What is the strategy? Where is the leadership? In Q2 2013, Exxon was the most valuable company in the world by market cap, ahead of Apple. A few days ago it was overtaken by NextEra Energy Inc.. If this trend continues, this layoff board is going to get much more active. Perhaps it is time for some leadership?
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@BigOilSoul, they don't call it a golden parachute for nothing. 😉
Rexy took a page from the Indiana Jones playbook. Destroyed the company and escaped in the nick of time as the collapse started. You’ll got trapped with the structure coming down in slow motion (~ 3 years). Rexy then sweet talked the tweeter in chief and went to State to repeat his masterpiece with America. But he lost his cool and this time got fired short of his objective.
You are not alone. There are plenty of big oil ceos emulating Rexy’s sins.
Largest sin using surplus cash to buy stock instead of reducing debt. Helps their options. When stock comes down - no problem even better. Massive layoffs, ditch old options, pat themselves on back and celebrate layoffs granting themselves low striked new stock options. You lose your job and possibly your career. They walk away from the wreckage as winners.
Forget the largest, it is not even profitable ! What is our rank is S&P 500? 499th.
And even Chevron has now overtaken us. Their market cap is now about 4 Bn more than us. Forget being the largest company in the world. We aren’t even the largest oil company in the country.
Time for leadership was a long time back. Now it is time for some A$$ kicking. The management has destroyed the company.