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Hey Oil Barons.......

936horn

By 936horn
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Blotto

Blotto 23,491

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Exxon Mobil Corp. is preparing to reduce headcount at its U.S. offices by between 5% and 10% annually for the next three to five years by using its performance-evaluation system to suss out low performers, according to people familiar with the matter.

The cuts will target the lowest-rated employees relative to peers, and for that reason will not be characterized as layoffs, the people said, asking not to be identified because the information isn’t public. While such workers are typically put on a so-called performance improvement plan, many are expected to eventually leave on their own. This year’s evaluation is happening now but affected employees have not yet been notified, the people said.

https://finance.yahoo.com/news/exxon-prepares-cull-u-white-193034433.html 

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billfromlaketravis

billfromlaketravis 11,448

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29 minutes ago, Blotto said:

https://finance.yahoo.com/news/exxon-prepares-cull-u-white-193034433.html 

The article touches on it briefly, but if XOM puts an employee on an “improvement plan” it’s a de facto dismissal without severance. It is my understanding that is impossible to “improve” and go back to being a normal employee. The improvement plan timeline ends, and the employee is let go. 
 

XOM gets a work product while the employee works through a 6 month or year long death row sentence instead of looking for another job at home. It’s cold blooded HR evil that one would expect from a super major. 

Edited by billfromlaketravis
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DCA_HORN

DCA_HORN 725

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I was thinking GE. Lots of companies employ this without having their CFO create bullshit SPVs and their lunatic President create entire business units that produce nothing but sizzle and cost. 
I hate working for a company that employs this, because it can ruin morale if not done properly, but at a company like XOM in a beleaguered industry like integrated E&P, it’s necessary. Large integrateds must do it, but I think the industry needs to go a step further and start doing this at the large independent level. Pioneer already has, it hurt their morale tremendously, but they did it before Covid and came out just fine. 
I'm pretty sure exxon has done this forever.
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Lagunamadre

Lagunamadre 1,975

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32 minutes ago, Dr. Beeper said:

I was thinking GE. Lots of companies employ this without having their CFO create bullshit SPVs and their lunatic President create entire business units that produce nothing but sizzle and cost. 

I hate working for a company that employs this, because it can ruin morale if not done properly, but at a company like XOM in a beleaguered industry like integrated E&P, it’s necessary. Large integrateds must do it, but I think the industry needs to go a step further and start doing this at the large independent level. Pioneer already has, it hurt their morale tremendously, but they did it before Covid and came out just fine. 

I was half joking about the Enron deal, just jumped out to me that they had the same policy. Having worked at a big upstream company in the past, I can attest that half the people at those places are dead weight. Come in at 7, leave at 3:45, push paper around. Just enough to blend in and not get fired. 

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tx 3 putt

tx 3 putt 76,874

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1 hour ago, Texas St. Armadillos said:

Wow, I can't believe all the boomers just got put on a PIP.  Weird.

That place is full dead weight just hanging on for that fat paycheck. They are well past their retirement age, just hoping for a buyout. 
 

the mega campus is beyond bloated 

And yes, XoM has used PiP for many years to flush out people. If the. If something  arises, they can quickly hire Purdue and School of Mines grads. 

Edited by tx 3 putt
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Archer

Archer 474

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4 hours ago, DCA_HORN said:
4 hours ago, Dr. Beeper said:
I was thinking GE. Lots of companies employ this without having their CFO create bullshit SPVs and their lunatic President create entire business units that produce nothing but sizzle and cost. 
I hate working for a company that employs this, because it can ruin morale if not done properly, but at a company like XOM in a beleaguered industry like integrated E&P, it’s necessary. Large integrateds must do it, but I think the industry needs to go a step further and start doing this at the large independent level. Pioneer already has, it hurt their morale tremendously, but they did it before Covid and came out just fine. 

I'm pretty sure exxon has done this forever.

When I interviewed with them in 2005 they were upfront with the policy and explained the ranking system as part of my interview. 

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Doyle Hargreaves

Doyle Hargreaves 301

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Took a flyer earlier in the year when I was accumulating oil positions. So I had a few shares of TRCH. Got a tip from another Henry Hub trader on TRCH. Took a full position last week. 
 

well holeeee fuckeee suckeee long time. The “kids” piled on this morning, all day, and AFTER hours. 
 

Been trading a long time. The worst thing about being up 70% is selling at the wrong time. 
 

no, idgaf about the divi…probably keep a few shares in the merged company. Its crazy. Anyway…just curious if anyone else was caught up in it. 

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52-80

52-80 19,147

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11 hours ago, billfromlaketravis said:

The article touches on it briefly, but if XOM puts an employee on an “improvement plan” it’s a de facto dismissal without severance.

same for all companies.  PIP is a de facto death knell.  PIP = we are collecting proof on you to reduce liability becuz we're afraid of firing you immediately.

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DCA_HORN

DCA_HORN 725

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Took a flyer earlier in the year when I was accumulating oil positions. So I had a few shares of TRCH. Got a tip from another Henry Hub trader on TRCH. Took a full position last week. 
 
well holeeee fuckeee suckeee long time. The “kids” piled on this morning, all day, and AFTER hours. 
 
Been trading a long time. The worst thing about being up 70% is selling at the wrong time. 
 
no, idgaf about the divi…probably keep a few shares in the merged company. Its crazy. Anyway…just curious if anyone else was caught up in it. 
You took a flyer on a company that has virtually no production and had no real ability to increase production? Yeah if you sell you will make out but can we get a list of your other investments so we can stay away?
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pearlandhorn

pearlandhorn 3,269

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On 6/22/2021 at 8:24 PM, Dr. Beeper said:

I put a guy on a PIP once. He improved. It was genuine. But this wasn’t a company wide deal. I’ve seen many companies do this as a tactic to give an employee time to find something else. If they end up being terminated, they’d get severance. 

A lot of large companies do this, even outside of O&G. This is standard practice in big 4 public accounting. 

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tx 3 putt

tx 3 putt 76,874

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On 6/24/2021 at 8:22 AM, pearlandhorn said:

A lot of large companies do this, even outside of O&G. This is standard practice in big 4 public accounting. 


the bigger shock was Exxon going after white collar jobs. Those people were mostly spared in the paat

 

trimming the fat 

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pearlandhorn

pearlandhorn 3,269

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10 minutes ago, tx 3 putt said:


the bigger shock was Exxon going after white collar jobs. Those people were mostly spared in the paat

 

trimming the fat 

Agree with you there. Don’t think the big supermajors are going to go balls to the walls spending a shit ton of money right now. They’re leaning up and going to print money.

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52-80

52-80 19,147

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any of you fellas actually trade oil futures (or futures options) in your personal account?

trying to figure out a capital efficient way of betting on oil without eventually having to take delivery of barrels in fucking cushing oklahoma.  otherwise ill just stick to the equities....

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Tex48

Tex48 840

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On 6/28/2021 at 4:01 AM, 52-80 said:

any of you fellas actually trade oil futures (or futures options) in your personal account?

trying to figure out a capital efficient way of betting on oil without eventually having to take delivery of barrels in fucking cushing oklahoma.  otherwise ill just stick to the equities....

You can trade them on Interactive Brokers.  I know some people who did it when prices when near inverse in 2020 for 2nd month instead of front month (the month where delivery actually went inverse).  I think a friend of mine made $40k.  He nearly had to take delivery on the front month barrels.  I think it did wear down his P&L quite a bit.  I think interactive brokers has higher margin requirements but if you are trading them individually its the only way I would go.  

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tx 3 putt

tx 3 putt 76,874

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12 minutes ago, FartingMonk said:

Had a buddy out there he is a superintendent with Stronghold.  He said man.  That place was a death trap.


a trumper buddy claimed there was nothing wrong with that plant. He knows it inside out. He said the island people want it shut down so Biden will give them more welfare. 
 

His company has invoiced 30mil+ in the last 18 months 

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FartingMonk

FartingMonk 3,606

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41 minutes ago, tx 3 putt said:


a trumper buddy claimed there was nothing wrong with that plant. He knows it inside out. He said the island people want it shut down so Biden will give them more welfare. 
 

His company has invoiced 30mil+ in the last 18 months 

Haha.  That's why when they flared.  They shot product out the flare and made it rain on the island

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tx 3 putt

tx 3 putt 76,874

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30 minutes ago, FartingMonk said:

Haha.  That's why when they flared.  They shot product out the flare and made it rain on the island


I didn’t point that out but it’s funny. When he was there in 2018/2019, him all the crew would write Trump2020 on their US money so those bills would be all over the island 

 

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52-80

52-80 19,147

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12 hours ago, Tex48 said:

You can trade them on Interactive Brokers.  I know some people who did it when prices when near inverse in 2020 for 2nd month instead of front month (the month where delivery actually went inverse).  I think a friend of mine made $40k.  He nearly had to take delivery on the front month barrels.  I think it did wear down his P&L quite a bit.  I think interactive brokers has higher margin requirements but if you are trading them individually its the only way I would go.  

my broker software will quote anything but only execute trades from current month (CLQ1) to march (CLH2).    looks like there ample volume going into mid 2023

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Tex48

Tex48 840

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5 hours ago, 52-80 said:

my broker software will quote anything but only execute trades from current month (CLQ1) to march (CLH2).    looks like there ample volume going into mid 2023

I would check with Interactive Brokers and see if they let you trade the full strip through Feb 2032 (I think that's the last priced month).  I don't know anyone who tried to trade anything other than front month or 2nd or 3rd month.  I assume you know this but the further out you get especially for the crude futures the less liquid they are so the price won't move as much.  If you want, go crazy and buy a bunch of 2032s just realize you might not be able to move them anytime soon.  

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XYZ

XYZ 2,154

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What do y’all think about putting some money into one of those mixed commodities tracking ETFs (a mix of oil, metals, agricultural, etc) in order to protect yourself from inflation? I’m not looking for a great money-making trade, just somewhere to park a bit of savings so that inflation doesn’t eat them. Thanks.

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Tex48

Tex48 840

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1 hour ago, XYZ said:

What do y’all think about putting some money into one of those mixed commodities tracking ETFs (a mix of oil, metals, agricultural, etc) in order to protect yourself from inflation? I’m not looking for a great money-making trade, just somewhere to park a bit of savings so that inflation doesn’t eat them. Thanks.

Most of them are garbage tbh.  Like USO for example.  The way they manage their exposure isn't loaded how most people expect. A lot of people buy into them especially when there's big price moves but they don't understand that they are priced over multiple months.  Before you buy into any of them, you need to read what they are actually made up of and understand how they are managed.  Most of them just make money for the ETF managers.  You would be better off to be like 52-80 and just buy some long term dated contracts or options.

Edited by Tex48
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