• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 1 hour GREEN NEW DEAL = BLIZZARD OF LIES
  • 4 hours How Far Have We Really Gotten With Alternative Energy
  • 6 hours If hydrogen is the answer, you're asking the wrong question
  • 4 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 5 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 19 hours Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 4 days "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
New Technology Is Fueling America’s Oil Boom

New Technology Is Fueling America’s Oil Boom

The US achieved record-breaking oil…

Technological Breakthroughs Fuel Bright Future for Tidal Power

Technological Breakthroughs Fuel Bright Future for Tidal Power

Tidal energy represents a significant…

Exxon To Halt Employee Savings Plan Match To Cut Costs

U.S. oil supermajor ExxonMobil will start suspending the employer match to the retirement savings plans of its employees in October, people who received the notification told Reuters.

Kevin Steele, News Anchor at ‎KBMT TV, posted on Facebook a photo of a message from Exxon referring to the suspension of the company’s contributions to the 401K Savings Plan.  

“Given the current business environment, the corporation is taking steps to reduce costs,” says Exxon’s message, seen by Reuters.

“The company intends to suspend the company match contribution to the U.S. Exxon Mobil Savings Plan for all employees covered by the Savings Plan, effective around Oct. 1, 2020,” the supermajor said.

Exxon currently matches a 6-percent contribution by an employee with a contribution that is equal to 7 percent of the salary of the employee. 

Exxon’s Senior Vice President Neil Chapman said on the earnings call last week after the supermajor posted its second consecutive quarterly loss and the worst loss in its modern history that Exxon is targeting “savings coming from a wide range of activities including lower unconventional activity, optimizing supply chains, lower material and service costs and work process improvements to reduce support and overhead costs.”

Despite the losses this year, Exxon is not cutting its dividend and is seeking cuts elsewhere. European majors such as Shell, BP, Eni, and Equinor have already slashed their dividends after the oil price collapse, but Exxon, and the other U.S. supermajor Chevron, are not sacrificing their dividends.

“We have a long history of providing a reliable and growing dividend. A large portion of our shareholder base has come to view that dividend as a source of stability in their income, and we take that very seriously. While we manage our capital allocation priorities over the long term, we also recognize the need to balance in the near term to respond to market conditions,” Chapman said on the earnings call.

ADVERTISEMENT

By Michael Kern for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News