With the way, it’s going we won’t really operate anywhere apart from Permian, PNG, Canada and Angola. Yes, I know we have Guyana but SBM operate for us. We are selling or trying to sell everything else. Malaysia is going, EG, UK, Australia and Norway all gone and everything else in operated by others. So much for portfolio diversification. Future doesn’t look good
17 replies (most recent on top)
Also we sold off SYU California offshore because we couldn’t get it restarted. Sad as it was a good asset. Hopefully the new company can get approval but tough in CA
Also the operations. If we can have SBM operate Guyana, why do we need our own people to operate onshore fields? They are not even good at it. Look at the data, they are third or fourth quintile operator.
I think our operations is not a competitive advantage. Lot of old operations managers are highly paid execs doing nothing to add value to the Corp. They are not beating competition in downtime or safety or maintenance spend or anything.
First step is to strip all projects out of them and give to GP. Second is to strip all maintenances and safety and give to GO&S. Third is take all drilling, production optimization and procurement and give to their orgs.
The whole drilling organization can be outsourced and better quality safety and technology provide by the service companies. No new drilling technology offered in 10 years and all the advisors on campus distract operations while gaslighting operations expertise. There should be no drilling stps or chiefs since the current incumbents have never spent any kind of time on the rig floor or in the field. Smoke and mirrors to justify the managers and vps position of ignorance at spring while pretending to add value. They just don’t know what to do or how to do it since never lived trial by fire , rather they lived trial by suits and RSUs.
Look that happened before DWW as well, we always sell aging assets. Our production is same now as before and intact will increase now with Pioneer. So I don’t know what you are crying about except that you just don’t like that you are no longer “special”. DWW is selling more Product Solutions sites than Upstream (Billings, FOS, Sriracha, NDG, next Fawley). He is also shutting down EMRE research in Clinton. He is downsizing Controllers. He is going on offense against activist investors.
I don’t see what your issue is - DWW is doing what he should be doing.
It’s a shame that he doesn’t have many more people to rely upon. The Corp officers underneath him aren’t even 10% of his capability. He needs to clean them up, but there are no good people below to put in their place. He has to hire externally but our leadership will eat them alive.
I am glad he is at least doing work of 100 Execs and creating work for company to clean its mistakes of the past
People on this thread are telling the truth. EM Upstream only a shadow of its former self. Trying to unload most of Nigeria assets now, not much more funding approval for replacements, no interest in developing future EM operators...It's all the truth
It’s a shame that there are people who still are trying to divide same exxonmobil employees. You are not Upstream first, GP first or Refining or Chemicals first. You are exxonmobil first.
It’s very easy to find faults in each other. Stop that and just get your job done.
If we are going down to Deepwater Nigeria, Angola, PNG, Moz. Gas, Qatar, Middle East, Eastern Canada, Permian and Guyana, it will not just be Pioneer and Denbury people cut. Upstream will be a ghost company
I just wish shareholders saw what we see from the inside; the corp has been gutted. With nothing left. We will have nothing left with all assets sold and all of the talent gone….
@1pfa+1saUPcAr ExxonMobil go cut either XTO or Pioneer people and I highly doubt they bring over many Denbury folks.
Agree it doesn't look good. Imagine what it would be if we didn't have Guyana.
What will be left are XTO and Pioneer and gone will be XOM plays. Well played.
Instead of “Drill baby Drill”, EM has adopted “Sell baby Sell” philosophy.
Did this trend increase noticeably when EM hired its outsider new hire CFO from a whisk-y company that did not have decades of loyalty to EM heritage and employees?
It does look like a fire sale of Exxon, doesn't it? Decades of hard work, thousands of hard working people and their effort being sold for scraps for the short term profits of a corporation that's dying. What a sad story. This is DW legacy. He might have made a few more millions by artificially propping up the stock price but he'll be remembered for what he is A FAILED CEO JUST LIKE JACK WELCH. But the proof will come after he is retired. So sad. SO SAD.
Upstream is as limited as I’ve ever seen it. The exploration expertise was gutted during the layoffs & and it is too late to build it back up. Guyana is rapidly maturing, and there is nothing “in the pipeline”.
Qatar will be gone as our agreements will come to an end in the next 10 years.
We did operate in the UK with the Beryl, Southern North Sea and St Fergus.
We will just be an investor now as nothing left to operate.
PNG existing facility will eventually be operated by more locals and less of internationals. People wanting to expate should count that out. PNG expansion project is now on hold. Mozambique is pending a summer 2024 Gate 2 start but we shall see how that goes. It's definitely some interesting times.
EM go have to adjust the SDA levels. Nobody will be able to obtain Global experience at this rate (Ha).
XOM never really operated in North Sea...mostly Shell and Equinor were the operators.
We still operate in Nigeria, but basically exiting GOM.
Middle east will be operated by NOC (Adnoc) or the Chinese
XOM would have loved to operate in Brazil but no discoveries on operated acreage.