While not really reflected in the MC, this is common in your business line VPs. EM was once a great American juggernaut lead by Americans.
Now the company is being run by multiple foreigners from different regions of the company like the UK, EU, etc. who could care less about the US staff who built the base company for where they work.
That’s why we are targets for them.
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It started for me around 1990. I had several coworkers go down, and I went down on several coworkers.
Business trips are great opportunities to get that type of relationship going the repeat at lunchtime once or twice a month for few years.
Do not judge me. We all do it. If you do not, you are missing out.
I would include those arrogant snow Mexicans in the “run by foreigners “ category. I haven’t met a single one of them yet that was worth a s%it.
If the next CEO isn’t American Wall Street will start to dump the stock. Guaranteed
If you think the whole company is bad, then you should see the abortion that is Global Projects!!!!!!
EM has only made 1 new discovery in over 10 years.
The exploration team that found oil in Guyana were actually instructed to “Drill the cheapest dry hole in history”. Basically found that oil as an accident while trying to achieve a cheap dry hole so that the executive who claimed no oil was in Guyana would be proven correct.
EM needs to get back into the real exploration game.
They outsourced their European and Canadian colleagues/friends and now they are here to do it to us.
It was DW that stated point blank in sworn testimony to the US Congress - "ExxonMobil is NOT an American company."
Don't you fellas keep up with anything?
R-r-rex T won the Russky Best Friend award from Vladimir Putain, folks. Before he became a Secretary, or Admin, fired in an airplane toilet.
Get real, fellers.
@2uwj+1n93GfDm thank you for the insight! You are 💯 correct!
I sat in ranking meetings for years and watched as the Europeans gamed the systems (both the old and new assessment system) and gave their employees undeservedly high rankings and ridiculous potential numbers, while NA was more “honest” with their approach. We got played for fools, and now we are paying the price. They should have shut down Machelen when they had the chance. Instead, now it (and the people wrongly promoted from there) will be the anchor that sinks a once proud ship. While your at it, take STC for free.
We will continue reducting OPEX by selling underperforming upstream and downstream assets and reducing headcount in high cost countries (HC10) until our Rate of Return on Capital Employed is consistently above 20% for five years in a row. Our historical target ROCE is 25%.
Year ROCE
2015 7.9
2016 3.9
2017 9.0
2018 9.2
2019 6.5
2020 (9.3)
2021 10.9
2022 24.9
Yes! Finally someone’s said this! We need more American leadership to bring us back to be the powerhouse we used to be. Divest all the garbage sites abroad and get back to the basics.
We didn't lose $20 billion in 2020, we lost $1 billion from operating margin and took a $20 billion write-down to write off reserves we said weren't economical. It was a write off.
In Darren we trust... 🤡🤡🤡🤡🤡🤡🤡🤡🤡🤡🤡🤡
Exxon was never a "juggernaut". If Exxon was, Exxon would never have acquired Mobil Oil.
Bottom line, if crude drops to $35 per barrel, we are in deep trouble.
Name of the OP might give you a clue why America isn't all that.
Doesn’t really matter if the next CEO is foreigner or red, white and blue. They’re basically all sociopaths at that level looking to maximize their own wealth through maximizing short term profits for the company … long term health be damned.
Betting that the next CEO will be a foreigner and HC10 countries will get hit harder.
This post is complete nonsense. Perhaps the start way down was the American culture that has spread due to globalisation in the company, and a steer away from regional identities within the overall corporation. American culture isn't necessarily the most effective, efficient or engaging in other parts of the world.
If transitioning the work to India is so great, then source the CEO and CFO from India.
You need to understand that the "juggernaut" that you refer to has always been driven by the Upstream organization and more importantly what is the price of crude and to a lesser extent natural gas.
In the mid to late 1990's the "floor price" of crude was thought to be $20 USD per barrel for drilling (i.e. the breakeven price). When the price of crude dropped to $10 per barrel even the "juggernaut" Exxon and Mobil was expected to have major cash flow problems over the next five years.
Those cash flow problems at $10 per barrel, forced Exxon to purchase Mobil, BP to purchase Amoco, Chevron to purchase Texaco, Phillip 66 to purchase Conoco.... etc.
and look for major efficiencies over the next 10 years. Those efficiencies resulted in headcount reductions at all major oil companies.
We are experiencing accelerated "efficiencies" starting in 2020 since we lost $20 billion dollars due to Covid-19. That is why our headcount dropped from 75,000 employees in 2020 to 63,000 in 2022 and will probably level out at 50,000 employees by the end of 2023.
With the growth of EV's and sustainable energy around the world, we will be selling less gasoline and diesel between 2020 and 2050.
We were always a commodity company; we were just too arrogant to admit that we were a commodity company over the last 30 years.
Not a very clever post. The reason for the massive jobs offshoring we're witnessing is basically the shareholders' greed, most of which are Americans.
Went woke and going broke
*it must have been written by someone from BTC
- “Who could care less”.
- “American juggernaut lead by Americans”.
- “Base company for where they work”
Looking for those who point to the sentence construction and conclude that it must be written by someone from BTC.
Dey Turk Er Jurbs!