XOM and IOL hired finance and accounting grads who put together the financial statements every quarter and most of these people still bought company stock. These so-called best and brightest didn’t see all the mistakes being made and the BS moves taken to cover them up. XOM has been borrowing to pay the dividend since at least 2015. Anyone paying attention would’ve sold years ago.
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Please open the god d-mn door and let that sink in!
And it was highly unlikely for covid to happen this year given what we knew 1 year ago today.
It is highly unlikely the world will see another oil shock as a result of a post pandemic recovery. Production from low cost conventional producers, shale and oil sands will meet or exceed demand resulting in an oversupply and price collapse. Ban on single use plastics in many countries is another nail in the coffin for the oil and gas industry.
Finance and accounting people don’t read the financial statements that are made public? Too lazy?
You're obviously not accounting trained and doesn't work in the finance function. Non finance people always think the accounting guys can go into the SAP system, hit a few buttons, and be able to tell whether one should buy XOM now or wait 3 hours... LOL
The fact is everyone just sees a very small part of the books and very, very, very few people have access to the full financial picture... certainly not your fresh grads or the 30 year-old tax analyst or 40 year-old BAR supervisor. If you are in-charged of Europe fixed assets or Thailand intercompany transactions, that's all you do. You won't know about the Baytown inventory movement or Mexico tax. The controls in the company are robust enough to PREVENT anyone from having access to more financial information that they need for their job.
I get that there's a lot of frustration, I'm feeling frustrated as well, but EM is not the dumps. It is still a good company staffed with good, hardworking, honest people who try their best to do good work and make a living, whose jobs are also at stake. Don't talk nonsense to discredit our fellow colleagues.
XOM refuses to write down their assets. Waiting to see what gives first: cutting dividend or writing down assets
XOM still possesses capital - or at least leases it... umm... has options on it.
That equals monetary value, which is how we get those loans.
So it easy to see how looking at the books, it is a stable company.
The most liquid and expendable capital is, of course, people.
This is the Layoff board!
Perhaps they fell for the "we will double our earnings by 2025" combined with dividend increases.
There is always risk in any investment, EM hasnt been able to monetize them for the last decade for a variety of reasons which is an issue across the who industry I think.
Lot of companies have already gone bankrupt.
And don't be surprised that EM does succeed in doubling earnings by 2025 because there is a possibility of an oil shock once the economy starts recovering and there would not have been enough oil investment to meet the oil demand.
they aren't the best and brightest... the best finance and accounting grads would go to investment banking not XOM...