June 21, 20214 yr Quote 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
June 21, 20214 yr 13 minutes ago, Blotto said: https://finance.yahoo.com/news/exxon-prepares-cull-u-white-193034433.html The old Enron model. What could go wrong?
June 21, 20214 yr 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 June 21, 20214 yr by billfromlaketravis
June 21, 20214 yr In fact I think it would be smart for large independents to up capex budgets - so long as they can still operate profitably and not through a bullshit EBITDAX metric but through an FCF and net profit metric.This is our concern, dude.
June 21, 20214 yr 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.
June 21, 20214 yr 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.
June 21, 20214 yr 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 June 21, 20214 yr by tx 3 putt
June 22, 20214 yr 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.
June 22, 20214 yr I'm fine with the ranking systems as long as they're fair. Which, of course, they're not.I've heard all kinds of bad shit about working for Exxon. I'd never work for them.
June 22, 20214 yr I’m guessing that Purdue and school of mines kids don’t get that part of the interview but I’ll ask
June 22, 20214 yr 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.
June 22, 20214 yr 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.
June 22, 20214 yr 4 hours ago, 52-80 said: 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. Bingo.
June 22, 20214 yr 22 hours ago, Storm the Field said: $73 has been breached. Hasn't been at $75 since 2014. I imagine we're days away.
June 22, 20214 yr 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?
June 22, 20214 yr 2 hours ago, DCA_HORN said: Trch down 30% today. Hopefully you sold this morning. Oh yeah. Sold in pre market. Paper hands. i think its fascinating what these crazy kids believe. Everything is a short squeeze.
June 23, 20214 yr https://www.yahoo.com/news/controversial-st-croix-refinery-ceases-224136773.html RiP st criox refinery
June 23, 20214 yr https://www.yahoo.com/news/controversial-st-croix-refinery-ceases-224136773.html RiP st criox refinery Didn’t realize it was running again. Went there about 20 years ago when it was hess
June 23, 20214 yr 12 minutes ago, Updawg said: Didn’t realize it was running again. Went there about 20 years ago when it was hess It’s a complete dump
June 23, 20214 yr Spent a week there in December of 2018 and the locals were complaining about it then.
June 24, 20214 yr 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.
June 25, 20214 yr 49 minutes ago, DCA_HORN said: Anybody know how much natural gas is going for these days? https://markets.businessinsider.com/commodities/natural-gas-price
June 25, 20214 yr I tee up a tree fiddy opportunity for you guys and you come back with concise relevant info with links? What is happening to this place?
June 26, 20214 yr 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
June 26, 20214 yr 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.
June 28, 20214 yr $74. American highways are jammed with RV’s, Semis, Everybody. Then we get the 4th. Demand spike.
June 28, 20214 yr 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....
June 29, 20214 yr 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.
June 30, 20214 yr On 6/22/2021 at 8:51 PM, tx 3 putt said: https://www.yahoo.com/news/controversial-st-croix-refinery-ceases-224136773.html RiP st criox refinery Had a buddy out there he is a superintendent with Stronghold. He said man. That place was a death trap.
June 30, 20214 yr 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
June 30, 20214 yr 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
June 30, 20214 yr 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
June 30, 20214 yr 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
June 30, 20214 yr 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.
June 30, 20214 yr 2 hours ago, Dr. Beeper said: Were you left holding the bag there? No, they were my biggest client for quite a few years.
July 1, 20214 yr This sucks. Oil at $76 this morning? Phones are ringing non-stop domestic and int'l customers. Chill out already. (adjust your meters as necessary)
July 1, 20214 yr 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.
July 1, 20214 yr 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 July 1, 20214 yr by Tex48
July 1, 20214 yr Natty at $3.65, highest since late 2018. Meanwhile, European NG prices are at a 13 year high.
July 1, 20214 yr 2 hours ago, Dr. Beeper said: A lot better before you opened your goddamned mouth. we back bro
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