Honestly, people who think that the end of O&G is not near are living in a world of delusions. If you want to stay relevant in the energy industry, now's the time to work on expanding your skills and finding where you can fit in the best in the renewable energy field. Don't get me wrong, I'm not advocating for green energy, I'm just being realistic. It's coming. Might as well be prepared for it.
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Ignorance at its finest!
Honestly, O&G will always exist. Consider: Will manufacturers switch from light plastic to metals which are heavy and costly to ship? The question is scale. What is occurring in cars? VW is spending $1 billion to get electrics from its brands (Audi, VW, Porsche, Lamborghini) into the publics hands and gain market share. Obviously Tesla has been riding this wave and perhaps created it. BMW has electrics, and Ford is pushing forward with electric versions of the Mustang and F150. Beyond this despite some of the world easing off covid-related restrictions, many people are actively pushing back against employers who want them to return to offices. In short, more and more new cars will be electric, people will commute less, and O&G will lose some federal subsidies which will be offered to alternative energy. In short O&G will have a change to the historical ways that people have used it in the past. Many weaker firms have already gone bankrupt, and their assets sold to stronger rivals. And the company wants to be the Walmart of the industry. I don't see high paid workers there...
@1ews+1b8M1tlN
You simply have no idea what you’re talking about. This is pure disinformation, very much intentional.
Guyana and Alaska projects are now in limbo, shale, the same. It's looking like the end of exploration and production, and the near term is simply refining and chem. Upstream folks, you better look out for yourselves.
@1nnt+1b8M1tlN TRUE!
O&G is well into what will probably be at least a five year cycle of restructuring. This will include deep jobs cuts, automation, outsourcing, and offshoring. Benefits will be reduced. Pay will stagnate.
O&G isn’t doing to disappear tomorrow or the day after, but there is no medium or long term future for anyone in the industry. Business strategies for the next five years are entirely defensive, and are centered on cost-cutting and minimizing losses, which requires driving down labor costs and maintaining legacy systems within increasingly narrow cots structures. .
Anyone who is bullish on O&G is out of touch with reality.
Four people so far downvoted OP. It amazes me to be reminded how many jerks we have in the organization who think that learning new skills and being useful and relevant is a bad thing.
We have too many of these no real valuable skill holder, wanna be’s...
Every other oil major has gotten the message except for exxon.
EMs sht will end up collapsing from those paper mill degrees they outsource to.
OP, you may have noticed that you’re posting on a site called “the layoff”, where people come hoping to get an insight on near-term personnel reductions, not to debate the long-term transition issues from O&G to other types of energy. Is this concept too complicated for you? Are you really hoping to convert somebody to your views or just enjoy rubbing it in to people who might soon loose their job in a mismanaged company?
So many people defending the O&G business. Let's see if they continue to do this after PIP season. Onward with the games!
The only delusions are from the green wishcasters. Please see the graph in this link. Feel free to support YOUR premise with data rather than feelings.
https://www.investorvillage.com/groups.asp?mb=19168&mn=331258&pt=msg&mid=22057832
Some fool is actually comparing the future of O&G to the tobacco industry. Great one genius! The tobacco industry is stable but has not grown significantly in years. If you think that's a good thing then hopefully you get PIPed this week!
The tobacco industry is still doing fine. Read an article this weekend that although the percentage of people smoking is down, the number of people smoking is at an all time high. I believe the oil and industry will follow that path. Solar and wind will barely keep pace with population growth and India and China’s standard of living increase and per capital energy use. Is there even enough lithium for the perceived future demand and what will be the cost. No one likes the O&G industry, but the game is not over yet. Standard of living decreases won’t be accepted by most.
O&G as we know it will decline but it will be gradual. I estimate the industry has another solid 10 years before it really takes a nose dive. Most employees that are employed by XOM today will not survive however. Those jobs will be offshored or given to cheaper workers.