Looks like Exxon announced 2,000 Houston layoffs?
Houston..we have a problem....
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Last: 2 days ago by Bibendum 86
Brutal. A lot of people passed on better paying jobs for the stability of exxon and chevron.
Shell's announcement will be in the next few months as well, I'd expect similar numbersCyp0111 said:
Brutal. A lot of people passed on better paying jobs for the stability of exxon and chevron.
Chevron wanted only the assets. Anyone not touching an asset is probably in big trouble.
Exxon is two layoffs behind everyone else.
Exxon is two layoffs behind everyone else.
I bet a sizable chunk of it is XTO employees who just relocated from Fort Worth, what a bummer.topher06 said:
Looks like Exxon announced 2,000 Houston layoffs?
Exxon's dividend is surely coming next.
I think that, to be very honest with you, I do believe that we should have rightly believed, but we certainly believe that certain issues are just settled.
- Kamala Harris
Vote for Trump.
He took a bullet for America.
- Kamala Harris
Vote for Trump.
He took a bullet for America.
techno-ag said:
Exxon's dividend is surely coming next.
As it should. Ridiculous to keep piling on leverage to pay the dividend.
Should've cut it when prices crashed and used the cash to pay down debt and help bolster the balance sheet.
XTO relocated 2 years ago.
Exxon has been really poorly managed, which is surprising because they used to be the leader in cost discipline. It was impossible to make a mistake when oil was $100+ and I don't think they realized their success was a result of the commodity price and not strategy until very recently.
Part of it is because they have $2 million work of salaried employees working to save $1 million.
Exxon has way too many people that each have a very narrow responsibility.
Exxon has way too many people that each have a very narrow responsibility.
LostInLA07 said:
Exxon has been really poorly managed, which is surprising because they used to be the leader in cost discipline. It was impossible to make a mistake when oil was $100+ and I don't think they realized their success was a result of the commodity price and not strategy until very recently.
I've worked for BP and XOM at different points in my career. Each company has it's own reputation for different reasons. However, I'll say that during my time at BP under Dudley I saw a company that was run much much better than my time at XOM under Woods. Now over the long run there is no disputing that XOM has been a leader in just about everything, but the problem they have is that they believed success would continue to follow them just because they're XOM.
The hubris at Exxon was something I always heard people kind of joke about, but to be honest it fit every characterization I heard once I saw it first-hand. What's interesting now is that the rank and file employees have realized things are not at all rosy for years now but leadership has been completely absent at addressing problems and taking ownership of mistakes. They need a complete overhaul in Dallas and they need big chunk of the lifers at Spring campus to retire for them to reset as a company.
maybe they should bring sexy rex back
Rex bought XTO...
one MEEN Ag said:Banning fracking/drilling on federal lands/freezing offshore permits only does three things:Aston04 said:
Biden win may actually be good for a oil prices in medium term as they tie up production in the US. I prefer oil companies drilling outside USA.. Ones that also have lower break even levels..
-Increases layoffs
-Increases oil prices but also inflation.
-Allows democrats to point to solar/wind as the answer.
Economies are powered on cheap energy. Watch even more manufacturing evaporate from america if natural gas quadruples.
Cheap gas was starting to cause manufacturing to come back to the US. A dramatic increase in gas will certainly reverse that trend.
Nvm
Nvm
topher06 said:I actually expect that the environmentalist will eventually target wind. Solar is probably safe. Nuclear comes after oil and gas, then wind. It will never stop.one MEEN Ag said:Banning fracking/drilling on federal lands/freezing offshore permits only does three things:Aston04 said:
Biden win may actually be good for a oil prices in medium term as they tie up production in the US. I prefer oil companies drilling outside USA.. Ones that also have lower break even levels..
-Increases layoffs
-Increases oil prices but also inflation.
-Allows democrats to point to solar/wind as the answer.
Economies are powered on cheap energy. Watch even more manufacturing evaporate from america if natural gas quadruples.
Some enviro groups have already been targeting hydroelectric because damming rivers is bad for fish or something.
BiochemAg97 said:topher06 said:I actually expect that the environmentalist will eventually target wind. Solar is probably safe. Nuclear comes after oil and gas, then wind. It will never stop.one MEEN Ag said:Banning fracking/drilling on federal lands/freezing offshore permits only does three things:Aston04 said:
Biden win may actually be good for a oil prices in medium term as they tie up production in the US. I prefer oil companies drilling outside USA.. Ones that also have lower break even levels..
-Increases layoffs
-Increases oil prices but also inflation.
-Allows democrats to point to solar/wind as the answer.
Economies are powered on cheap energy. Watch even more manufacturing evaporate from america if natural gas quadruples.
Some enviro groups have already been targeting hydroelectric because damming rivers is bad for fish or something.
Just about everything humans do is bad for the earth. We've F'ed up entire river systems with dams. Wind turbine studies are just starting to show their issues. Solar will be next, especially when they need to start disposing of fields and batteries. We all know none of this has anything to do with reality. But God forgive we use the best options available like gas and nuclear.
Oil going sub 30 this week...
Not popular with investors perhaps, but it's time for XOM to cut or pause the dividend. They need to batten down the hatches. The hubris of keeping a 10% dividend (going to 11%+ in this environment is crazy.
Oil prices really collapsing. I'm been looking to go long on some more small oil stocks with competitive advantage of drilling cost... But time to hit the pause button... I think they could lose another 5-10% easily this week.
Oil prices really collapsing. I'm been looking to go long on some more small oil stocks with competitive advantage of drilling cost... But time to hit the pause button... I think they could lose another 5-10% easily this week.
AustinAg008 said:
Oil going sub 30 this week...
Time to load the boat on assets.
Maybe, but oily names have a long road to hoe.Comeby! said:AustinAg008 said:
Oil going sub 30 this week...
Time to load the boat on assets.
I already have enough gas.
You and my dog, it has been brutal today.Comeby! said:
I already have enough gas.
Can someone explain to a dummy like me what the refining outlook looks like for the next 12 months? I get that the future across this industry seems bleak. Price of oil is pretty stable right now and probably won't rise much, rig count is drastically lower than the start of the year but has probably bottomed out.
Haven't refineries cut throughput quite a bit? But they're still mostly online and producing some. It seems much more stable than the production side, no?
Any insight or reports with numbers in them to get a feel for trends would be much appreciated! Thanks.
Haven't refineries cut throughput quite a bit? But they're still mostly online and producing some. It seems much more stable than the production side, no?
Any insight or reports with numbers in them to get a feel for trends would be much appreciated! Thanks.
Hear Shell is closing Convent refinery.
"But it is easier to purchase products that denote superiority than to be actually superior in economic achievement." - Thomas J. Stanley
Refiners mostly online but rates are cut. EIA data lags but shows utilization here
https://www.eia.gov/dnav/pet/pet_pnp_unc_dcu_nus_m.htm
A few recent IR excerpts
Valero
Refinery throughput volumes averaged 2.5 million barrels per day in the third quarter of 2020, which was 428 thousand barrels per day lower than the third quarter of 2019.
Marathon
The decrease in R&M earnings was primarily due to reduced throughput, lower crack spreads, and weaker crude differentials.
R&M margin, excluding the LIFO liquidation charge, was $8.28 per barrel for the third quarter of 2020, versus $15.11 for the third quarter of 2019. Crude capacity utilization was 84% (excluding idled facilities) resulting in total throughput of 2.5 million barrels per day. Clean product yield was 85%.
Lyondell (Houston)
CRUDE THROUGHPUT
81% utilization rate matching reduced demand
MARGIN
Lower crack spreads; absence of 2Q20 hedge gains Maya 2-1-1 decreased by $3.38 to $9.89
https://www.eia.gov/dnav/pet/pet_pnp_unc_dcu_nus_m.htm
A few recent IR excerpts
Valero
Refinery throughput volumes averaged 2.5 million barrels per day in the third quarter of 2020, which was 428 thousand barrels per day lower than the third quarter of 2019.
Marathon
The decrease in R&M earnings was primarily due to reduced throughput, lower crack spreads, and weaker crude differentials.
R&M margin, excluding the LIFO liquidation charge, was $8.28 per barrel for the third quarter of 2020, versus $15.11 for the third quarter of 2019. Crude capacity utilization was 84% (excluding idled facilities) resulting in total throughput of 2.5 million barrels per day. Clean product yield was 85%.
Lyondell (Houston)
CRUDE THROUGHPUT
81% utilization rate matching reduced demand
MARGIN
Lower crack spreads; absence of 2Q20 hedge gains Maya 2-1-1 decreased by $3.38 to $9.89
Yeah they announced 1900 a week ago or so (for US, mostly
Houston I believe)
Houston I believe)
RightWingConspirator said:
Hear Shell is closing Convent refinery.
740 In Houston reported this as well.
Wow
My Clients at another nearby refinery were talking about it yesterday. About 700 jobs.ChemEAg08 said:RightWingConspirator said:
Hear Shell is closing Convent refinery.
740 In Houston reported this as well.
Announced on the internal Shell website today as well
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