In the latest strategy review, there are references to $6B of cost cuts through 2027. What is the breakdown of those? All in support functions or spread among all groups? Is it only personnel or some other category (supplier savings, lower cost to produce, etc)?
Genuinely asking so appreciate some insight.
37 replies (most recent on top)
Looks like @4yvg was correctly outed as a HR troll by someone earlier. So Exxon is admitting that they are counting “engineers” from schools they would not considering hiring from to make it appear that they are not discriminating against whites and Asians. So what is the percentage of blacks in engineering programs that Exxon actually does hire from? At the school I went to there were about 2 black engineering students out of 40 which is 5%, sounds like other schools that Exxon hires from is lower. This HR troll expects us to believe a report from the government but not what we actually see in school. We school believe Exxon and government reports because neither have ever lied previously, remember…if you get the shot, you won’t get covid, the border is secure, inflation is transitory, mostly peaceful protests (as buildings burn in the background), we didn’t have layoffs, PIPs are to improve performance, etc. Don’t believe your eyes, believe what we tell you.
I'm more than ready to go and contribute to the savings, give me my package and I'll go immediately 😁
@4cuh+1pYGFDBf you are clearly a troll and you know nothing about how the corporations works, and the level of scrutiny required for external disclosures.
I'm sure you have no clue that there's a National Education Statistics Center (and others) that have data on STEM / in engineering graduates all across the country
Clearly, you're just gonna believe whatever you want to believe... Typical overconfident schmuck that thinks they know everything but actually know nothing.
I also find it hilarious that your think LSU, and other Texas schools are Tier 1 in the nation. A simple Google search of top engineering schools in the nation would proof otherwise
I'm going to guess your favorite show to watch Carlson Tucker and Alex Jones ...
Good luck and God bless ✌🏻
@4vno
To the HR troll, you aren’t fooling anyone.
You think ANYONE at XOM will believe a report from a company that has consistently lied to employees and investors? We remember that there will be no layoffs, then layoffs disguised PIPs. A company that stated 8% were to be ranked in the bottom, up from 3% with no reason or justification for the 267% increase but to say that it was not a layoff is now to be trusted? NO!
We are supposed to believe a report from a deceptive company rather than what we see with our own eyes? More evidence the report is not based on fact is that XOM hired a higher percentage of Asian, black, and hispanic than “availability”.
Where is XOM getting these “availability” percentages from? Not the engineering programs of UT, TA&M, LSU, or any other tier 1 schools. Are they getting these percentages from schools they would never considering hiring from like Southern, Florida A&M, Alabama A&M, Grambling, etc? If so, they are clearly misrepresenting the data.
A well respected company, IBM got caught in 2021 when video was released of the CEO of IBM and also chairman of Red Hat stated that employees would be fired or not get bonuses if they didn’t hire a specific percentage of black and hispanic, though it was ok to not hire Asians, clearly a violation of title VII. Are we supposed to believe XOM hasn’t been doing this also. Are we supposed to believe a report produced by XOM that shows what XOM wants to show instead of our own eyes? We believe our eyes.
Just look at the data guys, not what you feel is happening or what you felt happen in your schools
https://corporate.exxonmobil.com/-/media/global/files/sustainability/social/investing-in-people-2022.pdf
Pages 4, 8 is a good.place to start. curious on how you concluded that Asians are being discriminated against.
Over the past 10 years, we have consistently hired female and U.S. minority candidates for professional roles at levels above availability. 30% of our professional hires in the U.S. were women, compared to availability of 31%. 43% of our professional hires in the U.S. were minorities, with 17% Asian, 8% Black/African American, and 14% Hispanic/Latino, compared to availability of 10% Asian, 7% Black/African American, and 10% Hispanic/Latino.
@1yto I like how all of your statistics never have links to the sources. It’s almost like you’re making it all up 🤔
@3hun Hello again racist statistics guy! How u been? Still unemployed post-PIP?
@3ece
I think the person limited it to tier 1 schools.
BYU, within last 10 years;
White - 90%
Asian - 5%
Hispanic - ~4%
Black - less than 0.5%
@3hun+1pYGFDBf Is this survey limited to Texan schools? Or just America?
@3yhg
Let’s take a survey here. Others who went to engineering school, state the school you went to, range of years you went, and approximate percentage of races. Let’s limit this survey to the tier 1 schools since we wouldn’t consider hiring from the lower schools. I’ll start.
Texas A&M, less than 6 years ago,
Asian 30%
White/Hispanic 68%
Black 2%
@3yhg+1pYGFDBf
As soon you mention “equity” (in the i_diotic sense that the word is used in DEI) and “check your bias” we all know exactly we’re dealing with an ideological true believer. No point arguing with such people.
Most of the savings will come from asset management, but still room to migrate overhead to lower cost locations. I expect about 15% of the 6 G is overhead related. so overhead cuts of about 1000 per year over next 4 years achieve this.
I would encourage you to read the Investing in people report that actually shows % availability of minority engineering students across the country. You just can't compare against what you saw at YOUR engineering schools. There are lots of other schools that have a lot more minority engineers, than your pale looking school.
" I want to hire based on who is the most qualified, not equity" . Your inherent assumption that you're also more qualified than minorities is a problem. It's also a false notion that they are less qualified. The minorities we bring in a some of the most overqualified. The have the option of working at any place of their choosing including FAAG and other highly sought out industries. Check your bias... We won't reach equity until we have the same opportunity and chances as the average mediocre white man - some of whom have ruined teams but still get many chances
Headcount is expected to level off at 40,000 to 45,000 regular employees (many of the 40,000 to 45,000 will reside in lower cost countries at Tech Centers).
Asset sales may include Joliet refinery, all of Imperial Oil (or at least selected assets at Imperial such as Kearl), and some of our non-strategic upstream assets especially dry gas where there are no liquids co-produced.
@2fpi+1pYGFDBf Clinton is done. There's nothing left there.
Close the doors in Clinton.
That should save a few penny's.
I think it’ll be hard to reach $6 billi just in HC reduction. It’ll probably come with the sale of more non-integrated assets. IMO I think Joliet is safe even though it’s non integrated
ext+1pYGFDBf obviously the facts bother you! You identified th racial truth that must bother you but no comment regarding the age reference? Likely you are only sensitive to the white dude comment because you prefer to be a hypocrite and bash white dudes yourself. Jealous!
@1jn
I agree with what you are saying. In my engineering classes, the majority of students were Asian and then white, blacks were maybe 1% of the students in engineering. After talking with engineers at other schools, they saw about the same percentages. Older engineers said blacks were an even lower percentage when they went to school. So blacks were never underrepresented in engineering at ExxonMobil based on a percentage of blacks in engineering schools, in fact they are overrepresented due to outright d!scrimination against Asians.
@1owk seems to argue that d!scrimination against other races is good due to their “perception” that just because one race is underrepresented that it MUST be due to d!scrimination and nothing else. @1owk seems it is equity to d!scriminate against other races instead of basing hiring on merit. Maybe @1owk should have surgery from someone who became a surgeon based on “equity” or fly in a plane where the pilots were hired based on “equity”.
Sorry @1owk, but like most reasonable people, I want to hire based on who is the most qualified, not equity. Hiring based on merit is NOT racial, s-xual orientation, s-x, age, or religious d!scrimination.
OP anybody in the HC10 still working for Exxon is totally fu---d. Many people in this forum have said many times get yourself another job. If you haven't left already Darren will make you leave soon. He has trashed the company. There is nothing else to be done at Exxon. Nothing works. There is no strategy except return more money to the investors at all costs. If you are an employee you are money that Darren wants to return to the investors. He will find a way to fire you. Last call GET THE HECK OUT OF THERE, GET ANOTHER JOB, ANYTHING.
@1jgn+1pYGFDBf
... FALSE. Minorites have historically been UNDER-REPRESENTED within the ExxonMobil pipeline and management ranks vs. available population (in engineering or whatever discipline / JF population you want to choose. The only exception might be admins)
So, whatever you perceive as an "increase in blacks or hispanic" is just a normalization to begin to correct for massive historical deficit.
I encourage you to read the "Investing in people" and actually seek to understand the
data before spewing falsehood on Al gore's Internet.
I also find it fascinating that having being in the majority for EM 140 years, normalization of others' equity is seen as a threat or unfair advantage. Check your bias bro.
@1jgn They’re coming for your jobs and lottery tickets.
@ext the person wasn’t making racial comments, just stating the facts. Look around ExxonMobil and compare the percentage of black and Hispanic engineers and compare that percentage to the percentages in your engineering classes. Now tell me how blacks and Hispanics are not over represented in ExxonMobil relative to Asians, Arabs, and whites and that ExxonMobil doesn’t d!scr!m!nate against Asians, Arabs, and whites.
Sounds like Tiger bucks
Will start cleaning bathrooms as often as they vacuum the carpet.
Mid way point of ship sinking! Drowning rats are left
On a high level we will likely divest assets and move jobs from HC10 to TCs. My bet will be that we will sell everything in Europe except Benelux and we may sell IOL. We divested Japan with many manufacturing activities in the past and we can repeat with Europe or Canada.
No shortage of money for share buyback tho......
You can't PIP and fire European employees, luckily the companies must do an involuntary or voluntary redundancy package.
It does not stop ExxonMobil from making people NSI and hoping people then leave due to self resect. That is a widespread strategy they do deploy.
It's a good discussion until racial comments continuously being brought up.
As stated, sale of non strategic and non integrated assets that are high cost, Kerl, IOL, (basically all of Canada) and Joliet. Clinton will be shut down and sold as well as most of the Spring campus, those are just too expensive to operate with no value added. Any R&D will be outsourced to KL and BTC. Also, the $6 billion is the estimated present value of future savings, not actual $6 billion in one year. There will continue to be layoffs in the U.S. and Europe as well, but they’ll be called PIP’s. NRE and those with less than 3 years, particularly white males, will be targeted as both save the company money in terms of retirement benefits and 401(k) match for those with less than 3 years. PIP’ing NRE and less than 3 years also protects the company from age discrimination lawsuits.
Europe has entered the chat.
Some of these savings are inevitably going to come from retired folks being replaced by BTC and other tech centers. Not to mention normal HC10 attrition that will also be replaced by tech centers.
Clinton has entered the chat
The last one to leave please turn off the light and lock the door.
I believe that structural savings also come in the form of divestments, but this may be incorrect. Removing an asset (like IOL) would remove signifcant cost from both onsite (local) and headquarters teams (managers supporting etc). By 2027, several refineries will be sold and some expensive assets like Kearl will either be sold or terminated. When cheaper barrels come online from Permian or Guyana, the more expensive assets cant compete and become more eligible for end of life. Good luck to all!
$6B/60k employees = $100k per employee in savings. That doesn't seem realistic but maybe DW plans to do all the work going forward...
As DW says, the math doesn't calculate....