Why do we even need exploration company? Pretty obvious at this point the plan is to just liquidate the company. Besides Guyana and Permian there is nothing progressing. No plans to hire in the upstream. Limited investment back into the business and huge focus on returning cash to shareholders instead.
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The company has always done this. Find an Exxon owned branded store in the US. In some ways, it's genius: We don't need to run the stores; we just need them to sell our product... until the stores get run down. Be honest, how often are you in an Exxon station and think, "I should have gone to the other gas station.?" You can sell off the risk, but you're taking on a different risk without understanding what it is. They did the same with the Exxon truck fleet. Now it's Ryder or the current contractor of the day because people apparently don't realize Ryder is worth suiing too. I was once on a business trip to Torence. I got back that Saturday, and they announced the sale. This is a company that has made no efforts to address fundamental problems in their businesses. Many warehouses were filled with contractors who stopped caring and say, "yes, sir!" while not giving a cr-p and cutting corners because they aren't paid enough to care as soon as management rounds the corner. And people are starting to realize that we sell a standardized product... Where's the proprietary information hiding??
Who needs explorers. Can buy the resource on Wall Street. Can trim geoscience another 30%, without missing a beat.
But didn't we just buy the old Glomar Explorer?
Is that just to fill the exhibit space at Irving office?
All the Ethyl Gas pumps had lead paint!
Just be patient-the elimination of the new bus dev exploration group appears to be part of the plan. With no regard for technical people or the value they bring most will leave and the left over commercial folks won't have anything to make deals from or any one to evaluate new ones. Will be interesting to see what happens then.