Watch out- she’s back in a position of power. More jobs to be cut
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@17q and they don’t care if getting their bonus destroys value. Greed reigns supreme and gaming the kpis is the plan. Need to cut opex during COVID? Shut in the wells and do not pickle them. Who cares about the tubing and future fishing jobs making the wells good for nothing but P&A!
Lesson from circa 1990. All Presidents and V.P.'s are all smiles in public forums. Behind closed doors, they will cut you off at the kneecaps if you are not delivering on your metrics to enhance their promotability.
@13B - most of you it feels like just don’t like woman in power. SB is one of the smartest exec out in the field. MB is also well deserving.
Most of the guys posting here have been divorced at least once and this lady probably reminds them of one of their wives or some ex girlfriend.
That’s really the issue. Has nothing to do with her actual performance.
She has never knowingly made any of her direct reports miserable. I wouldn’t mind working for jer
@kn I’ve worked for her and haven’t had any of the negative experiences I’ve seen posted here. And no, I’m not some sponsored chosen one
007 is super dangerous. Stay away!
Keyword “technical” team... those that know nothing about how operations are actually executed.
@jr only because Covid put everything on pause. Slammed the brakes on development which allowed teams to eventually execute. But being on that team then- no technical person supported the forcast. And those that spoke up and challenged were laid off or pipped.
The reality is that Delaware basin drilling learning curves have actually surpassed those cited as inflated in 2019.
@h9 actually kind of agree. Had been on the same team before. Holds accountable and demands high quality work. As you say, all the trolls are likely low performers who need to move on. Facts.
“Huge value destruction that she was a part of.”
That’s the value of having 1 year development cycle; the really bad strategic decisions are years in developing. Never impacts the current cycle
@ay Help us all if true. How do incompetent people get chosen? Such sunflower culture. Rewarding the wrong behaviors for sure.
@h9 Wrong. She put the Delaware Basin in a terrible spot. Took a lot of hard work to recover from her mistakes. Ask about the Green Blob. Huge value destruction that she was a part of.
@h9 - thanks for making me laugh! The board always needs some humor!
The reaction on this board tells me that MB is doing a good job holding people to account and setting high standards. I am glad to see her moving up the ranks!
The lawsuit against ExxonMobil involves allegations of misrepresentations and omissions related to the valuation of its oil and gas assets in the Permian Basin. The SEC's action includes claims against ExxonMobil and its personnel under Sections 10(b) and 20(a) of the Securities and Exchange Act.
The lawsuit also names former ExxonMobil employees, including Woods and Mallon, as control persons and adds allegations against Bond for conspiracy to manipulate the valuation of ExxonMobil's assets.
The case is a federal securities putative class action on behalf of all persons and entities who purchased or otherwise acquired ExxonMobil common stock between March 7, 2018, and January 15, 2021. The lawsuit is currently ongoing, with the SEC launching an investigation into ExxonMobil's valuation of the Permian Basin and production conditions.
Her another example of ExxonMobil promoting a toxic individual to lead an irg of more than 500 employees.
All the We are Exxonobil talk just got flushed down the toilet.
it does not matter how horrible of a person you are AND now the fact that you can’t get results, as long as tou have a squeaky voicy, a yes sir attitude to the core, a huge forehead and a weird creepy face with some blonde hair.
This has got to be the worst decision I have seen in many years. it is pathwtic how blind the people who chose leadership are, it is is insane that this individual is a VP. Everyone I have talked to make a vmoitting face when they hear her name.
Things just got worse for a lot of people.
@f1 so the real question is how are we doing vs the assumed learning curves for drilling and vs the proposed development plan? There were supposed to be several gas processing plants like Cowboy but only Cowboy was built why? There is a huge pad that was built for Husky but has never been used why?
FRAUD AND MANIPULATION—N.D. Tex.: Court denies Exxon Mobil’s judgment on pleadings motion in securities fraud case, (Aug 15, 2024)
Law Firms Mentioned: McKool Smith | Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates | The Briscoe Law Firm
Organizations Mentioned: Amalgamated Bank | Exxon Mobil Corp. | ExxonMobil | McKool Smith, PC | Skadden Arps
By Kristin J. Angelino, J.D.
Shareholder plaintiffs sufficiently alleged scheme liability claims against Exxon Mobil and an executive by showing presumption of reliance and scienter.
The U.S. District Court for the Northern District of Texas denied the motion for judgment on the pleadings brought by defendants Exxon Mobil Corp. (ExxonMobil or the Company) and former executive Melissa Bond (Bond) in a securities class action suit alleging scheme liability claims under Rule 10b-5(a) and (c) of the Securities and Exchange Act. The court also denied defendants’ motion to dismiss plaintiffs’ Section 20(a) claims. (Yoshikawa v. Exxon Mobil Corp., No. 3:21-cv-00194-N (N.D. Tex. Aug. 12, 2024)).
Plaintiffs initially sued ExxonMobil and several of its personnel under Sections 10(b) and 20(a) of the Securities and Exchange Act (the Exchange Act) and the related Rule 10b-5, alleging that defendants misrepresented ExxonMobil’s drilling potential in the Permian Basin, an oil-and-gas rich area in west Texas and southeast New Mexico, and omitted material information about the project’s obstacles. The company’s shares fell when a more realistic estimate of the Permian Basin project’s potential was released. The class action suit was filed on behalf of all persons and entities who acquired ExxonMobil common stock (XOM) between March 7, 2018 and January 15, 2021, including plaintiffs Employees’ Retirement System of Rhode Island and Amalgated Bank. The court dismissed the plaintiffs’ claims for failure to plead adequately that the defendants acted with the “requisite state of mind,” but granted plaintiffs leave to amend their complaint.
Plaintiffs then filed a second amended complaint (the SAC) which omitted several of the original defendants but maintained the Section 10(b) misrepresentation and omission claims against ExxonMobil and officers Darren Woods, ExxonMobil’s CEO, and Liam Mallon, president of ExxonMobil Upstream Company, as well as the Section 20(a) control person claim against Woods. In addition, the plaintiffs asserted a scheme liability claim against Melissa Bond, who was the former Senior Manager of Delaware Basin Development (an area within the Permian Basin), alongside Mallon and ExxonMobil, and named Mallon as a control person. The SAC alleged that Bond and Mallon conspired to manipulate the valuation of ExxonMobil’s Permian assets, which Woods would or should have learned about from a meeting with Bond. Specifically, the SAC alleged that Bond manipulated learning curve assumptions included in ExxonMobil’s 2019 development plan, which increased proved reserves by increasing the number of wells that the Company expected to drill.
The court granted the defendant’s motion to dismiss, with prejudice, all of plaintiffs’ claims under Exchange Act Section 10(b) and the claims against Mallon under Rule 10b-5(a) and (c). However, the court denied the motion to dismiss the scheme liability claims under Rule 10b-5(a) and (c) against Bond and ExxonMobil as well as the Section 20(a) claims. Defendants subsequently moved for a motion for judgment on the pleadings for these remaining securities claims. The court found that plaintiffs adequately alleged their remaining claims and denied defendants’ motion in its entirety.
Bond’s allegedly deceptive conduct. The court stated that, in order for plaintiffs’ scheme liability claim to survive, plaintiffs must allege sufficient facts showing that Bond’s allegedly deceptive conduct was “in connection with the purchase or sale of any security.” The court held that plaintiffs adequately alleged facts showing that Bond’s deceptive acts were communicated to the public when plaintiffs argued that Bond’s fabricated learning curve assumptions were incorporated into the Company’s reported proved reserves and resource basis. For example, plaintiffs explained that the Company’s 2019 Permian Basin development plan included “Bond’s manipulated learning curve assumptions, which dramatically increased the number of wells Exxon expected to drill, and thus increased proved reserves” and “Exxon’s reported resource base was also inflated by Bond’s scheme because proved reserves are a component of the resource base calculation.”
Presumption of reliance. Defendants argued that plaintiffs could not have relied on Bond’s allegedly deceptive conduct in their purchase or sale of a security, therefore, plaintiffs’ scheme liability claim against Bond fails as a matter of law. However, plaintiffs argued that they are entitled to a presumption of reliance pursuant to (1) the fraud-on-the-market doctrine as outlined in Basic Inc. v. Levinson, 485 U.S. 224 (1988) as well as under (2) Affiliated Ute Citizens of Utah v. United States, 406 U.S. 128 (1972). The court agreed with plaintiffs, finding that they alleged sufficient facts to establish a presumption of reliance under both theories. In the Basic case, the Supreme Court held that, in an efficient market, courts may presume that an individual relied on public and material representations when trading securities. Here, since the district court already held that plaintiffs alleged sufficient facts connecting Bond’s deceptive conduct with the purchase and sale of a security, the court further held that plaintiffs also alleged sufficient facts at the pleading stage to show that Bond’s deceptive acts were communicated to the public in order to establish a presumption of reliance under Basic. The court also held that plaintiffs were entitled to the Affiliated Ute presumption of reliance because plaintiffs’ claims were primarily based on Bond’s nondisclosure of her alleged scheme to fabricate the learning curve assumptions, which plaintiffs adequately alleged were incorporated into ExxonMobil's reports. Additionally, the court held that a reasonable investor may have considered Bond’s omissions important in making its decision to purchase a security.
Establishment of scienter. The court held that plaintiffs sufficiently pleaded that ExxonMobil acted with scienter with respect to the alleged scheme when plaintiffs relied on Bond’s allegedly deceptive conduct to impute scienter onto ExxonMobil. Specifically, the court cited plaintiffs’ allegations that Bond orchestrated and participated in the fraud of artificially inflating the learning curves, which furnished information to inflate publicly reported proved reserves and resource base, as sufficient to impute scienter to the Company.
Section 20(a) claims. Since the court held that plaintiffs sufficiently pleaded a primary violation of the securities laws, it denied defendants’ motion to dismiss plaintiffs’ Section 20(a) claims.
The case is No. 3:21-cv-00194-N.
007 can’t make a decision to save herself. Leadership is not saying I want everything at the same time and not prioritizing or making difficult decisions. When she was Delaware she would t make any decisions and always ranted that she had to have it all. Not a leader.
You could land a 747 on that forehead of hers.
M. Bond - Upstream Planning and Development Manager
@cz yes
@cj from Angola?
Was horrible, horrible in Delaware as Development Manager.
Yawn. The wheel continues to turn.
Apparently this person was involved in a securities class action lawsuit against EM in 2024:
https://www.vitallaw.com/news/fraud-and-manipulation-n-d-tex-court-denies-exxon-mobil-s-judgment-on-pleadings-motion-in-securities-fraud-case/sld01b75a6efaea464f3f94f9e8273febb2fa?refURL=https%3A%2F%2Fwww.google.com%2F#.
@ch have you ever seen 007 in a movie? Think what the characters last name is
007 being replaced by a drunk
What is 007's first name and last initial?
Technology working for MZ
Better than any other choice.
007?
What position is she moving to?
She will be president in a few years