- Increasing dividends from 2020 to 2024 is extremely shortsighted. Instead of reinvesting in our existing business, we are paying significantly higher dividends per share compared to Exxon, placing an undue financial burden on our company moving forward.
- Neglecting investment in exploration is a serious misstep. It is unacceptable that we are disregarding the fundamentals of running an E&P company, which requires a robust investment in exploration programs.
- Exxon, despite entering the Permian Basin much later, has outpaced us within just 5-6 years.
- A downstream-focused mindset dominates, prioritizing margins and financial metrics over growth. The ELT lacks the vision and capability to effectively manage and expand an E&P company.
13 replies (most recent on top)
Not taking advantage of Covid to communicate a big buffer of a delay for FGP was huge, albeit not directly an ELT decision. They simply trusted EBU. Instead they accelerated the schedule?!? That sc--w up ultimately caused the 20-30 dollar stock drop that buried us in TSR and this whole peer comparison issue. If ever an example of letting a crisis go to waste…
Buying REG? We’ll never get those billions back. Who’s accountable for that? Could have executed another Norphlet MCP for the amount of money we set on fire.
Raising the dividend was expected but the buyback program was a complete unforced error.
DELFI and the ‘digital transformation’, everything is slower, takes more time, utilizing data for AI that are not even in structured or normalized frameworks, fewer capabilities, and costs more as Microsoft is laughing all the way to the bank. We transformed all right, just for the worse.
Failure to have a business strategy beyond cost cutting and follow the leader share buy backs and dividend increases. Find something to invest in and get the employees excited about the future. Build your business. Be innovative.
Mw and MN are best buddies. Apparently, they told the elt members and a few board members that chevron messed around with opg and leading performance too long with no results, while competitors made real changes. As a result, NH was let go.
MN loves EB , because she is d-mb as f..k. MN is hoping to become the next ceo even though his age doesn't allow it. He is hoping for an exception, the same way mw got it. This is the reason why the elt is full of id--ts, because MN advises mw with staffing decisions.
When mw decided to stay another term, it was the last straw for pb. Jg was supposed to be the cfo but he is jg (another staffing mistake). So they had no choice but to turn to eb.
Eb is really bad and she surrounds herself with gossipy, dramatic people. As a result her office is in perpetual crisis and that's how she operates. Plus , she is not very smart and afraid of public speaking. So MN thinks he can be the next ceo, because the board is seeing ebs incompetence.
Good luck guys. I don't think this company will survive this disastrous elt.
Get this OP an F150 and RSUs stat. Hes just finished MBA school
Making a rap video dressed as gangsters donning heavy chains in a swimming pool of cash and publishing internally. That’s prob pretty high up on the list.
- Overly focused on costs and not production growth
- Thinking we could grow production through M&A only and not exploration
- Approving FGP before obtaining TCO extension given our track record with MCPs
- Failing to change culture that was too heavily indexed on collaborative decision making instead of decisive action.
- Being caught in no man’s land between the pivot to renewables/power (Euro majors) and sticking to our O&G roots (Exxon). Instead we decided to waste $10B on CNE.
It is clear the OP will be the next CEO
CPDEP. All of it. Imagine if all that time, money, and energy could’ve been spent actually working…
Following recommendations from McKinsey and BCG, they all su-ked and still do yet we keep coming back for more.
AGILE. All of it. Imagine if all that time, money, and energy could’ve been spent actually working…