Xom finds another discovery off Egypt where chevron hits dry hole. Keep reducing subsurface staff and promote / grow FEs to continue dismal outcomes
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Exxon requires performance that meets clear metrics for business success, not feel good programs. Row or die. Corporate America is filled with execs who couldn't meet Exxon high standards.
Incredibly talented group of people that work together efficiently like the Borg, (but with some really mean backstabbing if you aren't prepared for meetings or sc--w up).
Today we announced another disastrous dry hole in Namibia. A true duster.
Of course, we exited Namibia after a series of wildy expensive dry holes just 20 years ago. Nobody in exploration remembers that fiasco, apparently.
Are they hiring? Just wondering why this is so crazy important to the layoff crew.
Before I retired, I was told by more than one sr. manager that exploration was not that important because we could grow by acquisition. I would like to go back to ask "How is that working out for all ya all?" Sorry, got to go, my tee-time was just called.
The entire exploration leadership is DEI stand-ins or foreign nationals. Go figure.
Oh how the turns have tabled. Exxon and Chevron swapping positions and MW standing there trying to follow them. It's funny that all of the CVX employees can see how worthless he is, but the BOD doesn't. Oh.. Money
Abysmal. 2nd exploration well flops. Can’t progress 1st discovery to appraisal / development. Wholesale change needed in exploration.
FE here - can’t we please pick better rocks?!?!?!
MW - fe, MN- fe, JG - finance, NH - FE, BK - FE.
We were good at exploration 20 years ago but have lost our way. Exxon used to be terrible but now routinely trounces us.
Maybe we can buy in 10 years from now at a premium to market price.