Time to move on and integrate Hess. MW can now retire
17 replies (most recent on top)
Exxon was definitely up to something while stalling us for 18 months. Someone needs to take a hard look at the Guyana assets to see what they have done to them.
@bc why was L.S. retained? I guess there is no internal candidate? Who are the likely replacements if they don’t go external?
@a9, yes. Chevron Exploration can now continue to masquerade as a productive part of the company for several more years. Keep buying reserves makes up for not finding any. Guyana will throw a smoke-screen over the inevitable Permian decline the latter half of this decade. No other organic reserves additions on the horizon.
This also means more work for the average employees. Nothing to celebrate as we seen in Noble, REG and PDC acquisition.
@ac This is a bs take. As you said, Exxon has no case, but wants to sc--w around with one of its biggest partners. Would this be a wise move for Exxon management to make without a good reason? Exxon wants to retain the Guyana asset. Chevron won and not Exxon.
Just like every other Chevron project, over a year behind schedule.
@ac You're not wrong but now it's time to move it. Let's hope we see more positivity from our senior leadership moving forward.
Chevron should now counter sue for lost time and indirect stress trickled down by the way of layoffs etc to plebs. then we will talk about the real winner.
Glad Chevron is good with words and holding down the merger narrative. Beats throwing cash at dry holes. Welcome JH to the board.
Wave 2.A in play …. all the best to all.
Congrats to the Hess employees. Welcome to the inhumane energy company
Good for the company, but does this now mean Wave 2 in-scope employees will need to compete with Hess employees too?
Only way they had to find oil, but for sure, Indian geologists will hehehe
@a3 no doubt Mike will paint this as a big W for himself, even though just like any other projects - super delayed, cost overruns certainly with legal and consulting fees. People all over the company were selected two years ago for the merger work, for crying out loud… and they’ve sat around and done nothing.
Actually, Exxon won. They never had a real case they just successfully stalled their largest competitor for nearly two years on an a huge deal. It cost Exxon almost nothing to do this and was a massive issue for Chevron. This unique and clever maneuver will be studied by business schools for decades.
likely a lost cause
given OPEC increasing crude production
oversupplied market coming in the years to come
Chevron needed this merger to go through to stay competitive with other majors. The extremely poor performance of Exploration is the reason Chevron had to merge. There is a good argument that layoffs wouldn’t be necessary if Chevron could explore as well as other majors.
Good win for Chevron. How the company allowed itself to get into this prolonged legal battle is a lack of due diligence IMO. Who will be accountable for this?