For a decade plus, every time leadership needs big layoffs to balance gross mismanagement / missed opportunities / help with optics or messaging they go ahead and hammer exploration.
This time around it seems 90% of exploration will leave, including many of those who actually have any idea of how to do the job.
When the next layoffs roll around, and they will - which team is next on the block?
Same 'leadership' team, same 'solution' - treating staff as disposable.
Seriously - don't get to feeling too safe
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So '@bzx+19vj2yVc' thinks we will be the E and P company of choice by just buying resources from others? Inspired idea, like no one else in the industry is doing that, and this will be achieved by the Leadership team that turned down every goods thing we identified in the last 15 years ?
Good luck with that.
While you dream on about 'Powering Civilization', others will just move on and actually deliver.
Exploration has contributed nothing that moved the needle for 3 decades. Why not eliminate the expense and effort associated with them and just buy companies who can.
Alaska or Norway, they are old assets and sooner or later will be too expensive to operate by COP. After that are the older shale assets, Bakken or EF.
That is if the company isn’t bought by some point. The industry is on the merge and wither mode at this point.
There’s not going to be a “next round”. Another company will recognize our bloated bureaucracy and implement “synergistic cost savings”, eliminating technical incompetence, leadership impotence, and infrastructure pus infection, and fire 90% of us. It will be part of the “value add “ in buying us.
Few will escape.