I thought that the mood in Billings would be quite down after the announcement of the selling of the refinery….shocker, lots of happy people.
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I am happy for Billings. Sometimes I wish a more competent company (or, at least, more nimble company) would swoop in and reset things in my organization.
The reality is that ExxonMobil has failed the majority of assets it has sold. The buyers come in and turn the asset profitable (or more profitable). It really just means we are terrible business people. We can crank out profit when cracks are high (anyone can), but we don’t understand the market well enough to optimize small assets in a way that makes big money in all parts of the cycle.
Billings should do just fine. They are profile and will be even more profitable. They’ll now be able to operate without all the corporate overhead tax and bureaucratic layers of management and systems that add no value.
Going to get a lot more investment and love from the buyer - probably have the option to get bonuses. Wouldn't you be happy?
Really shocker? They're billing. Of course they will be happy