Thread regarding ExxonMobil Corp. layoffs

$760M Trading Loss Every trader should be fired!

Our trading business is an absolute nightmare. Anybody have insight on WTF they are doing. BP had $2B trading gain in 1st quarter. Last year we also hedged East Texas gas around $3.50.

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| 2237 views | | 14 replies (last May 8, 2022)
Post ID: @OP+1gAxnTXU

14 replies (most recent on top)

Trading is the the most unorganized group at EMHC and full of arrogant psychopaths — ever hear about the 80% attrition in the crude floor alone?

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Post ID: @3fth+1gAxnTXU

Di-kwads

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Post ID: @3jnr+1gAxnTXU

Lol!! EM does not have traders we have mo--ns that play cards. Traders?!?!?

Traders are not going to work for DWW
Because he would not know a good trade from sh-----g his pants.

EM is a totally trading inept company that uses 1980s frameworks for decisions.

You pepper are just a bunch of cunts.

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Post ID: @3jdg+1gAxnTXU

Commodities.
We're still learning that business.
But we'll lead in the Carbon Capture bitcoins. Just you wait.

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Post ID: @1chp+1gAxnTXU

@1zcp Even in the current environment, the job security is better at exxonmobil than any of the trading shops. Hence why the compensation structure is different. Trades at other trading shops are being compensated for that risk. All corporations get bloated and then need to do layoffs. Its just how it goes. This temporary period of laying off the bottom 5% is very different than companies such as vitol that fire traders left and right when their book is down, which isn't a temporary practice.

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Post ID: @1cve+1gAxnTXU

@1bqu
What job security?

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Post ID: @1zcp+1gAxnTXU

Idk why anyone is surprised that the traders at EM are bottom bucket. It’s a function of compensation. Places like vitol offer the opportunity for traders to make 7 figure bonuses if you perform well (ie you actually know how to trade), with the downside being you will be laid off if you don’t perform. Whereas EM pays its traders 150-200k flat with no bonuses, but higher job security. If you were a good trader and had a high degree of confidence in your trading abilities, which company would you go work for? Now ask yourself which company you would rather work for if you weren’t a good trader. Now you know why trading groups at other companies are putting up big gains while the EM trading group continues to lose money. Nothing against the EM traders btw. They’re nice people. Trading just isn’t one of their strengths, hence why they work at EM.

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Post ID: @1bqu+1gAxnTXU

OP, your Trader-hater posts are getting tiring. Every time you post these things, commenters try to point you in the right direction. I hope you put a little more self-study and reflection into your own job.

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Post ID: @1afu+1gAxnTXU

Statement from earnings. “The company said the sharp rise in prices ended up costing $1.3 billion of "negative timing impacts," including $760 million in mark-to-market effects on open derivatives positions.”

That is not a reflection of how trading performed. That’s an artifact of how hedging works and flows through GAAP accounting.

It’s amazing how people jump to conclusions without understanding and scream “off with their heads”.

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Post ID: @1sym+1gAxnTXU

#winning

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Post ID: @jzz+1gAxnTXU

Yup, they applied EMCAPS to trading 😂

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Post ID: @bkf+1gAxnTXU

https://gcaptain.com/exxon-traders-quit-while-bp-and-shell-colleagues-make-billions/

"Exxon systematically avoided risk by pulling most of the capital needed for speculative trades, subjecting most trades to high-level management review, and limiting some traders to working only with longtime Exxon customers
"

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Post ID: @foh+1gAxnTXU

Yeah. Shell got all the Enron dudes years ago. EM hires pork belly veterans.

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Post ID: @tvl+1gAxnTXU

Shell made 2.2B from trading

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Post ID: @nvx+1gAxnTXU

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