Final nail in the coffin for Joliet was Illinois mandating an extra weed of paid time off for all employees every 9 months. Add this last insult to the high cost of business, high taxes, crime, politicians that are not business friendly and very unfriendly to o&g, and a non integrated refinery and Joliet will be losing money when oil prices and demand drop. Investment in Joliet will be reduced to zero and overtime cut to make it appear it can be profitable at $60/bbl. look for moves - good employees will be moved to elite Baytown while the fecal matter from the other locations will be sent to Joliet. With the expansions at other locations, we don’t need Joliet, especially in a declining market. Likely buyer will be Saudi Aramco with their profits. Too bad for the rest of us the sale will be after the 2023 hunger games.
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They are drastically reducing overtime for hourly folks.
Joliet employees will applause once asset sale is announced. They hate DW as he was known for his toxic culture and harassment while plant manager. If PIPed, please hang in there a little longer, Darren’s nightmare will be ending soon
Engineering jobs at Joliet are slowly being offshored as part of TMTS. Management won’t admit to it but it’s clearly happening. They bring in “visitors” from Malaysia for cross training and use fake PIPs to induce attrition. Please look else where, no long term career for you here.
Exxon won't sell this refinery, we need it to bid on the Southern Lights contract
As most of employees at the refinery already recieve paid time off unclear how much of a direct impact the new law in Illinois will actually have on the Joliet Refinery. Some of the vendors and contractors may pass on some additional cost. I don't see this new law having a material impact on the Joliet refineries' ability to be competitive and profitable. It has significantly improved its reliability over the past 5 years and continues to be well positioned to benefit from the disparity between Canadian crude prices and WTI which has allowed it to outperform the big B's in terms of profitability.
Oil prices dropping, inventory increasing, the decline started weeks to months ago. Joliet may be sold well before the end of the year. Is there a Century 21 sign in the front of the refinery, ad in Craig’s List or Facebook Marketplace? Investments in Baytown continue and increasing. Any projects going on at Joliet? Joliet reducing overtime for hourly folks?
Hey op, you make some good points. Is this outlook based on crystal ball gazing ,wishful thinking or do you have some sauce for this?
I’m a little sus of the post being a Baytown refinery troll as I can’t say I’ve ever seen ‘elite ‘ and Baytown in the same sentence. Although, It would be almost 1,000 folks for Darrens headcount reduction target with Billings and Joliet sold off...things that make you go hmm...
How many will be PIPed this year? More attrition to come
Idk about that. Joliet made 1.2B when oil at $43 a barrel. Before COVID.
DWs old plant, probably run in to the ground to maximize profit
Not surprised......political headwind on O&G is quite strong
It is positive altitude, not positive attitude.
“Next time you see me things won’t be the same”.