Did anyone else catch the 3 billion in savings from restructuring and an additional 3 billion by year-end 2023? Surprised no one is discussing this
11 replies (most recent on top)
Exxon will be getting rid of its pension and replacing it with an enhanced 401k match of 7.5%. Annual pension costs are 2 billion. That's a big part of Darrens 3 billion promise to wall street. Retiree health care is also on the chopping block.
Another idea - sell SYU. How many years have those platforms offshore California been shut in and not producing? Need to fire whoever is responsible for that debacle.
Maybe we can just turn all the chemical corrosion inhibitors off and stop plugging abandoned wells. Oh wait we already did that.
Structural changes are not CAPEX. They are firing people in North America, Europe and Australia and shipping jobs to India. You don’t get credit for a structural change by postponing a project. Structural means change from now to forever in costs. This means more headcount reductions in high cost locations.
Cut controllers? Yeah because cutting out your accounting and finance people during an economic downturn is definitely what you should do.
Hoping someone in Dallas reads this, here are some ideas. Get rid of Clinton office and ppl,. Outsource most of EMIT to third party to manage. Get rid of RTD or ship it to India. Cut exploration geoscience by half or more. Cut controllers by half or more. Lease out half of Campus. Sell refineries in Europe. Sell IOL.
Need more ideas?
I think it said $3B per year through 2023. Doesn’t that mean $9B? I hope I’m completely wrong... please correct me if so.
@sfl+19OnhDpE not realizing he's one of the pieces of trash that led the corporation to its unfavorable position... troll.
3 billion for taking out the trash is something all employees should be proud of.
The 3 billion is for adjusting opex and Capex plans. There is zero way way saved that much money in 2020 by headcount reductions.
Yeah I noticed that, it put me on edge a bit lol