When are we shutting y'all down?
20 replies (most recent on top)
@226g+1rmOVzrD Yeah, that is a good point, not something I'd thought about but with the other asset rationalisation in Europe they are very top heavy already. Going down to just 2 main assets makes this even more uncomfortable obviously.
It's clear Exxon is well on the way to absolute minimum footprint in Europe with absolute minimum effort and commitment too
@226g - Good point. I hope someone is looking into this - dont need regional directors for two sites only.
@225d
So if only two sites in Europe remain, Antwerp and Rotterdam, are they cost competitive given they have to pay for all of the overhead within their region? That's quite a burden to have with all the VPs and regional directors being paid out....
@225c+1rmOVzrD The UK business is sold, announcement will be 1q26. Impossible that a UK business sale will close that quick as you suggest, but it won't be too much behind that.
Buyer unclear as of now.
Port Jerome / Gravenchon has been sold to North Atlantic. Deal is expected to close in 4Q2025 after the French government approves.
It is rumored that Fawley has also been sold to North Atlantic with the deal expected to close in 1Q2026.
Antwerp and Rotterdam made sense but how do sites in Europe remain competitve against other regions? For example, the overhead is shared across 4-5 sites in the USA while Europe only has 2-3 sites... Both have regional directors that get paid high packages. How can Europe continue to stay competitive across all overhead staffs?
Every site in Europe is ready to go, just depends on the price. Even the Chem sites could be shut down because they can't compete with low costs in Asian countries like China.
Sites that have integrated chem plants or others will be the last ones standing. PJG / Fawley will be around for a while longer yet.
Only Antwerp and Rotterdam are worth anything. So with so few sites, I don't know what everyone is doing over there. Surely only a matter of time before it's all outsourced?
Antwerp and Rotterdam make sense to have. PJG and Fawley are question marks. Can't see Fos sticking around, too small.
@1ols+1rmOVzrD Donald, get out of this body… 😄
Pay your share of NATO
@tve+1rmOVzrD management is not “Euro-heavy”, it's “British-heavy” (at least in the downstream), and has been so for quite some years now. That probably explains why EM still owns and operates a piece of sh*t like the Fawley refinery.
how many shareholders are in Europe?
Is the brits still part of europe?
trample and dump the dungy nations.
to put it subtly.
Well... Divestments in Europe have already started. The two refineries in Italy and the associated fuels business are gone, the Slågen refinery in Norway is now an import terminal, EM sold their 25% stake in the MiRO refinery in Karlsruhe (Germany), the upstream activities in Norway and the Uk are now history, and I certainly missed some other minor items.
More to come? Maybe...
Apparently announcements would be made sooner than later. So grab a beer and stay tuned.
It is hard to exit Europe due to all of the concessions that the European countries gave ExxonMobil decades ago.
Should have done it years ago, but leadership is so Euro-heavy now, it’ll never happen. They will make excuses to slash everywhere else and keep these high cost sites.
ARA is safe. Everything else - it'll go for the right price.
Aren't there only 2 sites that are even close to keeping?