Same Old Same Old at this week's Analysts Meeting, which has kept the BU's busy for 3 months as we stop everything to provide our master-baiters in Houston data and answer questions. It's been two months since RL sent out his last update on ECO. Did I miss something or did he miss something?
"In light of Hurricane Harvey I have decided to not progress any ECO actions at this time"
Harvey hit Houston, and yes it was bad, it is bad, but remind me how much company oil and gas is produced in Houston? Meanwhile we have huge costs and bureaucracy in Houston. If you feel sorry for these people, and want to take care of them, this is a separate issue. Harvey's impact is no reason to delay massive needed cuts in everything Houston. And may I highlight "at this time"? So holding an axe over our heads is supposed to encourage and motivate us?
"Safety and delivering on business commitments is paramount".
Yes, you said that in December 2015 about the dividend, then cut it a month later. And may I politely remind our masters in Houston the dangerous parts of our operations are in the field, not Houston, so what has Hurricane Harvey to do with this? But hold the handrails and drive slowly in the $200 million dollar HQ parking garage.
"September SEAT meeting cancelled"
If you really want change, for the better, fire these poor leaders, don't just cancel another meeting, especially when the costs will still be on the books because you cancelled so late.
"Rather than take broad ECO actions I'll rely on leaders..."
Memo to incompetent: it's these leaders who have run our company into the ground.
"We will stay focused on costs and margins"
No, your bureaucracy is focused on reporting, forecasting, and explaining these, rather than root causes of high costs.
"Our company is going through the aftermath of an epic event"
Agree this was epic. But remind us how much oil and gas production is in Houston? Just because your bureaucracy was impacted you are deferring badly needed company change? So Merry Christmas, HQ employees, but don't have too much of a merry Christmas, because the horrific cuts will come after you get your house rebuilt?
"I'm asking leaders to continue to drive the actions..."
This has already been noted here, but these same leaders have brought us massive cost overruns in every major project, poor forecasting and reaction to prices, too many office leases, billions lost in exploration, never-used deepwater ship leases, and bottom industry metrics in productivity.
Do you know the definition of insanity?