ExxonMobil expects $17-20 billion Q4 impairment
ExxonMobil completed a review of its forward business plans and said it will prioritize near-term capital spending on assets with the highest potential future value and work toward...
www.ogj.com
XOM plans 15% workforce reduction
- Thread starter AJB0009
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www.ogj.com
Crude prices have been depressed due to less demand, more folks working from home means less driving, decimated airline industry needing way less jet fuel.
Not surprised.
Not surprised.
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Kerosene (jet fuel) is easy to make at the refinery, so low profit margin. But you right, people moving less, so using less refinery products. Surprising they did not lay off months ago.
This is important:
Announcing spending cuts out to 2025 shows where XOM's head is at: They don't think this is going to be a quick recovery for the oil and gas industry. Not good news.
Announcing spending cuts out to 2025 shows where XOM's head is at: They don't think this is going to be a quick recovery for the oil and gas industry. Not good news.
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Certain oil companies, like California based Chevron, have hedged their bets on the future by heavily investing in other areas besides oil.
If a huge corporation can shed 1 in 7 employees and still hope to be profitable, why did they need them in the first place? I dumped my XOM and Phillips stock in March. Kept the Shell and Chevron.
I buy Pennzoil/QS and Havoline not M1 anymore.
I buy Pennzoil/QS and Havoline not M1 anymore.
I am a contrarian. XOM will emerge a leaner, meaner Co. a few years down the road, and their profit margins and share price will reflect this. Now is the time to buy with sub $40 share price and a 9% yeild.
I was just thinking about how nice it would have been to buy a bunch of Amazon shares around this time in 2001. What I worry about though is if their cost cutting will extend into their products, I have not been too impressed with Mobil motor oil in recent years and any further degradation will not win me back as a customer.
I'd go back a bit farther say circa 1967 and find Bill Gates to see if I could lend him ~10K to start his company 'Microsoft'.
4WD
$50 site donor 2024
Not much joy to go around for this sector
www.cnbc.com
Shell plans to cut 9,000 jobs in transition plan
Royal Dutch Shell announced on Wednesday plans to cut up to 9,000 jobs, or over 10% of its workforce, as part of a major overhaul to shift the oil and gas giant to low-carbon energy.
www.cnbc.com
Shell will be leaner, meaner, and more profitible later on, too.
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