#divestiture

What’s going on with Egypt? Is it on the market?

Think about this for a moment. Carl was brought on “board” and so followed our CEO who Carl brought with him. Eventually they bought our Carl who was known for selling off pieces of companies until nothing was left. I think our CEO is still aligned with him. He alone has sold off everything and anything that was tangible. In all seriousness, what remains owned by Xerox? (Besides debt)

Story by Danielle Smith

Shell is reportedly struggling to recoup its massive investment in Pennsylvania’s petrochemical sector, with weak fourth-quarter returns renewing concerns the project has underdelivered on jobs, growth and profits.

The company is seeking a buyer or partner for its Shell Polymers Monaca plant and may never fully recover its $14 billion investment in the venture, according to a report from the Ohio River Valley Institute.

Kathy Hipple, research fellow at the institute and the report's co-author, said data show Shell received a major state tax subsidy intended to build a regional petrochemical hub. The company has already collected about $90 million and could keep receiving roughly $60 million to $65 million a year if the company continues to purchase and process more than a billion gallons of ethane annually.

She pointed out Shell has begun to sell off tax credits intended to support the local petrochemical industry.

"By law, they are able to sell these tax credits," Hipple acknowledged. "So far, they seem to have sold 100% of the tax credits that they have received to other companies that are not in the manufacturing industry. They're usually in the insurance industry. Sometimes they're not even in the region."

Hipple noted the Pennsylvania Resource Manufacturing Tax Credit’s “lookback provision,” set to trigger in 2028, could allow legislators to reevaluate the flow of tax credits to Shell Polymers Monaca. Lawmakers can assess whether the facility has met its original objectives and if it has not, consider modifying the incentive.

Anne Keller, also at the institute, said the state’s tax credit structure was unusually generous. The program effectively gave Shell a five‑cent discount on every gallon of ethane feedstock the plant uses. She spoke with an industry analyst who explained lawmakers initially discussed capping the subsidy at 30,000 barrels per day but the limit never made it into the final legislation.

"The bottom line was that the plant use it, and that is a very, very significant discount for a plant like this," Keller emphasized. "These are big commodity manufacturing facilities and feedstock is one of the critical cost elements that allows them to be profitable."

The report stated Shell has not fulfilled its commitments for job creation or local economic development. Since the 2012 announcement of its ethane cr--ker project, Beaver County’s GDP has fallen 12%, the local population has dropped by 3%, and employment has declined more than 13%.

https://www.msn.com/en-us/money/markets/shell-failing-promises-as-it-seeks-exit-from-pa

So, reduced to 3busin units from 4. The new structure is as follows: Space & Mission Systems (SMS), Communications & Spectrum Dominance (CSD), and Missile Solutions (MSL).
And then MSL spins off at least 40% of itself as a sorta stand alone IPO. And the former SAS unit is outsourcing work like crazy.
What's really happening folks?

Layoffs will be every quarter now. Had meetings today asking us to divest suppliers, slowly selling us for parts. All these executives who stayed for 1-2 years destroyed business units and jumped ship before anyone caught on to their fraud. Anyone left is clueless. A matter of time where investors see all the fraud.

OP: @ba+1kgn1jwrm

Phillips 66 continues to argue that midstream is a stabilizing complement to refining—a business that smooths volatility and anchors the portfolio. That framing sounds reasonable until you look at how differently these businesses actually behave.

Refining and midstream do not share the same economic logic. And forcing them to coexist inside a single company increasingly looks like a strategic mistake.

Refining is short-cycle, market-driven, and highly sensitive to commercial decisions. It rewards speed, focus, and deep market intuition. Midstream is long-cycle, contract-driven, capital-intensive, and exposed to recontracting risk and asset aging. It rewards patience, cost discipline, and steady reinvestment. These businesses pull management attention, capital, and risk tolerance in opposite directions.

That tension is now visible.

In the Permian, midstream assets require ongoing attention just to stay competitive—compression, power, integrity, and producer concessions are now part of the operating reality. In the Mid-Continent, aging infrastructure demands capital to maintain reliability and compliance, not to grow. These are slow-burn, infrastructure-heavy challenges that sit uneasily inside a company whose core identity and investor appeal are still driven by refining cycles.

Anchoring midstream to a refining core distorts both.

Refining leadership is forced to coexist with a business that consumes capital steadily but delivers returns slowly. Midstream leadership is tethered to a parent whose valuation, volatility, and investor base are dominated by refining swings. The result is a portfolio where neither business is owned by the right shareholders.

This raises a more fundamental question: who should own these assets?

Midstream assets are better suited inside a company—or structure—where they are the core business, not a supporting act. A standalone midstream operator, or a peer whose valuation and strategy are built around infrastructure economics, can manage recontracting risk, aging assets, and margin pressure without competing for attention with refining performance or commercial trading outcomes.

Phillips 66 shareholders, meanwhile, have a bundled exposure that they have to manage. If an investor wants refining risk, they can get it more directly in VLO or even PBF. If they want midstream infrastructure exposure, they could choose it more directly—through a pure-play midstream company—without carrying refining volatility along for the ride.

This is where the breakup argument becomes compelling.

Separating midstream from refining would:
• Allow each business to be valued on its own merits
• Let management teams focus on what they actually know best
• Reduce strategic tension and competing priorities
• Give shareholders the ability to build their own portfolios instead of inheriting one

Keeping midstream inside Phillips 66 no longer looks like integration. It looks like inertia.

The company has already proven willing to simplify in other areas. Midstream should be next—not because the assets are bad, but because they are mis-owned.

Refining needs clarity and focus to improve capture and reduce volatility. Midstream needs patient ownership unanchored from refining cycles. Trying to force both into a single equity story satisfies neither.

The question isn’t whether midstream is valuable.
It’s whether it belongs here.

Right now, the answer increasingly looks like no.

2025 had a brilliant divestiture and acquisition. What will 2026 bring?
The DL on Suriname
Is Alaska a distraction?
Leadership survives another year
Stock price estimate 12/2026

Stock free falling now, markets aren't happy with the CEO or divesture

Heading to ten bucks a share

Earnings Thursday could be the end

Happy former 30 year employee and current interest is only as an investor. Verizon needs to become a pure play Consumer focused company Wireless/Internet. Parts are worth more than the sum. Verizon Business would be one example. Sell it and other lower margin businesses to PE markets. Regulated side is more difficult to divest due to the obvious reasons.

Oxy involved in a major divestment or is purchased as a reserves play?
Leadership direction and composition?
Stock price and fundamentals?
Overal morale and employee engagement?

Is XOM starting to high grade and dispose challenged operating assets? 1000 wells struggling to produce 12000 bopd on a good day. Subsurface expecting substantial declines in production and limited appetite for further exploration and development

Any murmurs of COP reorganization and possible divestment of North Slope assets?

It’s evident that several Shell GoA assets will pass the inflection threshold for divestment or continued production to abandonment.

It’s now common knowledge that 2028 the ELT will have to decide on non performing assets in the GoM before production and remaining reserves become unprofitable for divestment.

Lots of rumblings from both consulting firms and at higher levels in Houston that a significant amount of Shell’s GoA assets in 2028 reach an opex/profitability threshold that will require the ELT to decide whether to divest or commit to cradle to grave with P&A and decommissioning that may far exceed 10 Billion dollars.

Wisdom of crowds and insiders.
What assets get divested?
Can Shell do marginal production management?
Will Shell ride the Idol Iron Clock?

Other interpretations and ideas welcome

Did y'all read the news?

I remember when this first started ppl had very specific number counts. I guess we are at 9,000 left to lay off for 2026. Can anyone give an insight as to how many of those 9,000 left will come out of divestures and how many will come out of actual reduction of employees and how that number is different from normal years low performers reduction?

Anyone know if BPX assets are in discussion for divestment? Which basins?
I understand layoffs took place last year, but new CEO wants discipline more CAPEX discipline. I think BPX just needs new leadership

When will the first one be announced and what will it be

Yes there will be another round end of Q1. First round was timed perfectly before the end of the year. That being said, to balance the sheets, more cuts had to occur at the beginning of the year for faster turnaround times for revenue increasing strategies in place.

It is happening and will continue to trend the same patterns as the Q4 layoffs.

Lots of questions as to if it will be geo based like the first rounds were or if it will be more results based strategies for the target. The answer is both are being considered.

Agent companies have already been scouted for these locations. Some divestures will be March and then the rest in April.

One thing I did hear is if your location has black tile sales floors, that is is ideal for agent companies to transition (don’t ask why, I didn’t hear but it’s strategic placement)

Wot ?!?
All it took to bounce the stock higher was divest the space companies and programs ? Those fat cash-immobile programs.

Why didn’t they do this sooner ? So much bloodshed with folks we lost since April 2024.

Expect more moves like this every few years as LHX responds to the market and challenges of nimble defense startups and China Dual Use adversaries.

Can we rebrand also as:
“The Trusted Transforming Disruptor”

https://www.nerdoutonbusiness.com/p/will-enterprise-software-stay-sticky-in-an-ai-world

OpenText is a useful case study for this question. The company runs on long-term contracts and deep switching costs, but AI is making it easier for companies to build internal tools.

The business is built on recurring revenue, with ~81% of FY2025 revenue coming from cloud subscriptions and customer support contracts.

Will their 94% renewal rate hold up?

I think the answer is no. Customers are constantly upgrading and given all of OpenText’s products are long in the tooth and the AI tools are unproven (without customer references) renewal rates will go down and the focus will be on organic growth which is an impossible task given the lack of innovation.

If the SMB unit is sold, the SMB Renewal Teams: Likely transferred to the buyer. These teams are high-volume and automated, making them an attractive "turnkey" operations piece for a Private Equity firm.
• Legacy Enterprise Renewals: Would remain at OpenText but continue to face the AI-driven workforce reductions.

If the "20% divestiture" goal is met by selling the SMB unit, these are the rumored frontrunners:
• Thoma Bravo: Rumored to be looking at Carbonite to fold into their ConnectWise or Sophos portfolios.
• Kaseya: Known for aggressive acquisitions in the MSP space, they are frequently mentioned as a potential home for Webroot's threat intelligence data.
• Gen Digital (Norton/LifeLock/Avast): Since OpenText has refocused Webroot on "Digital Life Protection" for families, it has become a "strategic fit" for Gen's consumer-focused empire.

In regards to a new CEO The board is looking for an "Operator" rather than a "Visionary Dealmaker." They want someone who can make the remaining "Core" business highly profitable after the non-core units (like SMB) are potentially sold off.

However this “Operator” will be in charge of getting all of OpenText remaining core acquired by a big tech company that can do something with the IP.

Any scuttle but from Egypt? Hearing that divestment is a possibility. It would simplify the company tremendously. Next hurdle offload the BP and Exoon North Sea Assets back to BP and Exxon…

What is everyone planning to do with their OT stocks (from ESPP or other means). Sell? Hold? It is at a much better price than what is was before. so just sell and invest in some better company, or could this go higher than what it is currently. When OT slowly divests the non-core portions, would it lead to reduction in stock value?

With the announcement yesterday alongside the rebranding a separate email said that the UK&I was to become a separate entity, wonder if eventually it will be sold off?

With Sean and Nina gone, Skiip has Aortic on the chopping blocks to support his other M&A plans. All the dots are connecting... Skiip (whose only expertise throughout his career is divestures and acquisitions) is brought to CV OU. Sean, and then Nina depart. No significant investments in Aortic for past several years. Market share and net profit from Aortic are declining. It's not if, it's when... or rather how soon!

Any rummors about possible divestment of Shell Chemicals ? Have heard that they want to somehow separate it.

Where are we with this? Is the BT / Private Equity move true ?

NetDocuments acquired eDocs from Opentext. Does anyone know of any other noncore solution being sold off?

https://ca.finance.yahoo.com/news/opentext-sells-non-core-business-120629553.html

Stankey unloads Time Warner at a massive loss and passes on this loss to employees. The new owners of Time Warner start a bidding was and make a massive profit. Well done Stankey. Can’t even blame it on Stephenson - divestment if Time Warner is on your watch.

What happens when an employee is laid off after a divestiture? Like when a severance is paid how many years of service is taken into account: is it the number of years at OT or at the new company? or do employees get a severance during divestiture? what happens to their PTO days etc.

So another failed venture by ATT gets sold to Discovery for $43billion. Today, Netflix buys WB for $82billion. ATT must be the worst negotiators ever.

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2026 Capex allocations are now of public domain.
Absolute zero reference of Argentina, which can be interpreted in 2 ways:

• next divestiture candidate
• idling at minimum for the next few years until the Permian peaks and start to decline.

Curious to know your opinions.

Informants have shared that Rao is in the exit lane for H1 2026 as Elliot prep their next divestment.

Upstream: Cold Lake, Kearl, Syncrude
Downstream: Strathcona, Sarnia, Nanticoke, Terminals, Pipelines
Chemical: Sarnia

Or does it make more sense DW finally recommends to the EM board to buy the minority interest of IOL (30%)?

I'm sure a lot of you have seen others posts around retail but I got some solid numbers. 180 stores were impacted today which they are still required to work today which is very sh---y. 179 stores will divest and one will close. It is 30 stores per market. After everything we will go down to two markets. All of the teams will be either consolidated or impacted. This also means that territories and districts will be redrawn and that will cause impacts to local retail ops.

Now they’ve sold Telefe, do you think they’ll cut the P+ teams in Argentina?

“Aggressively sunset or exit legacy businesses”
Timestamp: 0:19:06 to 0:20:17

“While we narrow our focus to invest in key growth areas, we will also aggressively sunset or exit legacy businesses where we don't see a clear path to profitable market leadership. We have a large opportunity to unleash meaningful margin improvement by doing so, and we will talk about this in more detail in January.”

“Divest and exit legacy businesses”
Timestamp: 0:28:31 to 0:29:35

“We’re going to do a hard look at portfolio rationalization and divest and exit legacy businesses where we don’t see a clear path to profitability.”

“Simpler, leaner, scrappier business” and “aggressively reducing our entire cost base”
Timestamp: 0:17:56 to 0:19:06

“We will be a simpler, leaner, and scrappier business. This work is overdue and will be multi-year and an ongoing way of life for us… We will fund these investments by aggressively reducing our entire cost base.”

“Portfolio optimization”
Timestamp: 0:43:32 to 0:44:19

“We have parts of our business that are costing us billions of dollars of margin, and I think we can think much more clearly about how do we invest in growth areas and divest or exit those that are not that for us. We'll spend more time on that in January…”

“Everything is on the table for us”
Tony Skiadas CFO – Timestamp: 0:46:32 to 0:47:12

“We're looking at everything, and everything is on the table for us. It also entails being very efficient with our capital spend.”

Source:
https://finance.yahoo.com/quote/VZ/earnings/VZ-Q3-2025-earnings_call-364743.html