Thread regarding ExxonMobil Corp. layoffs

Senior exec bonus calculations ignore our $20 billion loss in 4Q'20

The senior execs get bonuses based on cumulative earnings per share (EPS)...but they decided that the $20 billion loss we took in 4Q'20 from the write downs doesn't count. Even though it was the decisions of those senior execs that led us to make the investments that we wrote off. How convenient!

"The cumulative EPS threshold to reach full payout of the 2018 and 2019 Earnings Bonus Units (EBU) remains at $6.50 per share. The Committee decided to exclude from the EPS calculation a non-cash U.S. Upstream impairment reported in 4Q 2020."

Source: https://www.sec.gov/ix?doc=/Archives/edgar/data/0000034088/000003408821000069/xom-20211123.htm

by Anonymous
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Post ID: @OP+1e7wXMzE
Comment! It's anonymous!

13 replies (most recent on top)

CL 30 and above receive RSUs equivalent to their annual salary. The cash bonus is on top of that. They mint money for these sycophants, this is why they lie to us all about everything. They are made men and women and are beholding to the senior leadership. Executives are corrupt and not to be trusted.

by Anonymous
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Post ID: @3drt+1e7wXMzE

Does anyone know what percentage of CL30 compensation is cash bonus?

by Anonymous
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Post ID: @2wey+1e7wXMzE

Corruption. Plain and simple.

by Anonymous
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Post ID: @1zei+1e7wXMzE

This is why they do stock buybacks it improves the EPS. Investors could care less about earnings per share. Investors want stock price appreciation, which I in the toilet, and it is not rewarding until you sell the stock. Investors really only care about the dividend. Stock buyback do NOT improve the stock price and do NOT improve the dividend. Stock buybacks only reward the corrupt executives.
Isn't it great, 12 years after we wasted 40 billion dollars on XTO, and all our executives keep saying XTO was so wonderful, we write down 20 billion of that and then we exclude that from the EPS calculation so our executives can get their bonuses. The same executives that bought XTO, said it was a great deal, but now do not want to be held accountable for their ignorance. Corrupt they are.

by Anonymous
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Post ID: @1eko+1e7wXMzE

EBU = earning bonus units. They pay out once the stock reaches the defined earnings per share.

This is a pretty good summary:
https://investecwealth.com/blog/explanation-of-exxonmobil-earning-bonus-units-ebus

by Anonymous
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Post ID: @kbv+1e7wXMzE

All ExxonMobil executive officers are "at will" employees of the Corporation and do not have employment contracts.

Poor them - that's why they have to receive high salary and high bonus :p

by Anonymous
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Post ID: @izm+1e7wXMzE

What is an EBU?

by Anonymous
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Post ID: @xcv+1e7wXMzE

CL30 base salary is within 5% of CL29 base salary. After being promoted to CL30+ there is cash bonus, RSU, and EBUs. “No variable pay” is only for the serfs at XOM. Execs have the majority of their pay in the variable pay category. No different from any other O&G company.

by Anonymous
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Post ID: @wph+1e7wXMzE

Remember in the other thread the guy said there are no cash bonuses at Exxon? Those are the cash bonuses, FYI. They are a bigger secret than the RSUs.

by Anonymous
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Post ID: @ruv+1e7wXMzE

The top management uses the company as their personal ATM. The only rule is that if you’re high enough you make your own rules.

by Anonymous
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Post ID: @mhy+1e7wXMzE

Everyone knows you should always pay yourself first /s

by Anonymous
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Post ID: @pgt+1e7wXMzE

Pay no attention to that man behind the curtain….

by Anonymous
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Post ID: @uqu+1e7wXMzE

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