The last info I can find is that XOM had 72,000 employees in 2020. I know it's a big number, but if you want to be among the biggest O&G companies you can't expect to do it with five employees. You need people to make money and to grow. The more people we lose, the further we slide away from the position of the industry leader. So what's the end goal here? Since growth is not it, obviously, then is it to shrink? How is that considered a sound business strategy?
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I would say AT LEAST a 50-60% cut in North America.
New CFO a should have that done in 24-36 months from now
So if 55000 globally and with the continuous shift to BTC and KL, we are looking at 30-50% headcount reduction in Europe and North America?
End goal is more like 30K employees by 2030. Probably also selling or eliminating some parts of the company entirely.
Not every industry or company is focused on growth. XOM's obsession with dividends tells you all you need to know about their concerns for growth.
The end goal is approximately 55,000 employees globally. We are currently at approximately 72,000.
the end game is to milk XOM for what its worth. O&G is sinking and Dallas knows it. maximize the dividend payout, mount up debt that will never be repaid and keep the share price high so that the execs can liquidate their holdings gradually.
DW has 1M XOM shares. DW is paid about $1.6M in salary, $8.5M in shares , pension $5.4M.
Manage the decline of oil and gas industry. Move jobs out of high cost locations.
Move to low cost areas.
Celebrate the savings. Ignore the risk.
The end goal is to fire you with a vengeance