What is XOM's long term strategy? A lot of this forum is about should I stay with XOM, should I leave, is there a long term career term with XOM? Please comment on what is XOM's long term strategy? The last we heard from Woods was the 2Q20 when he abandoned the "Leaned Into" Strategy.
And then in 3Q20 went cut OPEX $10B, CAPEX $15B, 8% PIP disguised as a layoff, another 10% employee cut, another 8% PIP coming soon, followed by another what 10% employee cut or more, hiring in India, Brazil, Argentina, Vietnam. But all throughout this entire process we have heard really nothing from Woods or our leaders. We have had some woke employee forums, a Kool aid, propaganda PIP video, and those awful slogans, but other than that nothing. During the Lean Into days, Woods and the leaders were everywhere, promoting the strategy, Woods telling us he did not make enough money, the leaders saying spend, spend, spend, grow, grow,, grow,, we hired almost 9k new employees, etc etc. But now, it is all quiet. Except for the cheerleading Culture Managers, and the sound of footsteps at the end of the day emptying your trash cans. Even the big touted Guyana just drilled its third dry hole. No long term strategy and just enough funding to keep the lights on and the pipe from sprouting leaks and over to run in the one printer per floor. Time to go I think.
18 replies (most recent on top)
bud there is no strategy. just blow it down. no one cares about or likes this company. i have never met more robotic people than at this place. its seriously a weird place.
Strategy is to outsource to Asia and India. Then we can hire a few low paid dummies to take the fall when things blow up, insulating upper management from jail time. First to go will be everyone at the campus. Wake up people, Asia and India are hiring like crazy while Europe and U.S. are getting rid of people. 8% NSI this year followed by layoffs and we’ll do it again next year and the year after that. Things will get worse each year for the ones that stay. How was it for you in 2020 compared to 2019? How does 2021 compare with 2020? It’s downhill every year.
XOM strategy is clear. High grade and reduce the number of projects. Divest assets with limited upside and/or low cash flow. Focus capex on highest potential assets. Reduce opex such that company can have sustained profitability at lower oil and gas prices long-term. Invest in Chemicals sector due to good margins and growth outlook. Focus on reliability for refining assets, not for growth or profitability.
Resist pressure to jump all-in on renewables and climate initiatives. Identify the most profitable and best fit opportunities and pursue those.
Maintain the dividend and reward shareholders.
Be competitive on salary and benefits, but not an industry best. Build in higher levels of attrition. Make contractors a bigger share of workforce.
That’s some of the higher level strategies that any employee and shareholder should easily know. Pretty simple.
Strategy is simple. WAKE UP U.S. EMPLOYEES! Good morning Vietnam!
The strategy is to have India do the detailed engineering for $10/day and have XOM “engineers “ do the ground work word the real engineering that is being done in India.
After 2 years, the “engineers”:can be picked up for $40k since all India needs them for is taking pictures which of course is what anyone can do.
If you’re smart, get out while the times are good.
Strategy is to develop a cv plan
What in the world does XOM's 'strategy' have to do with you?
Nothing.
Abso-lutely nothing.
Move on where you can contribute and be appreciated.
EM strategy: 45 day plan
Description: 45 days, 45 points. 1 point per day
DW:
Day 45- company saved
Day 44- Anyone have any ideas?
Don't worry about strategy,
Those on top are all for show ..
Jesus loves me this I know
For the bible tells me so ..
While oil and gas will stay your piece of the oil and gas world will look very different. The good old days are gone. This is no longer a place for good pay and opportunities.
XOM strategy: it’s a 45 day plan. 45 days, 45 points... 1 point per day and we’re back on track.
Day 45: company saved.
Day 44: any thoughts?
The strategy is the fundamentals of the past will be the the fundamentals of the future. That all this energy transition is a nice expensive dream so will never become real, just need to manage tree huggers and governments in the mean time but it will never stick. And that growing population will use as much energy as an average American ... without realizing that no one else in the industrialized world use as much energy as an average American and emerging economies use even less per person. And O&G will always be an attractive choice for new talents.
Woods has said this in different words in his October forum, the issue is not sure many people believe it thus the impression of having no strategy.
I don’t understand EM’s strategy but my personal strategy is to NEVER stop looking for the next job. That has worked well for me over the last 25 years in this industry.
Cut cut cut Woods and the entire mgmt. committee and hire from outside. Greedy Woods and his buddies didnt make enough money eh! How about those that were let go? May be Tracy G. from HR wants to answer this question, how much bonus you end up getting refining new PDS, PIP, and letting go a lot my HR folks than you announced? If you cant answer this than I guess there is not strategy but just making decisions out of nowhere with a knee jerk reaction. Speak up.
Hope that oil goes higher while cutting costs (except for senior execs pay).
The current CEO strategy is to continue navigating the ship through the iceberg going everything will be ok on the other side.
The most constructive strategy should be Woods and his team taking their pay cut.
@thx+1a3cthoT Brilliant! Can you send me ppt slides for a two hour LT meeting by tomorrow? Should be enough time to recirculate for 20 revisions where we wordsmith the message.
Our strategy is to build a plan