disastrous 2020 during which the company posted its first annual loss in at least four decades. Third-quarter earnings and cash flow were the highest since 2014, when oil traded for more than $100 a barrel, and the company introduced a $10 billion share buyback program on top of raising a dividend that already was the third-largest in the S&P 500 Index.

More details on Exxon’s salary increases from the document seen by Bloomberg:

Average “merit” increase will be 5.4% for upstream workers; 3.4% for downstream and global services; 3.2% for other staff
Maximum increases will be in the 10-15% range
Promoted employees to receive a 1.5% increase on top of their regular raise
No increase for those judged to need significant improvement

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| 7363 views | | 27 replies (last December 26, 2021) | Reply
Post ID: @OP+1e6U9ALG

27 replies (most recent on top)

Love that someone from the management ranks had the ba--s to leak the real raises were getting.

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Post ID: @oqlb+1e6U9ALG

As far as the person who is going to quit the ILEU, you are not doing the right thing. Why do you feel it's ok to take advantage of the rest of the members?
Remember it's the company that doesn't care. YL is not a good leader, she should leave and take Dan O with her. Contractors are what is bleeding the place dry.

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Post ID: @3hra+1e6U9ALG

Beaumont is not on strike. The scumbags that are known as management locked them out.

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Post ID: @3sbu+1e6U9ALG

2ghx+1e6U9ALG , and Dog Why are all the Annandale maintenance contractors still on site? The court has decided this issue, temporary my A**. Some have been there over 10 years and have been put in supervision , planner positions, outrageous! why the stalling , let’s go Steve, three years is too long.

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Post ID: @3ylb+1e6U9ALG

HIPOs and Executives will eventually leave or will be PIPED to achieve our structural cost reduction. They will be replaced with sunflowers 🌻 that are capable of producing PowerPoint slides and to keep our esteemed leaders happy with no questions or inputs, just happy smiling sunflower faces.

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Post ID: @3rej+1e6U9ALG

@2fpo+1e6U9ALG lets be real no one cares about our 1-3 day strike. Its a cute attempt. Our brothers and sisters at Beaumont are striking for almost a year and they are production. I want to see my collegues do the same thing (they won't and some can't). Because they know that contractors and chem college students can replace them. The ILEU think they have leverage but they don't

Thought we would settle something, but everyone wants more when there is nothing left of the company

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Post ID: @2ghx+1e6U9ALG

It's time for the ILEU to wake up and take action. If we don't go on strike by January 1 then I'm getting out and pocketing 500 bucks so I can pay for my higher gas, electric, and cable bills. I have to generate my own raise. Thanks for nothing Dum Joe and DW.

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Post ID: @2fpo+1e6U9ALG

We need to reduce headcount of worthless DHs, managers, and management-in-waiting advisors. No value to the bottom line. How can we have all these people pushed out in 2020, all the attrition in 2021, and still I haven’t seen a single mgr or dh pushed out.

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Post ID: @2zsq+1e6U9ALG

According to WoodMacKenzie, we have the highest OPEX among the big five (XOM, Shell, BP, Total, and Chevron). We are actually in last place in OPEX and overheads.

We have to reduce our OPEX over the next five years via headcount reduction and asset sales or both in order to stay competitive.

Stay tuned for less than inflationary merit raises for the next few years to catch up to Shell, BP, Chevron, and Total.

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Post ID: @1smx+1e6U9ALG

Someone spilled all of the tea to Bloomberg...

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Post ID: @1wmq+1e6U9ALG

@1afx+1e6U9ALG
When a company faces major structural problems, it’s very important not to add unforced errors like completely antagonizing your workforce. And yet this is exactly what EM has done systematically in the last two years, pretending that getting rid of experienced employees and treating them all like dirt is a solution to the structural problems.
This last round of “raises” is another example of contemptuous, tone-deaf treatment of employees that is going to blow in the management’s face. They would have been much better off claiming that the hardship is not over yet for the company and that they have to maintain the salary freeze.
EM management keep showing, step after step, that it is completely unable to deal even with the simplest, most routine problems that a management needs to handle. Total amateurs lost in space.

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Post ID: @1oln+1e6U9ALG

As always, another major disappointment. Management is going to twist whatever to make them look good! Many colleagues remain behind have to fill 2-3 roles and the % of salary increase is a slap on our faces……..

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Post ID: @1gql+1e6U9ALG

Exxon has the highest operating and overheads costs in the industry. With our low profits, the extra costs are not justified. The board has directed our CEO to reduce costs and he is doing that.

With all the asset sales coming down the pipeline, attrition is only a mild concern. Overhead positions in Houston that support the BUs up for divestment will be eliminated.

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Post ID: @1afx+1e6U9ALG

It’s amazing that EM only cares about their Public relations and reputation with Bloomberg. They do not care about their employees anymore. It’s been a downward trajectory from day 1 of DWW. There are going to be so many case studies about how this once fine company died because of our current leadership.

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Post ID: @1phj+1e6U9ALG

This dinosaur ship has already been sinking fast. The "leaders" just made the bottom ho-e bigger, and, drove off the sailors that kept bailing out the water. Folks, the writing is not just on the wall. It's right in your face.

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Post ID: @1nhg+1e6U9ALG

Don’t worry the execs all gave themselves raises > inflation

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Post ID: @1oug+1e6U9ALG

Well, this is embarrassing.

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Post ID: @1lxq+1e6U9ALG

It sucks a big one and we know it. However, what incentive is there to give us the raises many of us deserve?

Think about it in the context of the industry (Shrinking in size). Everyone is reducing headcount and while there are transferable skills depending on the organization you work for it doesn't mean there aren't folks wanting this job either in the US or at the GBC's. Interesting enough Amazon has actually doubled their workforce since 2019. If you want to know where to look, look at those increasing in hiring and growing their revenue

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Post ID: @1kew+1e6U9ALG

What's the word on raises for Chevron, She'll, and BP? Given they are favored heavily in benchmarking I'm curious how they are fairing.

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Post ID: @1qmd+1e6U9ALG

The last P&GA Dallas person must have gotten tired of being a stooge so they left. I wonder how long this one will last?

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Post ID: @1nfy+1e6U9ALG

Exxon is getting Fing cheap. I will be leaving next year

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Post ID: @ipj+1e6U9ALG

We’re still waiting ILEU nothing since 2018 . There is a plan folks , and inflation is eating us up

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Post ID: @zgl+1e6U9ALG

That quote from that id--t spokesperson has got to be the d-mbest P&GA nonsense out of that shop ever. I mean seriously stupid and the VP should be shown the door as she has run it into the ground. Believe your own BS if you want - it’s not reality!! You’re wrong and more great people will leave and those who stay are fooling themselves drinking that cult koolaid!! You can and will do MUCH better externally and that includes retirement. Time to buck the brainwashing they’ve been feeding for years! Insane how they are treating very loyal employees! Oh, how do you as a downstream employee or a hike not upstream even come back to work after seeing this? Just because you are in a different area you are automatically going to get less than an upstream category employee. Hilarious. Good luck! ExxonMobil deserves everything coming their way. Blinders.

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Post ID: @ohk+1e6U9ALG

This is hilarious.

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Post ID: @ixc+1e6U9ALG

Whomever leaked the salary details document to Bloomberg is a hero. This company is an absolute disgrace. How can anyone continue to work for these snakes?

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Post ID: @ntw+1e6U9ALG

During the training we were specifically reminded that salary program is proprietary and should not be shared with the media. That worked well!

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Post ID: @jzu+1e6U9ALG

The interpretation I heard was management didn’t see last year as skipping a raise but simply updating the salary range for everyone. Never let a chance to sc--w your employees go to waste.

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Post ID: @bcl+1e6U9ALG

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