Hey Oil Barons.......

[tx 3 putt 76906]

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 

[Moby Ric 2058]

That's going to leave a mark.

[Fudge Nuggets 19190]

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.

[tx 3 putt 76906]

There’s still more to come, imo

and a higher power better have mercy on us if Covid 2.0 hits hard this fall 

[Llano Estacado 1257]

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.

[tx 3 putt 76906]

13 hours ago, Dr. Beeper said:

Buying opportunity of a lifetime. 

used trucks / harleys / boats will be plentiful !

[Johnny Chimpo 478]

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

[DCA_HORN 725]

That can't be true.

[Fudge Nuggets 19190]

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. 

[Fudge Nuggets 19190]

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. 

[tx 3 putt 76906]

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 August 5, 2020 by tx 3 putt

[tx 3 putt 76906]

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

[tx 3 putt 76906]

Exxon seems to have a cash problem. The dominoes are starting to fall. I just want to be employed through the end of the year 

Edited August 5, 2020 by tx 3 putt

[tx 3 putt 76906]

10 minutes ago, Dr. Beeper said:

No and no. What do you do?

i work downstream, lot of classmates in upstream. my upstream contacts go to waste 

[Llano Estacado 1257]

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.

[Fudge Nuggets 19190]

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.

[tx 3 putt 76906]

XOM earnings this week ?

[DCA_HORN 725]

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.

[tx 3 putt 76906]

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 August 5, 2020 by tx 3 putt

[Fudge Nuggets 19190]

1 hour ago, tx 3 putt said:

XOM earnings this week ?

Last week.

[Storm the Field 5294]

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. 

[high side 3 way 54]

Nat gas rising from the dead this week. Will it continue? 

I'm hearing bullish things on the upstream side, maybe something that starts with a 3 once winter demand kicks in.

[tx 3 putt 76906]

7 hours ago, DCA_HORN said:

That can't be true.

they also let go of 8000 to 10000 employees in the past couple of months. not laid off but let go due to performance issues 

[Updawg 2266]

they also let go of 8000 to 10000 employees in the past couple of months. not laid off but let go due to performance issues 

Ouch. That sucks.

[tx 3 putt 76906]

I should say - They’re in the process of being pushed out. Unattainable PiP goals laid out (3 month plan) but given an option to bail is what I heard 

[Updawg 2266]

Not an oil guy but I always heard Exxon was very solid once you were in. These are rare times but still that’s ugly

[tx 3 putt 76906]

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. 

[52-80 19150]

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)

[FartingMonk 3606]

We still have ours but it's a matter of time.  

[Okie State 3818]

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.

[Johnny Chimpo 478]

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. 

[Neonmoon 38129]

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. 

[tx 3 putt 76906]

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 

[high side 3 way 54]

Got my 20% paycut a couple months ago. At least I'm still employed (upstream).

[Jshep34 2308]

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

Sent from my SM-G960U using Tapatalk

[Cajun 11705]

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...

 

[Fudge Nuggets 19190]

6 hours ago, 52-80 said:

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

Chevron also hasn’t cut their dividend so far. 

[tx 3 putt 76906]

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 

[Schulz2.0 28951]

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. 

[Goofyboy 3280]

I don’t care about 401k right now. I’m happy to be employed. My hours are all over the place. 27 this week, 25 next week, 10 the week after, back to 25...

[tx 3 putt 76906]

Anyone else wondering how many jobs never come back ?

[Eastwood 4394]

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.

[tx 3 putt 76906]

I’m seeing customer still running with the absolute minimum staff on site. Why go back to the old ways ?

[Llano Estacado 1257]

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...
 

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.

[Cajun 11705]

Well, at least you've got someone to blame.

I went ballz deep into CHK all on my own.

Expensive lesson.

[tx 3 putt 76906]

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 

[Archer 474]

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. 

[Cajun 11705]

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 August 7, 2020 by Cajun

[Neonmoon 38129]

Don’t worry, they are going to come out of CH 11 ready for to party again 

[ChiTownDoc 21152]

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...