Question: Is the addtiional $3 billion asset sales or headcount reduction or both?
Exxon also lowered its annual operating expenses by $8 billion, the company said Tuesday. $3 billion of that was from "structural reductions," indicating that it's likely tied to workforce cuts. The firm plans to cut an additional $3 billion in structural expenses by 2023.
https://www.businessinsider.com/exxon-global-cost-cutting-program-layoffs-job-cuts
HitecVision AS is emerging as the frontrunner to acquire Exxon Mobil Corp.’s oil assets in the U.K. North Sea, according to people familiar with the matter.
The private equity firm is in advanced talks with Exxon about a potential deal, the people said, asking not to be identified discussing confidential information. A sale could fetch around $1 billion for Exxon, though final terms of a transaction are still being negotiated, the people said.
https://www.energyvoice.com/oilandgas/north-sea/284188/hitecvision-exxonmobil-north-sea/
https://www.newsmax.com/finance/companies/exxon-asset-sales-25-billion/2019/11/21/id/942683/
The sales would see Exxon effectively quit its upstream oil and gas business in Europe, according to the three banking sources with direct knowledge of the plans. Exxon has struck a number of deals in recent months including a $4.5 billion exit from Norway, and is also already offering assets in Australia, N—ria, Malaysia.
The expanded plan will see Exxon also sell out of operations in the British North Sea, Germany and Romania, according to the sources. In Europe, that would leave it with production only in the Netherlands, where it holds a stake with Royal Dutch Shell in the giant Groningen gas field which the government plans to shut down in 2022.
The new plan would also see Exxon significantly pare back operations in Southeast Asia with the sale of its assets in Indonesia and Malaysia, the sources said. In Africa, Exxon wants to sell its operations in Chad, Equatorial Guinea as well as parts of its N—rian assets.
Asset Closure - Altona Refinery - 300 staff reduction
(Reuters) - Exxon Mobil Corp said on Wednesday it will close its 72-year-old Altona refinery in Australia, the country's smallest, and convert it to a fuel import terminal as refiners struggle with low demand.
The decision by the U.S. oil major will leave Australia with only two refineries, after BP Plc decided to shut its Kwinana facility by April. Ampol Ltd is still reviewing the future of its Lytton refinery.
"ExxonMobil's decision to close its Altona refinery in Victoria is extremely disappointing," said Angus Taylor, the Australian minister for energy and emissions reduction, in a statement.
Global lockdowns and curbs on international travel due to the coronavirus pandemic has cut demand, leaving refiners grappling with losses. Exxon said it took the decision because it was no longer economically viable to continue the refinery.
Australia had offered a A$2.3 billion ($1.8 billion) fuel security package to tide over the financial hit facing refineries. Only Viva Energy, operator of what will be Australia's largest remaining refinery as of April, accepted.
Taylor said the closure of Exxon's refinery would not negatively impact Australian fuel stockholdings. The Altona plant employs around 300 people.
https://mobile-reuters-com.cdn.ampproject.org/c/s/mobile.reuters.com/article/amp/idUSKBN2A933Z
Management thinks the workforce in USA, Canada, Europe, Australia, etc is all overpaid and can easily be replaced by BTC. Funny they don’t think they can be replaced when they have done such a poor job.
Many people resigning and PIP is still planned. Meanwhile those who remain work longer hours for less pay.
Just to point out, those Involved with the layoff did not hit until 1Q21, so they weren't included in the '20 figures.
I don't know about other locations, but within the facility I'm working at, attrition numbers are nearing those of the involuntary numbers themselves. Add in PIP reductions, NRE from the program being retirement eligible, and hiring freezes, it's entirely plausible that no large layoffs like the one in December are needed to targets.
Start jogging in place. It will help relieve the stress of your new-found opportunities to reinvent a career in the food service industry. Be a part of the team at all the great fast food establishments.
In their original press release, Woods said headcount reductions through 2022.
Don't get complacent!