Market cap is down to about $150 billion, far off the heyday of being at the top of the S&P. When will the company fall enough in value that an activist investor takes a stake and then tries to clean out the management ranks? Seems the only hope, the board doesn’t seem to be doing anything to save this place from bad business and employee management decisions. The company really hasn’t been in this pathetic of a state in its history. Fixing it would need to start at the top.
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They would break up the company and fire all the overhead. May be even more painful than what is going on now. Wouldn’t be a growth play, just squeeze all the $$ out if we are trading below the value of our assets due to the poor outlook of the business plans (grow oil in the Permian to insane levels at all costs)
Re: activist investor: but ... why? Why would anyone waste their money on O&G? there is no growth anymore - the NOCs will siphon everything there is.
Waaaaait a minute! We were told that once more people around the globe move to the middle class, that demand for oil will get back and we will be looking back at this like any other cycle.
Right? Riiiight?!
O&G will never have the hay day that it did nearly a decade ago. We are just following in the tracks of coal and going out silently over a long period of time.
Will O&G still be used worldwide for decades to come? Yes. Will we see increased demand growth over those decades? Absolutely not.
The world is already over built with oil production/refining and will see a contraction from 2019 levels going forward. Anyone thinking Exxon (or any other O&G company) can ever reclaim top of the S&P (or anywhere close) is just fooling themselves into the direction the future is heading.