Heard a rumor that Exxon is buying us, any truth to this? If they do, will there be more layoffs? Layoffs at Exxon or Chevron or both?
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It won't happen as long as oil prices are high. I would predict it possible in about 15 years if neither company can successfully transition to green. By the late 2030's traditional fossil fuel companies will be dinosaurs.
Not happening.
The merger when complete will be called Exxon no need for anyother name
It would be no more difficult than Texaco-Chevron. Some refineries may need to sold and that would be all. It would be easy. Chevron and Exxon combined would be about 2.75 mmbpd in the US which is only 15% of total refining capacity. Worst case they would sell maybe Pascagoula and Pasadena. Exxon is not on the west coast. Exxon would shut down the GOM upstream, Venezuela, We would dominate Permian, Brazil, Guyana, Angola, etc. lots of synergy. HQ would be Houston of course.
Such a merger would be just too big of a mess to pull off from all sides. It would be years for in anti-monopoly hearings, there would have to be big lateral sales to preserve business continuity, and there would be a huge cultural divide that would get in the way of any transformation. Exxon, who trains everyone to be super aggressive, would rapidly crush Chevron’s more “get mellow” attitude manager, so except Exxon culture to dominate. It would be a sad day for Chevron employees!
If Exxon does buy us will we get the big money I hear they get?
EX-Chev, EX-CX, ChevEX, ChEX, EXCH…. Naw, can’t happen, doesn’t have a good name to it,
the rumors are somewhat true, it'll happen sooner than later. could be post election time for less resistance.
exxon execs are moving down from irving to help drive more m&a activity for growth.
if it does happen, i suspect 1400 will be closed and sold and moved up to the woodlands. my trading counterpart at xom says its a ghost town in one of the quadrants.
I heard it from Freefall the crane driver so it must be true!
It’s not just EOI severance,it’s change of control severance, which would be amazing. Double severance plus all stock vests.
so is this a planted post to try to keep CVX ees to stay a little longer hoping for an EOI severance and distract them from leaving because of rising interest rates / decreasing lump sum pensions?
Exxon does not need to pay a dime. All it has to do is exchange stock.
ID: @zds: Troll bate easy to spot: “XOM is going to borrow 300MM”. That will not go far when buying a copy with 260 MMM capitalization.
old news but still gold....
https://www.wsj.com/articles/exxon-chevron-ceos-discussed-merger-11612126203
https://www.reuters.com/article/uk-chevron-m-a-exxon-mobil-idUSKBN2A00T3
https://www.reuters.com/article/us-exxon-mobil-chevron-breakingviews-idUSKBN2BH309
https://www.aljazeera.com/economy/2021/2/1/ceos-of-oil-giants-exxon-and-chevron-discussed-merger-reports
is that why all of the officers have been moving to Houston?
It's true but you have s it backwards. Chevron is buying Exxon
I was told it is is false
I was told that is is true.
Yes, I can guarantee with a 100% accuracy that the rumor is true. The rumor is spreading like grass fire; what I cannot confirm the substance of the rumor. 😂
So true. Breaking here first!
I wonder if this is true…. Guess would make some sense but man who knows guess the news will breaking Sunday night lol
From the attendant at the Chevron station on I-10 and Washington
Where did you hear this rumor OP?
Uhhhh... No. Get back to work. yawn.
the cultures do not mesh at all. but just for funsies what would the new company name be? Standard Oil?
Yup completely true. XOM going to borrow $300MM to purchase CVX! Banks are just lining up to lend them the money.
There's no way in heck the DOJ or FTC would allow this given the current price of oil
hope its true
can't wait to get the package if offered
Pre Rex-era, when ExxonMobil was flush with cash, maybe. With the current debt load, not so much.
Exxon will not be able to reliably grow the company through exploration, only through acquisitions. Chevron would make a great target, since Exxon could absorb most of the assets without all the extra staff. Chevron has set themselves up for acquisition by layoffs, non-existent exploration, and improved cash flow. I am sure the stock market would applaud it. Just more oil and gas consolidation.
Not gonna happen. Maybe when oil is in the sh----r, current environment no way.
Yes, it is true. Look for official news release Sunday night.
No way US and European regulators will allow it when oil prices and inflation is running so high