https://www.yahoo.com/finance/news/exxon-says-confident-win-dispute-124836927.html
Wonder if they will pull out of the Hess merger if this happens?
14 replies (most recent on top)
@dr the way I understand it is part of executive incentive compensation is comparative performance vs. benchmark peers.
The better your company does, the more you get paid.
Consequently, the worse your competition performs...
XOM playing 4D chess and CVX as usual playing connect the dots and failing. Maybe the move is devalue the Company and pi-s the board off enough that XOM swoops in with an offer that can’t be refused? Their last CEO went from XOM to the 4th or 5th most powerful job in the United States Government and probably the World. It’s not hard to play chess against the short bus leadership at Chevron. Get ready for the XOM boxer briefs to be handed out, hope ya’ll like the Pegasus logo making a comeback.
Maybe shareholders will decide to layoff some upper management and create a 2nd ENGINE for their positions......
Warren isn't going to be happy abt this
"What is Exxon’s end game here? Do they want to buy Hess? Do they want Hess’s share of the Guyana assets? Are they looking to win the lawsuit then give Chevron the right to acquire the Guyana assets (with the asset purchase) for a price? Something else?"
They want to stifle and humiliate a competitor. No matter what the outcome, Exxon wins.
Awwwwww, poor little butthurt babies! We all feel so bad for you, cupcake.
I want to see Exxon win the arbitration, the merger fail, and finally some accountability at the MW level for the failure. He should have been gone due to no CEO succession plan - who does that?!?
MW should have been let go for not securing Hess in the first place as well as the overall mismanagement of the company that has most recently led to the disaster in Angola and the blowout in Colorado. “Always get the right people involved” doesn’t apply to them and only the most delusional of the blue blood chevronites have any faith in LT.
“What is Exxon’s end game here?”
Other than the obvious corporate chess game they want to continue to operate the asset without question. That’s fine with me. Looks at our MCP execution history 👀
The ELT did reference accountability for decisions
Hess formed a subsidiary, Hess Guyana Limited, which holds their interests. This entity will continue to exist and become a subsidiary of CVX. XOM has a first right of refusal if the Guyana assets are sold, CVX contends there is no sale as the Hess entity will continue to exist and hold the interests in the field.
What is Exxon’s end game here? Do they want to buy Hess? Do they want Hess’s share of the Guyana assets? Are they looking to win the lawsuit then give Chevron the right to acquire the Guyana assets (with the asset purchase) for a price? Something else?
If it is a true merger then I guess the shares in the field come with Hess. If they lose, then of course pull out. There is no other reason.
I wonder if there will be any accountability from management for the tens of millions of dollars wasted if Chevron loses. There should be sackings at very senior levels