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Gold/Mining/Energy : Big Dog's Boom Boom Room
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To: sammaster who wrote (32504)5/27/2004 1:25:14 PM
From: John Carragher  Read Replies (1) of 206325
 
from my memory exxon in the 80's did a great job of replacing oil and finding reserves better than any international. They are and E&P company at heart and ref, mrkt as a distribution of their oil. I do believe they would sell off all ref and marketing if it didn't cause a lot of political problems. also maybe still as some think a safety balance to use your own oil vs open market if prices get out of line.

as for going out buying oil vs. dividend,, not the greatest div better stocks out there for dividends. or stock buy backs. I doubt ceo thinks $40 bbl is sustainable. the drop in oil will result in inventory valuations dropping. Although i have no idea what they carry their inventories at now for inventory valuation. But refineries and marketing will take big hits if prices drop fast.

cost cutting ceo mentioned taking out another billion in expenses this year. (interview with maria a few months back). xon doesn't mention out source or jobs going to other countries.. but in the last couple of month. S&D department , controllers , 250 jobs out of dallas tx,and fairfax va. went to south america and Europe, also a small office in pa. is closing and 70 jobs are going to Canada. No job transfers offered.

I thought a few weeks ago xon sold a bunch of wells in U. S. to a small company.. This is standard when production gets so low. They cannot run the operation as efficient as a small company. Usually when the wells are sold , you can also expect all accounting , audit etc support people that are part of expenses are cut.(per internal auditor i talked with many years ago in another company.)
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