Does anyone know how many times APA has spent hundreds of millions of dollars hiring McKinsey and other management consultants to tell the organization they needed to operate more efficiently? Meanwhile telling their staff to operate more efficiently, yet ignoring the best ideas, because “Best Ideas Win”. Here is a fantastic idea. How about you spend less money on management consultants that know jack sh-t about the business. Had we spent all that money on mineral interest instead of people’s sh---y opinions, the company would be in a better place.
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They claim stock buybacks put money in the shareholder’s pockets.
Let’s see. You pay too much, issue more shares, and the stock price drops. I guess I can retire now with all the extra money.
Good ol' Thunder Dome. Too bad that massive head he's got doesn't have a brain in it.
You claim McKinsey doesn’t know 5hit about the E&P business, yet they have Powerpoints…? Does that mean NOTHING to you people!?
That’s because MM is an I DIOT
The real embezzlement that is going on is the continuing stock buyback program.
It is literally throwing money down the drain.
Read the annual report(s) and look at the details.
The execs routinely spend millions buying back stock at prices higher than the stock is currently trading at (and usually at prices higher than the stock is even typically trading at during any given quarter in which the buyback is occurring), only to end the year with even more outstanding shares because the execs end up issuing more shares even as they are buying them back.
If that isn’t financial incompetence, then I’m not sure what is.
Well… when the EVP of admin and HR doesn’t know what he is doing, was a former sales consultant and too arrogant to listen to people that actually worked for an E&P Co… his best idea is to hire more consultants. McKinsey will always come up with ideas that make executives richer regardless of performance of the company.