Stock market didn’t like today’s earnings, despite record upstream performance.
Because a move to Edmonton, and its crazy write offs, which makes no business sense.
Could have easily right sized the corp and stayed in Calgary.
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@dg
That was the old Exxon under Tillerson. Since then it has gradually become tighter under DW. His reign involved lower profits in most years so something had to be done to make it appear that they were tightening their belt. Whether tightening the belt makes a difference though is another matter. Sometimes the "initiatives" are just for optics!!!!
@bb
It would seem it is actually boosting the share price!!!!
The employees really overestimate their significance and the first contact with reality just leaves them in shock.
It cost over $650 million to build
@cm QP was exxons brilliant idea.
If you're wondering why imperial is getting its hand slapped look at how management stewards capital. QP isn't the only giant waste of money in the company.
This is only the beginning of alignment to exxon expectations.
You folks are funny. Yes, all these strategic disasters that all of you claimed here led to a ‘huge’ 2.9% fall…… lol…Yes, the sky is falling too
The earnings press release today included an impairment charge of $406 million for the QP campus. Considering that the entire campus, including the conference facilites, furniture and fixtures were capitalized at an "undisclosed" amount in 2016, this comes as a cruel shock. It demonstrates how profligate and wasteful our so called management has been in getting it's priorities right and squandering the company's cash resources in building a non-productive asset, a white elephant. This begs the question, what is the assessed FMV of the campus?
The culture as we knew it is gone. I for one feel sorry for those who will move to some cubicle at the refinery, most likely far from an inviting place, not knowing what the next round of salary or benefits cuts will come only that is certainly a next step in the relentless pursue of lowering SWB cost. If they are dreaming of career advancement opportunities, those will be on short supply as the company continues offshoring as many roles out of Canada as possible. Best of luck, but before you say yes consider what awaits you down the road and whether going to Edmonton is the right move career wise knowing that once you are there option will be on short supply
anyone who accepts a move to Edmonton from Calgary is most likely completely desperate. No judgement, it could have been me... but it isn't.
The people that go will resent the move.
Good luck "culture champions"!