A frank question...
24 replies (most recent on top)
A wholly owned subsidiary of Sinopec, Reliance, or Aramco.
There won't be an EM in 10 years. That simple.
KM moves from CFO to CEO.
Still surviving, just changed as described below.
Outsourcing most current staff positions because total failure of BTC.
Pension system eliminated with retirement plan buyouts completed when interest rate tops 14.5% and net present value minimal.
LCS sold off to green company after government subsidies ended making entire Carbon Capture concept uneconomic.
Swallowed up a couple of small upstream companies to increase reserves because ZERO discoveries outside of Guyana.
LCS goes through a a third reorg and is merged or disbanded as a cost saving effort. Leadership will come up with yet another strategy. Business Managers will be NSI or PIP for signing bad deals.
Darren Woods will step down as CEO in 2024 and will be replaced by an Energy Industry outsider (not EM breed).
Why is Frank asking this question? Can't he do his own research?
Exxon will become so defunct due to trying to move a century of institutional learning to a foreign country in a handful of years that it will either:
- Become relegated to a financial company in the O&G sector because the ELT isn't business savvy enough to diversify
- Venture into continual decline due to having zero business sense or ability to continue being an O&G company due to eliminated the rock sniffers, then become just a refining and chemical company, then just chemicals
- Decline and split, merge or sell to someone else (DW and the rest of the ELT would love to have their XOM stock merged with the higher Chevron stock, but that won't happen because of anti-monopoly laws that were created because of SO).
Eventually, this crazy idea of raising the dividend will catch up like it did with the East India Co. DW has single handedly begun the major decline of XOM due to gross incompetence, arrogance, and a love for di-k.
@1mjh+1iVwbu1c Good analogy, EMHC is already like a shopping mall without an anchor tenant...
Forgot to mention, 10 years from now, EM LCS will be an embarrassing memory.
10 years from now, EM will complete the installation of the final FPSO offshore Guyana.
Guyana will nationalize all oil production assets and hire SBM directly to operate.
EM nearly goes bankrupt, sells off all remaining operated upstream assets and becomes a downstream focused company with only strategic OBO upstream assets retained.
Unless we see some drastic changes in either the company or the world (or both), EM will be like a shopping mall with no anchor stores. It’ll probably still be in business, but everyone will know it’s over.
@1lju still cashing in on lucrative expat assignment. :) The day they want me back in EMHC is day I leave
The Upstream will be in strong decline in 10 yrs. Product Solutions will be a mixed bag with very few refineries standing but heritage Chemicals will be producing PE pellets at nearly the same sales level. The real question is whether or not LCS makes a breakthrough in new energy. Otherwise XOM will be in the sunset phase
In 10 years, BTC will be mature enough to replace the CEO, CFO, and all board members with 4 figure salaried Indians, saving hundreds of millions per year.
@bks Then GTFO. What’s stopping you?
Hi Annandale guy. I always assume it’s just the same person posting about Annandale.
Annandale will have been closed 7 years….😪
Well I'm not Frank, but I'll take a stab at the question.
We're in the middle/end of a great contraction in the company that will result in offshoring ALL jobs outside HQ and the manufacturing sites. Hopefully, someone (probably not us) figures a way to use renewable feeds to keep the us refineries open. Otherwise we'll likely sell all but Baytown, China and Singapore with the limiting suppys of crude. That's the best case scenario....
Yeah I agree. Something's afoot. Hard to say what it is. I'm not sure what to make of all the hippy dippy green washing and HR policies. Upstream is completely different now, not as much skin in the game as past decades. I'm glad I'm RE and can just GTFO. Place gives me the creeps these days.
It seems like they are going into “harvest the decline of O&G” mode
- . There is no company strategy….other than to make it smaller. That is a tactic, to what end I’m not sure. People speculate for a merger, but then to what end?
- . On the upstream side we are riding out Guyana and the Permian, both of which have finite lifespans.
- . On the upstream side there is no “next big thing” and we don’t appear to be trying hard to find “it” at all, even on this up cycle. This is new to my experience of almost 30 years here.
The shareholders will be fine. The employees will be in India.
@OP Where GE is now.
Next question.