The culture is wrong, the strategy is wrong and the assets are obsolete - BIG trouble at ConocoPhillips. The best strategy right now is to remove the corporate level and let each BU sink or swim on its own. Let smaller BU's club together along a theme - LNG, deepwater etc.
Reset all employees - no favourites. Performance evaluations every three months and folks measured on these results only. No severance. Reset all salaries to market, no favourites.