I don’t know about you, but I liked the Forum.
Too often we fought amongst ourselves around who is better -
Upstream, Downstream, Chemicals or Researchers. Answer is all of us are better - better than our competition. We are going to kick CVX, RDS, TOT in their rears with this new organization.
I am all in - who’s with me?
24 replies (most recent on top)
Retired employee and shareholder here. Happy with the earnings call and looking forward to the March Investor Day. Happy with the $20 / sh jump since beginning of year.
Cash flow from operations, free cash flow and EBITDA suggest xom stock price can run further. We still have NOLs which shield profits from higher oil prices (effective tax rate was only 28%). CVX is running out of NOL's so they underperformed on their announcement, XOM should close gap on CVX during next year. Debt will be below 20% soon, so excess cash flow in 1Q22 and 2Q22 will be used to accelerate the buy back schedule (they said this in the meeting).
@1zox+1f4KFyXp You do realize questions are probably scripted and “planted” in room to get the right effect. There are smart people working in the company but the process gets a helping hand
When they created UBD, I remember the former president of EMEC explaining that now that Exploration, Development and Production were together, Exploration can’t fake it anymore, “you have to live with the results of your work”. His results were disastrous but he lived very well with them, because he had support in the MC in Dallas. Results are for fools, and reorganizations too. Those with connections will not only land on their feet but continue undisturbed to deliver disaster after disaster until they retire with many, many millions.
To expect any changes from yet another “reorganization” is foolish.
I don't see how we will ever catch Chevron on unit earnings or cash flow. They are too strong!
I always watch these things and think about how smart the people who ask questions are. They're thinking of next level corporate strategy sh-t and are able to, on the spot, formulate and calmly ask a question to a president in a public setting without messing it up.
Meanwhile I'm over here thinking about how I don't have any trust that in 5 years max I'll be working for this company and why do they keep messing with my pay. I can't be the only one right?
Maybe we just have different motivation? I don't know.
Anybody that followed the GVS fiasco knows that these reorganizations are wasteful exercises in power politics that do not deliver. Too many things remain unresolved resulting in inefficiencies that linger for years and the management stays the same anyway. Please recall the promises for growing profits with the GVS and compare with the reality of delivered results. The problem in EM is not how we are organized but the type of autocratic management we have and the culture it instills.
The problem in EM was not that we had 2 or 5 or 10 presidents (sure, it will save money but notice that Ian did not retire as it was the case with the R&S president in GVS). The problem is that for years Dallas was resisting any idea about renewables and energy transition, cherry picking data, forcing id--tic energy outlooks and the rest. And this problem has names with Dallas addresses behind it and the mentality of yes men and yes women in Houston.
Totally scripted forum. The answers to questions followed almost exactly the talking points sent to supervisors. Pure smoke and mirrors scripted by some PR organization. If you think they were speaking off the cuff and not 100% scripted you are wrong. Even those asking questions were obviously in on it as they asked the exact questions sent to supervisors in the FAQ pack for supervisors.
they chose the right speakers for that forum, I almost believed them. But I did buy in to GVS so I am not throwing my optimistic naive energy into a reorg with big words again. It will be a two years of internal bickering for power again. Loss of productivity because we chase our tails and redefine metrics and argue about which one is better. Chasing synergies with people who are really not happy to give up their kingdoms and old ways. And guess who will be the gorilla in Product Solutions (terrible name - seriously, what does that even mean? someone with a fancy MBA came up with that stupidity, for sure)? It will be Chemicals PE. Guess who is micromanaging everyone instead of minding their own sh-t and perpetuating unproductive inflexible practices, demanding internal white glove service to their sales? Chemicals PE.
I dunno. Execs are just in love in "leaving their mark" with these reorgs. Let's just install a large toilet in the middle of the campus and flush cash down that every two years or so... same result.
This is something that should have been done long ago. I only have positive things to say about all this.
Seriously though, I’d like to see a lot of the Chemicals culture win in this pairing. I’m also not going to mind watching middle and upper management try to swallow their pride when they combine with another organization. Might have some ego-stripping qualities, and encourage some retirements. I suspect a couple senior managers had their worlds ‘blow up’ when this announcement came (or was rumored.)
One Team, One Goal.....Oh wait
Idi_otic management post with massively faked up votes.
A masterpiece of EM management. Will certainly be a career booster on somebody’s PDS.
Since we are merging Refining and Chemicals, does this mean that we will reduce middle management (Department Heads, Directors, and VP's) by 50%?
This article has names:
https://www.reuters.com/business/energy/exxon-unveils-sweeping-restructuring-latest-cost-cutting-move-2022-01-31/
Linda, Karen, Liam
Literally rearranging deck chairs on the Titanic. OMFG
So, by combining F&L and EMCC will now take off because, before, apparently, Karen and Ian could not agree, right? But, now, presumably, they will have the same boss and they will be forced to agree, heh?
Wait, but didn’t have the same boss now any way - the same contact exec?
Just BS, full of smoke and mirrors. Rearranging the chairs!
Who let the sycophants out?
Dr-g flashbacks are tough..then we get back to reality..
If we're so much better, why PIP 8% of us every year with record quarterly financial performance?
@OP... Ahem... This is humour right? 😄
Combining previously merged organisations into one new merged organisation one level up is a blatant lack of imagination...
What will be the next and final step? Merging Upstream and “Products Solution” (i.e. petroleum and Chemicals)? When I think of how much money the mo--ns who devised this reorg are making every year, I've got tears in my eyes... 😂
I agree. There is a change in how our management communicates with us. Also it is good to see that we have a plan for future. Previously all we heard from our management was that our strength is in scale and oil&gas only. We are exploring new markets and we know our position in market. This forum was an upgrade compared to any others before
I hope you’re being sarcastic, but probably not. Twenty years with the company and made it through 2 previous down cycles and never seen morale this bad across the company. I’m sure the move from Dallas to Spring is TOTALLY to make us more synergistic. Nothing to do with headcount or money.
Bwagaahaa. Love the sarcasm
Feeling nauseous….really dude.
OP posting on wrong board, should be on LI where they can show their face.