Way to go team! Our commercial team over delivered and we got a $900 million loss.
Let’s keep this momentum so we can continue to pay our ELT millions!
20 replies (most recent on top)
That’s okay, we don’t have any real traders anyway - what’s 900mm, when you can constantly use refining to bail out your bad trades via VCO. Absurd set up, Elliott was right.
Is that not a blatant conflict of interest?
@19z have to make the exclusive even more exclusive. Enjoying their time of the backs of shareholders money.
@cr I just heard our CEO’s wife has a multimillion budget to renovate Stoney. Super prudent.
@195 we don't, they used the wrong figure. It's 900 million. Not 3 Billion (size of credit line we opened).
It’s just wild that we had the same amount of losses as CVX.
@yq . Notice anything? Much larger exposure in relation to the size of the company. PSX is not a major, but has major-sized trading losses.
Market cap / Losses / % of Market Cap
XOM: $632B / $6B = 0.9%
CVX: $380B / $3B = 0.7%
PSX: $64B / $3B = 4.7%
Chevron 2.7-3.7
Think everyone is kind of in the same boat.
Exxon Mobil reported they will have losses of almost $6B due to derivatives and issues from the war so our amount is looking better.
With the big drop in the price of crude P66 should be looking pretty good, or at least better.
@e1, I’ve googled our 2 main competitors and there’s no mention of them having this kind of crisis. In fact they are looking forward to robust earnings.
That indicates to me that big moves in the markets can be dealt with if managed properly.
Yeah, the traders made the moves but the buck should stop with Go-Go.
Let’s see if any of our competitors have similar issues. If not, someone should be held accountable. $27B of debt is insane.
This repeated volatility is exactly why we have underperformed in the last 5 years.
We should think about selling CPChem given the limited integration value to repay some of this debt.
Time to sell the company!
The brand su-ks. The leadership su-ks.
The CEO and CFO have a strict fiduciary obligation to the corporation and its shareholders. As corporate officers, they must act in the company’s best interests, avoiding self-dealing and managing assets responsibly, with duties comparable to the board of directors, specifically regarding loyalty, care, and good faith.
Key fiduciary duties of CEOs and CFOs include:
Duty of Loyalty: Acting in the company's best interest, not personal interests, and avoiding conflicts of interest.
Duty of Care: Making informed, prudent decisions, especially concerning financial reporting, tax compliance, and managing corporate funds.
Duty of Good Faith: Acting with honesty and purpose to serve the organization.
Duty of Disclosure: Informing the board of directors and shareholders of significant issues and risks facing the company. (Per the Googles)
Hmmmm 🤔. Ask oneself if the current leadership is being prudent in their expected conduct.
ELT is laughing their way to the bank
Oddly close to what we owe Propel. If you don’t count the 200k+ per day penalty that’s been piling up since the last judgement. Killin it!
@ap They 100% did but they have regularly scheduled selling. As long as it was part of the plan that was disclosed to SEC they are all good!
@a2 essentially, we carry short positions on crude and refined products. If the price drops, we limit our losses because the short position value rises. If the price rises, we lose money on the short positions, but it is covered by the increased price of our refined goods. This is all fine if the prices don't go really insane.
The prices rose a LOT because the tangerine's funtime extravaganza. The short positions are now VERY much in the red. We haven't sold the positions yet, so we haven't ACTUALLY lost money yet. Ideally the increased value of the refined products covers the gap, but we're so far in the red that if prices don't drop substantially by the expiration date on the short positions, we're gonna be majorly boned.
Mitchell and Baldridge unloaded a couple million dollars of shares in the last week. Sure hope they can prove they didn't know about this...
I was getting ready to post about this. I don’t fully understand what market to market losses are. I realize it’s no a good thing and it involves trading losses but can someone explain it a little bit?