After 20 Years of OPEX Savings, Should We Acquire Another Energy Company?

We have successfully reduced our headcount by 50% since Exxon acquired Mobil in 1999. Are we going to continue shrinking headcount, or should we buy another energy company and reset the "structural efficiency" curve?

Year Regular Employees At End of Year (from Annual Reports and SEC Filings)
1999 123,000
2000 99,600
2001 97,900
2002 92,500
2003 88,300
2004 85,900
2005 83,700
2006 82,100
2007 80,800
2008 79,900
2009 80,700
2010 83,600
2011 82,100
2012 76,900
2013 75,000
2014 75,300
2015 73,500
2016 71,100
2017 69,600
2018 71,000
2019 74,900
2020 72,000
2021 63,000
2022 tbd
2023 tbd

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3 replies (most recent on top)

Pick up Rosneft and RozGazProm for a song right now.
Current staffs certainly expendable - and for some, cheaper to keep em.

As DW said bluntly today - 'American citizens are not our main concern'.
Or, rather, he did not say otherwise when asked.

I expect that our board and senior management intend for the company to keep shrinking, at least here in the US. The age of mega-corporations (at least, outside of tech) is over. I wager that, if anything, we'd merge with another major and spin off into smaller, specialized upstream and downstream companies, similar to what ConocoPhillips or Dow-DuPont did.

Would be nice if someone acquired Exxon.... Mobil was supposedly purchased for its marketing prowess and was quickly decimated. Glad to see the Mobil brand making a resurgence but allowing distributors and carriers to control profits and distribution makes no sense.

Margins continue to get squeezed. Everyone is marketing gasoline (supermarkets, etc.)

And what do marketing reps really do now?

Thread regarding ExxonMobil Corp. layoffs

After 20 Years of OPEX Savings, Should We Acquire Another Energy Company?

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