Just wondering? Looking back at the old posts here, when oil prices were tanking we all were supposed to blame our management for the company losing money and letting people go.
Now prices are rising and we are profitable again. Does this mean our management needs to be praised and some extra bonuses?
There's been previous comments on this site, but our functional ELT member is well known for NOT knowing his function (Finance) and being raised as an an entitled child ExPat because of his daddy's job/career. He brags that his childhood was spent skipping school and surfing while daddy moved him from ExPat location to location. Never-the-less our incompetent CEO made him a member of the club.
I'm on the edge of support for the ELT and I could tell you some horror stories of incompetence and hypocrisy.
There are some great leaders out there at different levels, they are politely listened to and ignored. For the ELT, the Peter Principle sadly lives and is proven.
No they all still s---!
I also fault them on being nearsighted. Priced good? Hire in excess. Low prices? Can all the experience people who cost more. They overshoot in all their decisions and are too focused on the quarterly earnings rather than the longer term. Next time prices go up I’m sure we’ll be looking to overhire the inexperienced, again, and struggle to find anyone experienced willing to come work for this company.
@1kpj bravo you good sir, this is excellent list of failures by management. In my opinion all members of COST team and all ELT needs to be laid off ceremoniously and without any compensation. Why ? for poor analysis, recommendations and decisions.
I don't hold the ELT accountable for product prices.
They should be held accountable for poor decisions:
Over-spending when the company split and planning only for good times.
Believing the lies of Exploration and the biases of country and project managers for CapEx spending.
Signing long-term leases on drillships, offices, and corporate jets without proper economics or analysis.
Promoting a non-finance guy into the CFO position because he was part of "the club" and they could then sever the previous CFO (part of "the club") with a huge severance package.
Raising the dividend, 6 months later promising it would not be cut, then cutting it five weeks later.
Putting together a one-time "sustainable" COST process, acting timidly in recommendations, having layoffs a year later, 4 months later coming up with a new ECO effort, then ignoring these recommendations while still working for new cuts.
Using EOI as a weapon against employees.
Not listening to employees who counseled solutions and advised what the ELT did not want to hear.
$200 million currency loss.
Receiving reasonable offers for properties but ignoring them because of flawed analysis (risk, cost, and resources) and biased managers.
Having long careers in the oil industry, but not understanding, accepting, and properly planning for the implications that prices go up AND down.
Spouting SPIRIT values but not following them themselves.
Criticizing previous executive management (pre-split) but doing worse themselves including much worse micro-management and planning bureaucracy.
A tone-deaf response to stockholders vote that they are overpaid.
Something to think about!
Yes! Without them this company would fail