Thread regarding Shell Oil layoffs

He comes across as a lightweight. I didn't hear anything new or profound and it's not just because I've been in the industry for years. It's like, the future of hydrocarbons is that demand will grow, then level, then fall off. I am so PROUD that this guy is running my company and running his mouth off. Or we will decarbonize hydrocarbons by using hydro to power pieces of the facility. So, so PROUD.

Blackrock and Shell are two has-been entities, not-so-slowly backing away from terrible business models, trying to figure out how to scam the investing public in the future. It's really sickening.

@d6+1jnmamhnc

he is speaking with blackrock because he comes from their school. their philosophy is that companys are merely a string of blocks and that your job is to eliminate any block that doesn’t make money

this strategy is fundamentally incompatible with energy. this is because we have the need to place many bets which add up to be very capital intensive knowing that very few will pay out. if we don’t, we wind up with no assets in the pipeline. which is where we are. he will ki-l the company, it just won’t be obvious until 5 years after his tenure is over and he’s made his bag and golden parachute.

he also acts like he is a genius for doing more gas and keeping liquids the same when it really is a reflection of a near complete inability to get more liquids out of our current portfolio. conveniently this also meets climate goals. now, you might think to yourself - what if it’s the other way around, what if we intended to be in this spot because we are changing the kind of company we are. ok, then tell me - what is our asset of the future or best bet we have let stay in place on something that will for sure evolve the company? i think we’re the next BP. he’ll be out and some new person will pivot us right back to a smaller and worse energy company.

This is consistent with the videos that he puts out internally. Not much information but I took three points to note.

1. Despite being two years in, he considers things at an early stage. I don't think he realistically gauges that the term of a CEO tends to be 4-6 years and he's now in the middle not the early stages.

2. The word focus was really registered by me. He says that he took 70 options and reduced them into 4 and plans to get rid of anybody anything not working on the 4.

Hmmm... there was a Dilbert cartoon pointing out that 7 out of 10 projects fail. So, the plan is just to invest in the 3 projects that are going to succeed. That's just not how it works.
Kinda like walking away from Guayana for focus. You just don't know the successes or failures until they're sold.

3. A plan to invest in low CO2 oil that doesn't require refining. That's why Shell Canada was gutted, why we sold Aera at such a bargain price of literally paying them to take it. (they were to pay $2bln and we were to operate for 6-8 months; but with the rise in oil price the profit from the 6 months was 2.2bln... so they were paid to take it)

So, the plan is to switch even more to gas rather than oil. Wait for what's next.

This is the end