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Posted
8 hours ago, Fudge Nuggets said:

BP just cut its dividend in half. 

they sold its petrochemicals unit, announced plans to cut 10,000 jobs and 40% production cut

 

shit is about get to ugly 

Posted
1 hour ago, tx 3 putt said:

they sold its petrochemicals unit, announced plans to cut 10,000 jobs and 40% production cut

 

shit is about get to ugly 

There’s no about to about it.  Shit’s already uglier than any other time in my 25 years in the industry.   My old man says this makes the 80’s bust look like child’s play.

Posted

Some good news - POTUS signed the great American outdoors act into law today. Establishing permanent funding from GOM and other other energy royalties into the Land and Water Conservation fund.

If the government is going to take its bite at least it’ll be appropriated correctly going forward.

Win for bipartisanship, win for outdoorsman. Small check for environmentalist and small check for O&G.

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Posted
13 hours ago, Dr. Beeper said:

Markedly worse than 80s but has been since about 2016. But you’re responding to a comment about BP and BP only. Industry is recovering. 

Buying opportunity of a lifetime. 

Buying opportunity of a lifetime was end of March when big oil stocks were 30-50% cheaper than today. Still a good opportunity though. 

Posted
29 minutes ago, Johnny Chimpo said:

Exxon suspended their 401k match until further notice. That’s gonna sting a little. 

As long as they keep my dividend checks coming I don’t give a shit about their employees’ 401k matches. 

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Posted (edited)
23 minutes ago, DCA_HORN said:

That can't be true.

Exxon said to suspend company match to employee retirement plans. Exxon Mobil (NYSE:XOM) has told employees it will begin suspending the employer match to retirement savings plans beginning in October, Reuters reports, citing an internal company message.

 

Exxon Senior Vice President Neil Chapman said on Friday the company was planning both capital and operating expense cuts to defend its dividend, adding that investors "come to view that dividend as a source of stability in their income."

Edited by tx 3 putt
Posted
21 minutes ago, DCA_HORN said:

That can't be true.

ExxonMobil is Suspending 401k Matching

Sent: Tuesday, August 4, 2020, 02:29:46 PM CDT
Subject: Urgent Notification: ExxonMobil Savings Plan Changes effective October 1, 2020

Union Leadership:
Given the current business environment, the Corporation is taking steps to reduce costs.
The company intends to suspend the Company match contribution to U.S. ExxonMobil Savings Plan (Savings Plan) for all employees covered by the Savings Plan, effective around October 1, 2020.
ExxonMobil’s total remuneration remains competitive.

Summary of the Savings Plan Change:
Currently, the company matches a 6% minimum employee contribution with 7% of the participant’s pay.

Starting with payroll around October 1, 2020, the company match will be suspended until further notice.

As business conditions continue to evolve, company match contributions to the Savings Plan will be reassessed.

Please let us know if you have any questions and would like to discuss or bargain.

[REDACTED]
Labor Advisor
Baytown Complex

Posted

Haven’t followed the HR goings-on or budget reduction news for XOM. Every article or online mention references that same labor relations email as the source, which ends “Please let us know if you have any questions and would like to discuss or bargain.”

Lots of other boards and CEOs have mentioned protecting the DIV at all cost in March, and many have ended up coating regardless. (While cutting work force, CapEX, OpEx, G&A also)

Is this just a shot across the bow to have some G&A discussions with XOM’s petrochem unions? Don’t imagine “fuck your 401k. Protect the investors” as the first rattle out of the box plays will play well in the plants.


Posted
37 minutes ago, Dr. Beeper said:

No and no. What do you do?

Right, because companies rolling in cash often suspend 401k matches.  They have also taken on something like $18 bln in additional debt YTD which is another obvious sign of companies with great cash positions.

Posted
Big difference between rolling in cash and having a cash problem. XOM doesn’t have a cash problem. 
It has a free cash flow problem. Several buddies confirmed the cut is company wide and not just downstream.
Posted (edited)

I can’t speak for all sites, but the Beaumont chem plant was throwing around unheard of benefits and top pay for people 

If I hear the right numbers for the Portland site, I’m interested 

Edited by tx 3 putt
Posted

EIA reported 7.4M barrel crude drawdown this week. That's 18M over the past 2 weeks. A lot of that is attributable to the fact that imports from KSA have fallen off a cliff recently.

WTI briefly shot up north of $43 this morning, but settled for a modest gain to $42.20,  highest price in 5 months. 

Posted
16 hours ago, Fudge Nuggets said:

As long as they keep my dividend checks coming I don’t give a shit about their employees’ 401k matches. 

they're the last one holding this crown.  everyone else has reduced significantly.  (aint complaining)

Posted

Our ceo was directly asked about changing benefits in a recent town hall one day before Exxon’s announcement and he said they do not plan to change any benefits or other items. 
 

Of course they always say that right up until they cut it, just like dividends. Ah well. 

Posted
5 hours ago, tx 3 putt said:

Exxon suspending their 401k just gave the green light to every energy company to do the same. It’s not like people are going to quit. 

 

2 hours ago, Okie State said:
5 hours ago, tx 3 putt said:
Exxon suspending their 401k just gave the green light to every energy company to do the same. It’s not like people are going to quit. 

This is my concern, dude.

Yeah, I was worried about upcoming layoffs. Now I have to worry about salary/benefit reduction if I make it through cuts. Cool cool cool. 

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Posted
13 minutes ago, Neonmoon said:

 

Yeah, I was worried about upcoming layoffs. Now I have to worry about salary/benefit reduction if I make it through cuts. Cool cool cool. 

Same 

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Posted

Well, at least my crotch is just about done getting bashed in with a chunck of concrete by these fuckers.  Just got this in the morning email...

 

Image 8-6-20 at 9.52 AM.jpeg

Posted
38 minutes ago, Jshep34 said:

Im still here(downstream). Its not pretty, morale sucks. But atleast still have a job.

‘I still have a job’ means so much more in 2020, and probably well into 2021 

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Posted
7 hours ago, tx 3 putt said:

Exxon suspending their 401k just gave the green light to every energy company to do the same. It’s not like people are going to quit. 

Mac-god-dammit.jpg

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Posted
Anyone else wondering how many jobs never come back ?
This always seemed to happen each bust, during my career at least. The amount of people on my projects got smaller and smaller.
Posted
Well, at least my crotch is just about done getting bashed in with a chunck of concrete by these fuckers.  Just got this in the morning email...
 
1337710029_Image8-6-20at9_52AM.thumb.jpeg.30b230b1f0e41806a4d3f55a6413e05e.jpeg


Got the same from Denbury. Delisted from NYSE. Massive layoffs. Chapter 11 protection.

But at least I won’t have to look at that 99.3% loss on my portfolio.

Thanks for the hot stock pick, dear old dad. DNR - do not resuscitate.
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Posted

We went over the ‘new’ compensation bonus plan this am and I was excepting the get bent over, but damn they really didn’t take anything ‘away’. Cleaned it up on the low end and actually beefed up the top (people that over sell)

im very relieved 

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Posted
7 hours ago, tx 3 putt said:

Anyone else wondering how many jobs never come back ?

I’m assuming if I get let go this go around that I’m gone for good. I’ll make some calls and see what I can hustle up and keep an ear open but will actively be looking at new industries. 

Posted (edited)

Oh, I listened to you.  I was already buried in that mf'er when I brought up that I had poured the gasoline all over myself and lit up the cig on this site.  I think that's when you, and a handful of others, chimed in.  It wasn't like I didn't listen.  In fact, I was able to take a significant chunk of the sting out a few months ago when it bounced off the atmosphere before crashing into the Pacific.  I think my rate of return that one day was something like 600%.  I ejected at the apex of that bounce.

Still, it was a beating and a lot of you guys (you especially Beep) called it dead on.

And, yes, I will listen.

Edited by Cajun
Posted
30 minutes ago, Cajun said:

Oh, I listened to you.  I was already buried in that mf'er when I brought up that I had poured the gasoline all over myself and lit up the cig on this site.  I think that's when you, and a handful of others, chimed in.  It wasn't like I didn't listen.  In fact, I was able to take a significant chunk of the sting out a few months ago when it bounced off the atmosphere before crashing into the Pacific.  I think my rate of return that one day was something like 600%.  I ejected at the apex of that bounce.

Still, it was a beating and a lot of you guys (you especially Beep) called it dead on.

And, yes, I will listen.

They just need to be given a massive contract to cure Covid.  I've seen dumber shit...

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