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Exxon's profit tumbles 58 percent, says it will cut expenditures by one-quarter
Posted on 2/2/16 at 8:11 am
Posted on 2/2/16 at 8:11 am
quote:
Exxon Mobil Corp (XOM.N) on Tuesday reported a 58 percent drop in quarterly profit and said it would cut spending this year by one-quarter as the world's largest publicly traded oil company copes with a prolonged downturn in crude prices.
“While our financial results reflect the challenging environment, we remain focused on the business fundamentals, including project execution and effective cost management,” Rex Tillerson, the chairman and chief executive officer, said in a statement.
LINK
Layoffs coming?
13
Posted on 2/2/16 at 8:12 am to Kujo
quote:
Layoffs coming?
ExxonMobil and Anadarko will soon.
Posted on 2/2/16 at 8:13 am to Kujo
quote:
Layoffs coming?
Possibly. I think the market will recover to the $40's and stay there for a decade or more...XOM is heavy in natural gas and will ultimately be fine. Cutting the fat, every industry needs it.
Posted on 2/2/16 at 8:14 am to Kujo
Need more context
Dropped from 200MM to 80MM PROFIT?
Dropped from 200MM to 80MM PROFIT?
Posted on 2/2/16 at 8:14 am to Kujo
But they're still making 42% profits...
Posted on 2/2/16 at 8:16 am to Hangover Haven
It's called capitalism brah.
You model your business plan based on supply/demand.
You model your business plan based on supply/demand.
Posted on 2/2/16 at 8:17 am to Kujo
Time to buy, son.
Posted on 2/2/16 at 8:19 am to Kujo
quote:
The Irving, Texas company reported that fourth-quarter profit slid to $2.78 billion
Nice
Posted on 2/2/16 at 8:20 am to abitabrewed4LSU
quote:
ExxonMobil and Anadarko will soon.
I think so as well. It's inevitable. It's really, really impressive that they have been able to sustain for this long without having to conduct layoffs.
Posted on 2/2/16 at 8:20 am to Hangover Haven
quote:
But they're still making 42% profits...
where are you getting that?
Posted on 2/2/16 at 8:21 am to Kujo
wonder how much of a bonus the ceo will get?
Posted on 2/2/16 at 8:21 am to yellowfin
I assumed he was trolling, fin
Posted on 2/2/16 at 8:21 am to yellowfin
Fantasyland
Posted on 2/2/16 at 8:21 am to MorbidTheClown
quote:
bonus the ceo will get?
I'm sure he will be hurting from a 5-10% cut....
Posted on 2/2/16 at 8:22 am to Rouge
I hope
Posted on 2/2/16 at 8:24 am to Bussemer
quote:
quote:
The Irving, Texas company reported that fourth-quarter profit slid to $2.78 billion
Nice
Nothing but doom and gloom and it's still one of the most profitable businesses on the planet.
I still call shenanigans on all of this.
Posted on 2/2/16 at 8:25 am to yellowfin
It's sad that the top offices can't let go of the huge salaries and bonuses to keep more employees.
Posted on 2/2/16 at 8:25 am to elprez00
quote:
I still call shenanigans on all of this
Que?
Posted on 2/2/16 at 8:30 am to Kujo
XOM has paid a hefty dividend for a long time...hopefully that continues....
Posted on 2/2/16 at 8:30 am to Kujo
The article says "cap spending will decrease by 25%." That's drilling costs and plant expansions.
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