I doubt it.
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Yes, it’s a commodity business, but execution still matters. If you explore and drill badly, overrun projects, have safety incidents, the margins vanish. Chevron is sliding from disciplined operator to bureaucratic and silly one (like we needed another office in another country!), like Boeing or BP when they lost their engineering edge. Commodity or not, competence is the difference between profit and decline.
They believe CVX is a commodity business with about three percent of global production, not in any position to meaningfully influence the price or oil or gas. So the focus is on reduction of controllable costs, cash flow from past investments in legacy production, and NOJVs.
“ If they did they wouldn't outsource the reorgs to consulting firms”
Ding ding ding! We have a winner!
@a3 stock price, year over year earnings, and a tailspin in competitive position says otherwise.
Maybe not the business per se, but they do know the jobs: Snowjobs, HJs, and BJs. It's all they're good for. Useless f*cks.
They certainly do not, the way to the top is sycophantry and politicking, not understanding of business.
If they did they wouldn't outsource the reorgs to consulting firms
Pretty sure they do. Ranked 16th in the world. We'll get closer to XOM now that we've added Hess.
MW thought we were competing with tech companies a few years ago.