so it’s almost 1year for D Amman now as the Upstream President; how has he done so far? Nailing it and ready for the CEO or all talk and no trousers
12 replies (most recent on top)
@102 Goofy socks? Explain.
Did somebody catch the dude trying to fix a run in his stockings or something? Maybe he was rocking black and orange thigh-highs during Halloween? Extraordinary claims require extraordinary evidence.
@qe I’m afraid that these people are quite real.
I’ve never been a bootlicker myself (I hear leather is an acquired taste), but there’s no shortage of people willing to debase themselves in hopes that it will help them rise in whatever hierarchical structure they find themselves in.
This also helps explain why so many business leaders appear to land somewhere on the sociopath spectrum.
@cv It’s only a “cost savings” because the money spent on hiring U.S. based consultants to clean up the messes caused by third world employees comes out of the operating budget, and thus isn’t a “structural cost.”
I know because I’m the one doing the consulting.
is DA the fgt that has the goofy socks in the company videos? we’ve become a
joke of a company. where’s rex?
@p6 I promise you as someone who works with BTC daily, it is a major drawback for us. I have to hold the hadn on every decision to be made, they are great at data entry but have no field or technical knowledge.
It feels absolutely terrible to train someone to do a portion of my job but it is what it is.
@p6 company paid trolls....
Those that vote down anything about DA, with zero knowledge of what he does all day and if you have never met him, then you are the target employee that must be cut. Zero understanding of strategy, zero adaptability, zero strategy and business knowledge. Probably a person in HC10 country and complaining about the smart Indians in BSC taking your job. Pretty soon AI will take the jobs of low performers and mid performers. THERE IS A BUSIENSS ALTERNATIVE TO HIGH COST - LOW VALUE EMPLOYEES. basically AI and robots will displace most in 5 to 10 years. SAVE MONEY and PREPARE for LONG TERM UNEMPLOYMENT unless you bring more value than AI/Robots or your colleague that can do your job faster and more accurately because he is an AI enabled Human. AI is now smarter than every college professor you had
@ct Buybacks and dividends are about paying shareholders. When shareholders are compensated then they are "sticky" this buys time for XOM to id the next phase of investment. Employees are just cost and most add zero value relative to the alternative (employee in India or a contractor or simply disposing of the asset and the employees like XOM has done in Nigeria and Aus).
@cj all table stakes measures of which none are differentiating from competition, for a mostly extraction business of which it’s depletion rate will further increase just due to geophysics. It’s capital needs only will increase to just maintain production …
There are opportunities to shift gear but more of the same faster, will not increase the capability of the corporation to materialize the current market cap at projected cash flows. Shareholders are incentivized to seek return money from the corp through buybacks and dividends and invest elsewhere vs reinvesting into the corporation - its dividend per share vs earnings per share and actual share buy backs is telling a story (of no better investment opportunities than returning cash to shareholders who reinvest into other business - see DJ index growth relative to energy stocks).
In addition, the global energy system designed based on heat engine principles of 19th century is fundamentally changing resulting in increased efficiency enabling to meet growing useful energy demands whilst primary energy demand growth will slow.
DA is doing what he needs to do in the short-term and developing the relationships and skills for the long term. Short-term: 1) deploy capital efficiently ) increase net cash gen and ROCE by a) sell marginal assets; b) cut redundant and low performing headcount; c) cut opex; d) cut financing costs pay down high interest loans and refinance at lower interest; e) pay dividends and buy back stock...Long term: 1) position for growth with disciplined exploration and farm-in strategy; 2) Build relationships with key counterparties (QP, Aramco, ADNOC and key IOC operators; 3) Build relationships with key governments (including US and EU); 4) Advocate for better regulations and fiscal terms; 5) find accretive M&A opportunities. HE can grow the upstream with 30% fewer high cost employees...by forming ventures with NOC (who provide the employees) and XOM provide the high level skills/processes and systems. The low levels/people skills go to India or replaced by AI. I can think of alot of you that will be relieved from your miserable jobs and you can take a permanent vacation or retire early or change industry (plumber/electrician/garbage men will be needed till robots get cheaper)
@b1, like he did with GM / Cruise ? GM stock price trend tells a different story: since 2022, GM stock price is up > 150 % whilst last 10 years it was up ~ 100% - take that for shareholder creation ?!?
Also note that CVX share price over last 12 months did better than XOM …
Better check your numbers before citing shareholder value … and … over reliance on LNG without fundamental competitive advantage for a capital intense business chasing arbitration economics, will prove to be a risky bet …
He's bringing up shareholder value, do you ?