Great we are back where we started in 2017. Only one person to blame.
5 replies (most recent on top)
After 2012 layoff, EM Management committed to never ramp up with employees ever again.
Ramp up with Contract hires next time so when the peak ends, no employees at risk.
Next surge in 2017, ramp up with 5000 new employees.
Those Managers should be fired for 2 causes: outright lying and failing to follow published Lesson Learned.
We were overstaffed at least in upstream since about 2013. Dying assets and no significant exploration finds outside of Guyana sealed the deal. The Permian and XTO hiring was based on over optimistic demand forecasts that were encouraged by management to justify their position. This downsizing was bound to happen based on state of business-Covid accelerated the time line by exposing the underlying weaknesses in the upstream.
Whoever planned the hiring ramp up in 2017-2018 should have been the first person laid off.
$2 on DW retiring before Dallas moves to Houston so he doesn't have to face the music.
DW's strategy is - how would I make it to retirement soon enough by cutting cost to boost EM stock price. Doubling earnings by 2025? DW born 9 June 1964 - 61 YO by 2025. A little short of ideal, but, nothing is perfect, close enough to perfect. As sayings go - don't fight the Fed. In O&G - don't fight OPEC+. LOL