restarted my position today

I started buying at 44 with the determination to buy all the way down. In at 33 today starting to second guess. Q3 results and Q4 dividend will be incredibly interesting

I am still sitting on a relatively small position with $42 cost basis, I also have some mid 2021 $40 calls in the red. Not where I like to be but it is where I am. I have wanted to ave down but I still do not see any technical action that warrants entering yet. REALITY CHECK - last 37 trading days since the 46 high we have had 7 green days...OUCH. Be patient, I think the 30 covid low will be a telling area of support/non-support, potentially we may get reversal around that level.

With the President testing positive, we continue with it dropping. Going to wait a little longer to jump back in...

Bought some more at $33.

Probably mentioned already but what can we expect dividend wise going forward?

I think Q4 dividend is a lock. Into 2021, it's still a question mark.

Today Chevron passed XOM in market cap.

Heard XOM is nudging out the XTO staff...or at least most of it.

//Doesn't XOM have any finance guys? Should be drilling for oil on Wall Street; buying back shares, retiring shares (making outstanding float more valuable) and pissing off Elizabeth Warren. It's Finance 101.//Just my thoughts.//

Dan Scott said:

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Today Chevron passed XOM in market cap.

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That was short-lived but telling. As a reference point on Jan 2 of this year XOM market cap was 300 B and CVX was 229 B. Quite the downward swing for both for CVX to overtake in the 140's.

RightWingConspirator said:

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Cramer just floated a rumor of CVX buying XOM. He's an idiot. I don't see CVX doing anything that stupid.

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Bargain purchase potential. Don't see it happening.

That analyst should be ridiculed. How silly.

I posted this 4 or 5 years back in the "Houston... We have a problem" thread. After oil booms it's taken 15 years or so for the price bottom out. The price peaked in 2008, so we're still shy of that. There were also a ton of mergers out of necessity - we haven't got that yet. It doesn't matter if demand increases when the price of oil decreases. Maybe COVID pushed the bottom to this year, but there will still be lean years.

When the S&P has been averaging ~15% it would be tough to convince me o&g is a great idea now.

I inherited and sold XOM at $92. I missed out on those 3% now 8% dividends, but my funds have been going up 15%/year while XOM went down 50%.


I think XOM and o&g will be back again, but I won't touch it for a few years.

Down to $32

They keep finding more oil in Guyana, up to 9 billon barrels is the new estimate, it is about the only good news going for them.

Update call at 9am...will be interesting.

I kept buying in. I would buy more, but feel a little over exposed and have been diversifying a little more now. I still feel like it's a buy.

Hearing rumblings of 20% layoffs coming.

https://corporate.exxonmobil.com/News/Newsroom/News-releases/2020/1029_ExxonMobil-plans-reduction-to-US-staffing-levels

15% globally (14000 total 50/50 contract/emp, 1900 US based)

First phase voluntary retirement packages, second phase involuntary with severance packages. Notifications in Dec with seps between Feb and Apr.

The Imp said:

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15% globally (14000 total 50/50 contract/emp, 1900 US based)

First phase voluntary retirement packages, second phase involuntary with severance packages. Notifications in Dec with seps between Feb and Apr.

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Not too bad. Although I'm sure this will be on top of further reductions next summer due to "performance".

TommyGun said:

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The Imp said:

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15% globally (14000 total 50/50 contract/emp, 1900 US based)

First phase voluntary retirement packages, second phase involuntary with severance packages. Notifications in Dec with seps between Feb and Apr.

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Not too bad. Although I'm sure this will be on top of further reductions next summer due to "performance".

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Yep. Though I think we will see it return to how the performance system is supposed to work rather than the BS they pulled this year and I don't foresee the cut level being 8%. Probably back to the 2-3% range as usual.

Still holding on this..
I thought it would pick up more by now (over 50), but I guess we need to keep holding until early-mid next year to see an increase in demand.

Judging by traffic patterns, people are certainly driving again.

Buy!!!

I'm not thinking of buying unless it drops to 29/30 range again

Activist investors taking aim at XOM:

https://www.wsj.com/articles/exxon-under-pressure-from-new-activist-fund-11607310000?mod=mhp

Excerpts from the article:

Quote:

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Engine No. 1 LLC, an investment firm launched by Chris James last week, is preparing to send a letter to Exxon's board urging the Irving, Texas-based company to focus more on investments in clean energy while cutting costs elsewhere to preserve its dividend. The letter, a copy of which was viewed by The Wall Street Journal, identifies four people the firm plans to nominate to Exxon's 10-person board.

Engine No. 1's letter calls on Exxon to make four primary changes: 1) add independent directors with diversified energy-industry experience; 2) reduce capital expenditures, particularly on projects that are unlikely to break even with sustained low oil and gas prices; 3) formulate a plan to invest in growth areas such as renewable energy; and 4) realign management incentives.

The window to officially nominate directors to Exxon's board doesn't open until later this month, and Engine No. 1 says in the letter it hopes Exxon will consider its nominees before that: Gregory Goff, the former CEO of refiner Andeavor, which was sold to Marathon Petroleum Corp. ; Kaisa Hietala, who previously led the renewables business of Finnish refiner Neste Oyj ; Alexander Karsner, an executive of Alphabet Inc.'s innovation lab who served in the Energy Department under President George W. Bush; and Anders Runevad, former CEO of Vestas Wind Systems AS.

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Determined to destroy them like Shell and BP, I'd guess.

Up 17% since I said buy on 11/12...