The company's ability to survive with the current green wave push is the real question. Oil will be needed for jet fuel and plastics products only. Can we as a company make a shift in business model and cost structure to survive vs that of Exxon and Chevron? I think not. LT is still in the mind of large integrated oil with complex company systems with heavy people resource requirements, processes, and systems. The real winners will be those that have nat gas (not liquid rich resources). Nat gas will be the real winner as we move to green energy.
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Man's not only getting paid, but got a raise this year too!
Sounds like we all agree a transition to green energy is heading our way. Yes it will take time - but it is coming. The change will happen much faster then you think with Gov't subsidies (taken from the O&G companies and given to the EVs) and a younger generation wanting the transition.
I see no plan from our leadership facing this fact. Until they do, we are doomed to fail.
Was anyone impressed by the earnings call? It was the yuck yuck show with a bunch of generic side stepping answers. I'm sure we'll get the same head scratching, "Why don't they like us?" response from Lee and pals. Can't wait for the all employee meeting [eyeroll].
The cash flow is from the company to the executive team's pocket's!
And about high wages, main shame should be on Executives making tons of millions out of companies that don't produce a positive cash flow.
People are overreacting, how many fuel cars would have to be replaced? and maybe rich nations can afford this green energy, but not developing nations, including India and China with billions of people. Watch Bill Gates documentary on Netflix and Scott Tinker documentary on youtube. Energy transition is slow and expensive.
Everyone should trust LT. Remember the buybacks?
Even if MRO was given a giant printing press with ink and paper to roll out 100 dollar bills your CEO would find a way to fool that up and the company would fail.
MRO is without a paddle, a boat or a way to control the flow of this sewer in which it's is CEO has chosen for swimming.
Bigger than demand for oil, we, as company, have got to become leaner and more competitive. If that means rebalancing to be weighted towards gas, then so be it.
But more than that, we can't have half the organization working on pointless planning and process improvement efforts. We can't dump BILLIONS of dollars in splashy acquisitions that don't make money. We can't build a shiny new building to simply stroke our ego.
So many bad decisions up top that will doom us long before demand for oil.
Gotta have plastics, for sure. But what to do with the other stuff that evaporates?
Let it evaporate (elect to do that).
Jet fuel is about done.
Solar dirigibles daily from Houston to Moscow in a day.
I agree. I order to be profitable, our high wages and benefit are coming to and end. Instead of layoffs, we should expect wage and benefit cuts to remain competitive.