XOM has some of the best technical minds in O&G and they have historically been very good with executing mega projects. However, they did not set a new course while things were going south in the 2015-2016 oil price crash. They did not change operating habits or look to become leaner and more efficient. They did not seek the right outside talent from independent operators and other industries to bring in new ideas and offer a fresh perspectives on how to operate in a low-cost oil market. They did not trust what their internal employees were telling them about pulling back on burdensome controls, safety protocols, and wasteful habits. They carried on with the status quo, doubled up even on bad habits, and tried to wait on oil prices to bail them out. COVID hit and the weaknesses were further exposed and now they're scrambling to try and figure out what to do.
Bumped from @ejm+17TNywhg, well said.