#oil

This is from 2007-2008 period when Calgary’s job market was hot. Lots of young engineers were quitting Imperial Oil. Imperial was desperate to retain its people. Salary bumps across the board were in double digits (and not the lower double digits).

I remember attending Engineering VP Eddy Lui’s town hall meeting for the engineers and geoscientists. Eddy was explaining how Imperial Oil had a d-mbbell shaped demography curve - lots of people in their very early careers, lots of people at the end of there career, and almost no-one in the mid-career in the company. The reason for this demography was Imperial’s decision to lay off and not hire anyone in the early and mid 90s. Eddy said, “Never again Imperial will make such a mistake!”. In his words, Imperial will hire engineers at a steady pace irrespective of the company’s situation. Eddy and upper management were worried about the future of the company. When the seniors retire, they would leave a vacuum in the company.

Let’s come to the present now. Some of the folks who attended that session are at the top of the company now. I am telling you, you folks will have to repeat Eddy’s comment when no one will come to Imperial Oil when the market recovers. You will be saying, “Never again Imperial will make such a mistake!”.

Hey everyone, what’s the latest on the Sarnia situation?
It seems discussions between management and research staff are still ongoing. There’s talk that some employees might be offered relocation options — possibly to Edmonton or other sites — instead of full severance packages.

The overall timeline also appears to be shifting, with the move now expected sometime in Q1 next year. It also sounds like some Houston teams are on hold with equipment transfers until there’s more clarity.

Does anyone have confirmed updates or insight into where things currently stand?

Oil opening in 58.00 range and Oxy stock in 41.00 range. Hopefully, we have a lot of our oil hedged much higher.

By Georgina McCartney

HOUSTON (Reuters) -Oil prices fell on Tuesday as investors considered a smaller than expected increase to OPEC+ output in November against signs of a potential supply glut.

Brent crude futures were down 18 cents, or 0.27%, to $65.29 a barrel at 11:47 a.m. EDT (1547 GMT). U.S. West Texas Intermediate crude was down 13 cents, or 0.21%, to $61.56.

Both contracts settled more than 1% up in the previous session after the Organization of the Petroleum Exporting Countries plus Russia and some smaller producers, together known as OPEC+, decided to increase collective oil production by 137,000 barrels per day, starting in November.

Market sentiment remains subdued, in particular after Saudi Arabia opted to keep the official selling price of its flagship crude to Asia unchanged, defying analyst expectations for an increase, StoneX analyst Alex Hodes said in a note on Tuesday.

The move was in contrast to market expectations for a more aggressive increase, a sign that the group remains cautious in light of predictions for a global supply surplus in the fourth quarter as well as next year, said ING analysts.

On the demand side, India's fuel demand rose by 7% year on year in September, according to data from the Petroleum Planning and Analysis Cell of the Oil Ministry.

On the supply side, JPMorgan said global oil inventories, including crude stored on water, have risen every week in September, adding 123 million barrels during the month.

China, meanwhile, is building oil reserve sites at a rapid clip as part of a campaign to boost stockpiles, according to public data, traders and industry experts.

Geopolitical factors have kept a floor under prices, with conflict between Russia and Ukraine affecting energy assets and creating uncertainty over Russian crude supply.

Russia's Kirishi oil refinery halted its most productive distillation unit after a drone attack and subsequent fire on October 4, with recovery likely to take about a month, two industry sources said on Monday.

Investors are also awaiting U.S. oil stocks data, due later on Tuesday from the American Petroleum Institute.

"Right now the market is locked in a sideways pattern, waiting to see what happens with inventories," said Phil Flynn, a senior analyst at Price Futures Group.

(Reporting by Georgina McCartney in Houston, Enes Tunagur and Robert Harvey in London, Anjana Anil in Bengaluru and Siyi Liu in SingaporeEditing by Kim Coghill, Clarence Fernandez, David Goodman, Rod Nickel)

https://www.msn.com/en-us/money/markets/oil-slips-on-opec-output-hike-supply-glut-fears/

Looks like a massive fire at ES refinery. Hope everyone is safe.

In case people haven't noticed; this has been standard operating procedure for Imperial Oil Ltd. over the last at least 10 years, and for sure since their restructuring at FAP. Do more with less and if you buy-in we may allow you into our cliché (as they smile) and stick around to do double the work until the next time the knives come out.

Sad.......... Imperial Oil do better! When will the notification come out that Exxon has purchased the remaining 30.4% share of IOL, and then sells off the last of Imperials unwanted assets! To be continued............

Story by Katherine Hamilton

Imperial Oil plans to reduce its workforce by 20% by the end of 2027.

The job cuts, along with broader restructuring efforts, are expected to save $150 million a year by 2028, the Canadian oil company said Monday.

Imperial had 5,100 regular employees at the end of 2024, according to its annual report.

The other restructuring efforts include working more closely with its major shareholder, ExxonMobil, to drive productivity improvements, including higher production, reduced downtime, lower unit operating costs and better project planning. Imperial also said it plans to further consolidate activities to its operating sites.

The Calgary, Alberta, company expects a one-time restructuring charge of $330 million before taxes in the third quarter. Its 2025 guidance is unchanged.

https://www.msn.com/en-us/money/markets/imperial-oil-to-cut-20-of-workforce-in-next-two-years

Shell needs to lose some fat to survive. It should follow ExxonMobil owned (69.6% owned by ExxonMobil) Imperial Oil, and reduce workforce by 20%. On top of that send people to the plants, away from the relaxed life in the big cities.

Rankin is a hollow shell of what it once was.

https://www.eia.gov/outlooks/steo/

Global oil prices. We expect the Brent crude oil price will decline significantly in the coming months, falling from $68 per barrel (b) in August to $59/b on average in the fourth quarter of 2025 (4Q25) and around $50/b in early 2026

So it's only gonna get worse in 2026 then, I guess it really is time to jump ship. There was another thread a few months ago asking where halliburton was headed and it seems to me that they want to return to a pure services company, at least stateside. This is why they're purging all manufacturing from here. Seems like the only answer if you work in the manufacturing side is to get out. There is absolutely no future and they're telling us all every time they close another building.

I was told dbs lease on the building only has 1 year left on it. somehow i don't think they will be renewing it.

I have it from a good source (high up in management) that Imperial is being directed by Exxon to reduce headcount. The legality of this is up for debate, perhaps Exxon will acquire imperial, but that’s besides the point. What we know for a fact is 1) Headcount reduction mandated from the top 2) first strategy is closing QP and relocating HQ to Edmonton, this will have the effect of voluntary quitting by about 15%, so IOL hopes, but probably higher. 3) second strategy is combining Kearl/CL under 1 asset which will also result in another 5% headcount reduction.

If you work in QP, get your resume polished, especially if you are not a high performer. Those at other sites that are low performers should also be worried since the high performing QP employees will likely displace you as they make room for them at your site.

Brent is down about 35% since April when the layoff plans were put in place. If I had to guess, more layoffs are going to be needed early 2026 unless prices recover.

Proving again that XOM has talented contracts and negotiating teams. Any body care to share any specifics how the 2% royalties were achieved? Are Guyanese not very sophisticated and generous or is there something more to the story?

What is the implication for ExxonMobil stock and our Upstream Cash Flow?

Story by Богуслав Романенко

Exporters are set to decide on Sept. 7 to begin unwinding a second tranche of production cuts totaling approximately 1.65 million barrels per day (1.6% of global demand), over a year ahead of the original schedule.

OPEC+, which controls about half of global oil production, has significantly shifted its policy since April 2025, moving away from years of output reductions.

https://www.msn.com/en-us/money/markets/opec-to-boost-oil-output-by-1-65-million-barrels-daily

I want to be like him!

https://www.linkedin.com/posts/michael-mustian-6217831a8_energytransition-career-activity-7351836054280208384--XU4

https://www.linkedin.com/posts/timothy-mcminn_processengineers-productstechnolgists-ugcPost-7367738288624828419-f9Kp?utm_source=social_share_send&utm_medium=android_app&rcm=ACoAACDcTUIB78s2Y--p4ekS4nMiEsSVXFqwsNA&utm_campaign=copy_link

Could big oil have to give up equity share to the government to pay back green energy and carbon capture grants given to them? This could lead to a national oil company which the administration would live to have.

The rumors just won’t go away.

https://www.msn.com/en-us/money/markets/bp-gains-amid-takeover-speculation/ar-AA1KARYY?ocid=finance-verthp-feeds

Hear a lot of young people say they’re leaving O&G. Understandable, but if you can hold on til mid-‘21 I think you’ll be surprised at rebound. It’s cold comfort now, but a vaccine will happen, Demand will surge, & industry will recover. Hang in there.

#OOTT #Oil #shale #EFT