I was annoyed when CH emphatically stated that the WCK footprint reduction was not about cutting costs. Yet the very next statement was telling us they overspend. I’m totally okay with LT telling us they need to cut costs. Every decision Shell makes should have money in mind, either long term or short term gain. I feel like LT is more worried about feelings than running the businesses and that underpins why we lag behind. Without Iran war, we’d be failing horribly. Total BS Emma said chemicals would be improved even without Iran. No Emma, taking ethylene and polymer capacities offline throughout ME region DOES mean we didn’t do this on our own. Our record throughput is not because we understand how to run plants overnight. We have no reason for hubris, all Iran war. But alas, doesn’t matter. Investors DGAF so long as WS keeps working towards sewing his golden parachute.
13 replies (most recent on top)
@1bc Apu would seek employment with Reliance.
@fp Plenty of room at STCH.
Word has it the LT plan is to move back into One Shell Plaza and TSP. Struck a good deal for only double what we used to pay.
Will be announced to markets as a forward looking, optimization maximizing shareholder value while boosting cross-discipline collaboration thereby enhancing the employee value proposition.
@fp I heard WeWork, you only get charged the days you come in.
@fp Watson’s bar at I-10 and Hwy 6 closed. That’d be a good spot.
I did hear alternate sites for Shell office are being considered .. if not WCK then where? Thoughts /rumors?
Waste of time
It’s like every failing roofing contractor declaring their future looks great…right after the hurricane makes landfall.
Hey, don’t know what we’re doing but we hit the target, didn’t we?
Bullseye management - take credit even when it’s undeserved.
@bm agreed, watching them try to spin the Iran war as though we would be enjoying the current margin environment without it, was pathetic. It’s not like investors care. Shell culture will never improve as long as the stock price goes up. Anyone at letter grade or above doesn’t care about anything other than their own 2-4 year window. I’m going to hold on as long as I can and try to enjoy the people around me. I just miss the days of being able to respect LT.
watching the skinwalkers that comprise our LT take credit for the Iran war was a waste of time
every leader here is credit thief. the main targets are war and AI
@ad he’s a one trick pony, “cut costs at all cost.” We’ll be left with an empty husk by the time he’s ready to jump ship. Seems like we bought ARC only because he has some personal familiarity with the company. Not saying personal familiarity is bad, but is when it’s your only reason driven by emotion.
There was some good news
We are going the drill an offshore well in a new field
However, I can’t help but think that all of the sudden investments are desperation. During Waels entire tenure he’s been passing up on doing any acquisitions while talking a big game about “risk appetite”. He has simply opted to double down on proven reserves. Well, he stalled as long as he could and now is paying a premium due to oil being at a premium. That is not being wise, that is stalling because he failed to find an impactful way to get off cheap. We do at some point, much to Waels disappointment, have to invest in making some wells or we will not be a company anymore. And we are so close to that point that spending had to happen or else.
I left halfway through because it is clear that the leaders think we like being lied to
“It’s not about costs”. Yeah right. Everything in Waels Shell is about cutting costs to buy back more stock. He does nothing else.
Without a global oil war we would be finished. We all know it. Monaca having its best month ever is also war related.
Selling wood creek is clearly cost related. Lying to us and saying it’s about making a “more vibrant environment” is so lame. Also notice the hint at the start - the LT was touring other campuses with higher population density. In other words, maybe they won’t even rent back woodcreek. Anything to save a nickel for buybacks.
Another lie - “we have to size our facilities for the traffic that we have because there is no other way to do it”. No, you don’t. It’s called a range. Set a maximum and minimum and be ready to scale as needed.
Finally, closing the parking lot near A and B while announcing that everyone will be squished into E and F by the end of the year is very sketchy. Parking was a nightmare and apparently will be all week. Why would they close a lot during the one of the busiest weeks of the year when the LT is all here? You have to wonder - is it permanent? Is the LT here because they’re closing a sale? Will woodcreek parking now be worse than OTM because of nonsense about vibrant energy and cutting costs?