Fire the CEO to control costs!
11 replies (most recent on top)
@OP several primary issues: no real leadership wisdom or vision - relies too much on consulting advice (and the associated fees) from firms that have no real stake when CEO is primed to have his own views and growth plan; cannot hold anyone internal accountable - ok with high level executives having real or apparent conflicts of interest with consulting partners and technology vendors; never forced Permian to change culture when Concho acquisition occurred allowing significant cost overrun. Material nxtgen cost overruns. Last, hoping Chevron or another major would buy him out.
@b0 by synergies let’s not take any lessons learned from MRO cause here at COP our policies and aversion to risk really shine through in our capital efficiency.
Lance? Oh he-l no, he isn't taking a hit for his sc--w up. That would damage his ability to golf so much.
"I understand the anxiety and hardship these layoffs will cause, and although it pains me deeply, it is a sacrifice I am willing to make for all of you."
@b2 that’s why BU’s will be sent to India. We all know they don’t wipe or flush.
I’m sorry, but tough times require me to keep my millions while I reduce headcount of those making pennie’s.
It's actually my fault. I've been wiping twice as much and I think it's increased our costs from $11 to $13 per barrel
Maybe not a popular take, but having a CEO admit fault and take responsibility is commendable. You don't see that very often these days.
3 major acquisitions in 5 years during a period of rising interest rates was risky but also a strategic time to expand shale reserves, which are becoming harder to come by. As financially risky as the acquisitions were, expanded US production is a safe bet right now considering current geopolitical risk.
During the MRO acquisition there was an anticipated $1B of synergies. I read recently they're anticipating $1B in reduced costs from layoffs now. That's probably not a coincidence, the writing was on the wall a year ago.
Overall not a bad US based E&P strategy at the moment imo, but not exactly fun as a worker bee.
I want to know what the missing letter in fo-e is !!
All CEOs do the same thing. They have a contract, so they can't be fired easily when it's business related. They can be fired easily for stuff like having an affair with an employee.
It’s my fault but I keep my job. Easy. Zero accountability. Do as I say, not as I do.