Thread regarding ExxonMobil Corp. layoffs

The super expensive, super delayed Wells in Brazil TDed and you didn’t see either Cousins and his minions celebrating from the rooftops or a self aggrandizing press release. And those Wells had unbelievably high chance to succeed.
Also major groups are winding down, including the “collaborative”.
Someone will claim: Fail fast! As accomplishment and get promoted to STC, or something.
Still on the hook to drill the most risky ones.
So that’s the extent of the hope.

Glad someone thinks there is still hope in Brazil. Time will tell. Let the drilling continue! Unfortunately the layoffs in December mostly impacted prod/dev geos who were not responsible for the exploration messes of the past and present.

EMIT’s KQ deserves a PIP. If it was fairly run the result would be termination.

The acquisition of Carcara in Brazil will prove to be a good decision. I look forward to the wells to be drilled on Bullseye and in Sergipe later this year, though first couple wells appear unsuccessful. I believe XOM paid too much for several Brazil blocks and acquired too many blocks (which will be undrilled). BUT, remember a billion barrel discovery generates over 20 G in profits and it will more than justify the $2G spent on Brazil Exploration, even if XOM overspent/overbid. Over the years, the real exploration disgrace was the money spent in Russian Arctic, Iraq, Kurdistan, GOM, Indonesia, Libya, Phillippines, Tanzania, and West Africa. Plus far too much overhead over last decade, but that has been corrected with a much needed layoff resulting in a smaller exploration organization.

come on- DW is not even PIPed yet, and you expect accountability. What are you smoking? I’d like to have some of that too.

So either the other eVPs in the ranking group of our cousin are a lot worse than him, or the master rankers do not know yet that not only he left billions of dollars on the table by overbidding but that the most expensive Wells in this decade are a flop.
His arrogance rubs me the wrong way, but contemplating that there are worse than him, that makes me sad.

History appears to be repeating itself in Brazil. A new decade a new failure.

Hold up. Are yall referring to the old "donut" Brazil exploration sc--w up from back in the day or are we screwing up this time in 2021 too?

Mistakes are part of the game in exploration to be sure. But the last 17 years of lies and excuses from EMEC were not mistakes made by people trying to do the right thing. The management team in EMEC were playing a game of self enrichment and power grabs at the expensive of the employees and shareholders. The results speak for themselves. Just look at our assets in production-decade old fines and nothing new but Guyana (acquired by h-Exxon in 1999).

So you want a bunch of cannibals making the decisions?
Among the real humans there are rules.
You don't eat your own.

I meant development company. EMEC and its leadership was a disgrace.

Competent???!!!! You have to be joking!!! Upstream is in the mess we are in because we haven't had competent leadership in decades! Look at our decling asset base in production and the death of the device. All due to the incompetent leadership in EMEC since 2004.

Great concept... fire the most competent people in the company when a mistake is made. You sir, belong near the bottom!

It is amazing that the corp spent $2B on the recommendations of the Senior EVP of UBD Exploration and so far all we have to show for it is one OBO .220 k.b.o.p. boat. But he isn't the only one-accountability should be shared by every Chief and STC, geo manager/supervisor and commercial advisor involved in these decisions.

The fact that the eVP of exploration hasn’t been held accountable for the blunder in Brazil, it’s testament that the system doesn’t apply to all.
Some are more equal than others.

Unfortunately even if some managers did get PIPed, the deep cultural issues in the company mean that it’s almost certain the sunflowers are not part of that group.