mobil cut

Exxon Mobil Plans to Cut Payroll by 16,000 Jobs - New York Times @import url(http://graphics8.nytimes.com/css/standalone/fullpage/screen/fullpage.css); @import url(http://graphics8.nytimes.com/css/common/screen/article.css); @import url(http://graphics8.nytimes.com/css/common/screen/ie7.css); Log In Register Now Home Page My Times Today's Paper Video Most Popular Times Topics Friday, April 25, 2008 Business World U.S. N.Y. / Region Business Technology Science Health Sports Opinion Arts Style Travel Jobs Real Estate Autos Exxon Mobil Plans to Cut Payroll by 16,000 Jobs E-MAIL Print Save By ROBERT D. HERSHEY JR. Published: December 16, 1999 The Exxon Mobil Corporation said yesterday that it would cut 16,000 jobs, or about 13 percent of its work force, in an effort to increase its cost savings to $3.8 billion a year by 2002. The figures substantially raise the estimates given a year ago by Exxon and Mobil when they first announced their plan to combine. At that time, the companies said the merged entity would cut 9,000 jobs and save $2.8 billion annually. ''We now have a much better understanding of what we can achieve and how to achieve it,'' Lee Raymond, the chairman, told analysts and reporters at a meeting in New York. ''I am confident that we can achieve at least the $3.8 billion and we can do it faster than we thought.'' That amount, officials said, was separate from savings and margin-improvement actions that the two companies had already undertaken -- amounting to $1.2 billion this year -- or any savings from the divestiture of service stations and refineries that regulators required. Analysts said they were impressed by the company's presentation, which they considered more forthcoming than had been typical of Exxon before the merger. But they said they were not surprised by how much the merger's expected benefits had grown. ''All along, people have been thinking that the ultimate savings would exceed the original estimates,'' said Jay Wilson, an analyst with J. P. Morgan Securities, especially since the company said Dec. 2 that the $2.8 billion forecast was too low. Exxon and Mobil both had track records of ''underpromising and overdelivering,'' Mr. Wilson said. Frank Knuettel, an analyst with PaineWebber, said that Exxon Mobil's $3.8 billion of pretax savings was only slightly more than the $3.6 billion he had been assuming. Exxon and Mobil had a combined work force last year of 123,000. Of the 16,000 jobs Mr. Raymond said would be shed by the end of 2002, some 2,000 came before Nov. 30, when the merger was completed. Of the remaining cuts, 10,000 are to take place next year -- 4,000 in the United States and 6,000 abroad. Exxon Mobil shares rose 68.75 cents, to $83.0625, yesterday in trading on the New York Stock Exchange. Despite its heritage -- Exxon was the successor of the Standard Oil Company (New Jersey) and Mobil was originally the Standard Oil Company of New York -- Exxon Mobil has no significant presence in the New York metropolitan area. Tom Cirigliano, an Exxon Mobil spokesman, said that any job losses in the region would be trivial. In all, 60 percent of the shrinkage is to come from the former Exxon and 40 percent from the former Mobil. Some 10,000 employees are to be discharged while 6,000 are expected to take ''normal or accelerated'' retirements, the company said. Among the expected casualties are about 1,000 executives, or a third of the premerger Exxon and Mobil contingents. ''This is clearly the most difficult aspect of implementing a merger as large as this one,'' Mr. Raymond said of the loss of jobs. ''We have plans in place to help cushion the impact on those who must separate.'' To win regulatory approval of the merger, the company agreed to sell 2,431 gas stations, a California refinery and various marketing and refining stakes in Europe. Proceeds from these sales are expected to be $4 billion to $5 billion, Mr. Raymond said. The merger, he added, should generate a one-time net addition of $3.5 billion to cash flow. The company also said yesterday that it planned to raise production by 4 percent next year, twice what Mr. Knuettel, the PaineWebber analyst, said he had expected. The session generally appeared to reinforce many analysts' perception of ExxonMobil as a blockbuster company. ''What hit home with a lot of investors there was the incredible position this company is in now,'' said Mr. Wilson of J. P. Morgan. ''Both functionally and geographically, it is really awesome.'' MOST POPULAR E-Mailed Blogged Searched Op-Ed Contributor: Visible Man Well: Boy or Girl? The Answer May Depend on Mom’s Eating Habits Maureen Dowd: Wilting Over Waffles Kremlin Rules: At Expense of All Others, Putin Picks a Church Roger Cohen : Bring on the Right Biofuels For Obama, a Struggle to Win Over Key Blocs Fashion Diary: Long Live the Dress (for Now) Cyberfamilias: How to Live Longer Without Really Trying Debt Collection Done From India Appeals to U.S. Agencies Well: A Hard Plastic Is Raising Hard Questions Go to Complete List » Assessing Strength of Contenders in Swing States Clinton Wins Primary, Keeping Bid Alive For Democrats, Questions Over Race and Electability Better Roses Than Cocaine Obama Shifting Focus From Clinton to McCain Lights. Camera. Cellphone Action. Weighing a McCain Economist For Indiana Voters, Talk of Change May Fall Flat Petraeus to Be Nominated to Lead Central Command Republican Senators Block Pay Discrimination Measure Go to Complete List » bush china food obama iraq immigration education pope modern love tibet Go to Complete List » nytimes.com/travel Germany's hot spot of the moment Also in Travel: A shopper's paradise in Mexico A red carpet for gay weddings A weekend away in Berkeley, California Inside NYTimes.com N.Y. / Region » Escapes » Opinion » Art & Design » Opinion » Movies » The Shows Must Go On, After Changing Theaters Hamptons Prep Work Filling in the Contours of a Surprising Golden Age Op-Ed: A Nation at a Loss Learning on the Job About Birthing Babies Home World U.S. N.Y. / Region Business Technology Science Health Sports Opinion Arts Style Travel Jobs Real Estate Autos Back to Top Copyright 2008 The New York Times Company Privacy Policy Search Corrections RSS First Look Help Contact Us Work for Us Media Kit Site Map разделы мелованный бумага измеритель фаза нуль белый кофе селин дион билет агат кристи билет клеить 88 люкс озеленение шелкография токовый клещ trinity hi-fi холодный зеркало глюкозамин-хондроитиновый комплекс лучший ковры асбест а7-450 госпиталь мэш тренировка память sikkens краска купить букмекерский линия вытяжка лекарство рак купить пароварка поглощение радиоволна растворитель серверные корпус консольный переключатель protherm люминисцентная краска лечение щитовидный железа микросреда компания кислородный концентратор кулер процессорный скрипт рассылка объвлений dvd-box видеослот спб доставка напыление ппу светлогорск факультет психология узи тошиба лучший ковры inerta краска изготовление краска архыз электросчетчик сэт градирня вентиляторные грд электроинструмент metabo морозильный витрина виниловый дирижабль корпаративные праздник установка hotbird рак щитовидный железа международный конкурс дебютант телефонный обзвон thuraya шарошка алмазный билет большой озонатор воздуха билет цдкж лучший ковры цвет камуфлир светоотражающий краска растворитель 646 qtek хоссе карерас билет стоматологический услуга высокотемпературный электроизоляция hi-fi iridium motorola шапка доставка цвет гармония теплолюкс трехмерный презентация рефрижератор герб вышивка сглаз набор гинекологический охота пиранья диагностический стенд классический аэробика снос любой конструкция thuraya sg 2520 вкус цвет грунт интеллектуальный электросчетчик управление кострома планирование день пежо асбест пбоюл зеркало багуа вызов врач кэрролл дж. страна смеха прайс зеркало бегущий строка купить 6131 вентеляционная решетка полиолефиновая пленка кухонный техник герб рф центральный детский мир 5440.14 (крышка) медикаментозный прерывание беременность фасадный покрытие облицовка электрокамин близорукость вышивка флаг kyiv apartments service стеклянный перегородка скачать короткий нард сервис alfa laval заказ обед асбест а7-450 торговый витрина помещение шиномонтаж газонокосилка stiga трость доставка купить каболка электроинструмент metabo контейнерный автозаправка программа шифрование данный заказать обед купить чейнджер листогибы терапевтический гидромассаж автошкола факсимиле стальной топкий spartherm время ярославль гелусил лак nokia 3230 купить пломбирование kyiv apartments service купить ниппель радиат нард онлайн измеритель rlc велюкс трехмерный презентация узи сделать плазменный панель настенный центр консультирование серверные корпус консольный переключатель рак щитовидный железа sikkens краска кпк опт витрина мороженый микросреда компания схема зал вахтангова измеритель сопротивление высокотемпературный электроизоляция зал аэробика thuraya 5440.13 (крышка) ленинградский вокзал билет выборочный уф-лак li-da организация видеоконференция узи сделать позитивный психология купить актуатор доставка суша видеосъемка фмс мрт коленный сустав уничтожение данный купить tomb raider профиль salamander кофе дорога время ярославль сушильный машина asko vps vds сервер hp градирня вентиляторные хосе карерас билет телефонный обзвон ваза 2112 фосфорный краска купить каболка полноцвет кружок футбольный тотализатор mobil cut