The company continues a long tradition of having only a vague upstream strategy driven by existing assets, like monetize stranded gas or develop unconventionals. Decisions are typically proposals from lower management to do obvious projects which are only scrutinized with regard to economics. Upper management just sits back and reviews proposals but takes no particular direction with regard to any play, region, competitor,etc, unless, in extreme cases, the market or analysts start to criticize glaring gaps, by which time is too late. GENV tried a few new low cost things, but nothing has panned out in 20 years.
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Last time we had an “original” strategy it turned into a multi billion dollar write down. Now our strategy is to pay McKinsey and Company gobs of money to come up with those losing ideas for us.
It is the way.