What are your thoughts?
15 replies (most recent on top)
The previous administration had tenure of 14 years and sadly as someone pointed out the only positive during that entire period was the acquisition of EG. Unfortunate that now it is overly mature as a production asset.
Layoffs have already been happening so you can bet they will accelerate now that ORB operations are suspended.
Yates sale at beginning of the cazalot era was questionable but acquisition of EG was world class. Chasing oil sands when wti peaked at over $100 was a gamble and selling off Wyoming & now Oklahoma after 100 years in each location seems just mean. MOUK sell off during decommissioning was a gift but peeps screaming "I hope somebody buys us" needs to understand the shelves are as bare as the TP shelves at Costco
Any thoughts on today's announcement? Layoffs?
So are they shutting Oklahoma completely down?
Actually the previous administration started the strategy of stock buy backs when MRO stock price was high. The previous administration started the sell off of profitable conventional properties. The previous administration paid a ridiculous amount of money for Canadian oil sands. The previous administration split the company.
The current administration is just a continuance of the misguided policies of their predecessor. This decline has been underway for many years. In larger companies you have more opportunities for a strategy of shrinkage. In a company the size of Marathon not so much. It is to the size now there is nothing left to shrink except more head count I guess.
Two administrations now knew nothing at all about running a company the size of Marathon but still profited handsomely from their personal compensation.
Well Lee helped hire Eric "Penny Stock" Niccum so that would make sense. Eric hired some penny stock lackeys too
Maybe his name should be Lee “Penny Stock” Tillman instead of “Shrinkage”?
I'm fairly confident there's a Golden Parachute ripcord waiting to be pulled soon.
Imagine getting paid $80 million to tank the company. Hope he wasn’t stupid enough to actually hang onto his MRO stock any longer than he had to.
Quickly do some data analytics and fix this mess!
Wasn’t it January 7, 2020 that Lee said in a televised interview On CNBC that there is a floor under oil prices?
Probably about the right time for some diversity on Instagram and LinkedIn to calm investors........
Separation was a bad strategy, compound that with going all in on unconventional. MRO now at the mercy of markets with a program that needs +$50 oil to survive. Survived many downturns over the years, but company always had a strong/diverse portfolio to weather the storm.. There will be fewer players at the other side of this, doubt MRO will be one of them. If you want it sugar coated, tune into Fox & Friends.
Have a good day!
It's not a catastrophe, it's a chance to innovate! A chance to innovate by spending billions on a new building.
Of course we could innovate by slashing executive compensation, forcing everyone to take 4 weeks of unpaid time off, and other actually innovative strategies to avoid having to layoff 40% of the workforce, but I'll let you figure the odds on that.
If you get a package you'll be lucky.