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Started By
Message
re: Exxon Suspending 401K 6% Match in October
Posted on 8/5/20 at 10:40 pm to fightin tigers
Posted on 8/5/20 at 10:40 pm to fightin tigers
The 8% will likely end up 5% or less by the time it all shakes out.
It wasn’t an auto out the door
It wasn’t an auto out the door
0
Posted on 8/5/20 at 10:43 pm to Ross
quote:
I don’t know why it’s that uncomfortable. Those shareholders gave the company capital with the expectation that the company would have a fiduciary responsibility to them.
Some people don't like it stated so plainly. Their stock price matters way more to their board than their 401k match.
The only reason they compete on wages and benefits is because they have to compete for quality employees.
Posted on 8/5/20 at 10:44 pm to RoyalWe
quote:
Because companies survive by not being a charity. Are you really this dense?
And when you do go above and beyond for the employee, they frick you over any way. They have less stake in the company.
Posted on 8/5/20 at 10:48 pm to lsu xman
quote:
All those years Exxon made 15-20b profit, now they have a loss of 1b in a quarter, they're cutting benefits to save 1b.
So why didnt you buy XOM and get in on that train?
Posted on 8/5/20 at 10:57 pm to Icansee4miles
I mostly agree.
But, plastic packaging demand is going to rise. Some ppl are just terrified and will order shite going forward.
I think gas demand is like 90% back.
I'm working from home. But, wife sends me out to grab lunch.
Plus, people will be leaving inner cities. They'll drive more living in suburbs. Or some will work from home for good and live more rural. They'll not drive for work, but general shite will be longer drives. I think it'll be a wash.
Little pissant refineries like Placid etc will likely get destroyed though.
But, plastic packaging demand is going to rise. Some ppl are just terrified and will order shite going forward.
I think gas demand is like 90% back.
I'm working from home. But, wife sends me out to grab lunch.
Plus, people will be leaving inner cities. They'll drive more living in suburbs. Or some will work from home for good and live more rural. They'll not drive for work, but general shite will be longer drives. I think it'll be a wash.
Little pissant refineries like Placid etc will likely get destroyed though.
This post was edited on 8/5/20 at 11:00 pm
Posted on 8/5/20 at 10:59 pm to Matt225
I work for a fairly small o&g company that has had a 6% match for many years. Recommended to our upper management that we temporarily suspend until at least end of year, even though I personally want it to continue.
Posted on 8/5/20 at 11:16 pm to Icansee4miles
quote:
Don’t be so certain. The KingFlu has shown companies they employees can work effectively from home, have meetings over Zoom instead of traveling and how much money can be saved from doing so. There will be less demand for gasoline and dramatically reduced demand for aviation fuels will continue. And the corn lobby will make sure corn squeezings are a bigger and bigger percentage of our gas tanks. Fair chance the demand will never be back to pre-Covid levels.
just stop 
Posted on 8/5/20 at 11:20 pm to Privateer 2007
quote:
people will be leaving inner cities
lmao. why do people lie about this so much on here
Posted on 8/5/20 at 11:33 pm to Privateer 2007
quote:
I think gas demand is like 90% back
Neaux
This post was edited on 8/5/20 at 11:34 pm
Posted on 8/6/20 at 1:15 am to Klark Kent
quote:
just stop
If you can't see the writing on the wall with future oil demand, I'm not sure what to tell you. Business travel through the air or car will never be the same.
This post was edited on 8/6/20 at 1:16 am
Posted on 8/6/20 at 6:38 am to Klark Kent
Business Travel
Air Travel Prospects
You are talking out of your arse. Maybe when you get a few days off from flipping burgers you will still drive to Biloxi for the weekend, Fortune 500 companies have slashed business travel and told employees to use Zoom or Skype for meetings instead. And aviation fuel is (was) the most profitable product for refineries.
Air Travel Prospects
You are talking out of your arse. Maybe when you get a few days off from flipping burgers you will still drive to Biloxi for the weekend, Fortune 500 companies have slashed business travel and told employees to use Zoom or Skype for meetings instead. And aviation fuel is (was) the most profitable product for refineries.
Posted on 8/6/20 at 6:43 am to Mr Perfect
quote:
lmao. why do people lie about this so much on here
Think of where most of this board lives (suburbs).
Posted on 8/6/20 at 7:12 am to fightin tigers
quote:
Probably why you shouldnt assume what other people are getting at.
Well I only asked you about 15 times without an answer.
Posted on 8/6/20 at 7:22 am to TigerRagAndrew
Charts I’ve seen show gas demand almost back to where it was globally
Jet fuel is way way down
Jet fuel is way way down
Posted on 8/6/20 at 7:29 am to Matt225
my company started the match suspension in April......
easiest capitol savings without directly effecting anyone's take home pay or having to do layoffs.....
easiest capitol savings without directly effecting anyone's take home pay or having to do layoffs.....
Posted on 8/6/20 at 7:32 am to Privateer 2007
quote:
Plus, people will be leaving inner cities. They'll drive more living in suburbs.
2 years away if it happens.
A lot of people are moving out of the major cities right now due to Covid. Having a lot of supporting businesses close down is going to stunt their recovery.
Destroying law enforcement and a subsequent spike in crime has the potential to push NYC and Los Angeles back into the dark ages they saw in the 1970s. I think that's the direction they are headed.
It's a strong one-two punch for America's urban centers, but we won't know definitively if people will start to put roots down in the the suburbs in greater numbers until probably the spring or summer of 2021.
This post was edited on 8/6/20 at 8:46 am
Posted on 8/6/20 at 7:46 am to fallguy_1978
quote:
Some people don't like it stated so plainly. Their stock price matters way more to their board than their 401k match.
The only reason they compete on wages and benefits is because they have to compete for quality employees.
100% true, but it should be a balancing act. You need your shareholders, but you also need great employees.
If you’re crapping on the latter to prop up the former and you’re doing that consistently, the employees will remember that once better times return and they have other options.
Posted on 8/6/20 at 7:51 am to Matt225
This is a good way to lose your top talent to competitors. While 6% is not a huge hit for most people, this may just be the beginning and those that can leave, will likely do so.
Posted on 8/6/20 at 7:53 am to StupidBinder
This times 1000. It’s also fair to ask why none of those years of multi tens of billions of dollar profits weren’t shared with employees, but first sign of losses, and employees have to shoulder 100% of the pain.
Posted on 8/6/20 at 7:53 am to seawolf06
quote:
This is a good way to lose your top talent to competitors. While 6% is not a huge hit for most people, this may just be the beginning and those that can leave, will likely do so.
I had this shite happen to me, too lazy/close to retirement to move
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