#divestiture

Well, the time has come. It’s the last night of the Crown Castle nightmare that has been the lives of those of us in the perimeter. I’ve lived through Covid, several RIFs, the lineup of C-suiters that have exited (one took her broom with her), the forced move and then backtrack, offices shuttered, and now a 2.5 year long divestiture process. Heck, I’m beat.

I’m under no illusions that the new company will be perfect…far from, but I’m not going to troll this page anymore. I’m sure I’ll hear about it over drinks with my old Crown friends, but I won’t be active on here anymore.

I’m proud of the work that my friends (maybe even some of you) and I accomplished, despite the mismanagement, craziness, and fear of what’s next. We still did a fantastic job with what we were given. I’m going to miss a lot of people, but I’m sure everyone will be just fine wherever they end up.

For those going to Arium, good luck on starting over with the dedicated company focus that you always deserved.

Zayoites, good luck on an established organization that has pet insurance!

For my Crown 2.0 generation, when the Colonel sends out his email tomorrow, announcing the dawning of the new Crown, hang in there. You’ve outlived how many CEOs? I’m sure many of you will outlive this one…unless he sells the company, which is entirely possible.

Down 3%
Sold a 1.1B per year business for 1.4B … aka gave it away.
Market loves that deal.

So who is the strategic fit with all the layoffs and shutdowns? Weatherford is strong on the books but they are not going to be able to sustain growth as they can't grow the market share against the SLB, Halliburton, or even Baker.

I would bet on Baker, as they seem to be cleaning their books of distractions and getting to the core. I'm not sure WFRD has much to offer them at this point, as they may have in the past, but still would seem the best option for them -- just come other areas that would need to be divested.

See if people get let go ……..

NCR Voyix has agreed to sell its bank technology solutions business in Japan to local IT services provider NTT Data.

The transaction is expected to close "by the end of 2026", according to NCR Voyix, while financial terms have not been disclosed.

The business operates under the brand name NCR Commerce Japan and specialises in foreign exchange, lending, call centre, video teller, and network solutions for financial institutions.

Any update on upcoming possible divestitures for non-core or is everyone just being slowly laid off now?...

Someone told me that Imperial Oil is selling its Upstream assets in 2028. Has anyone heard anything like this??

Guess they sold Sweco brand worldwide.

Mass exodus by choice and some forced out. All locations are trimming fat so they can find a viable suitor for each non performing business unit. Glad I left before more cuts. Poorly ran from the top down, and frankly the union that exists in many locations is the downfall of any company with potential. Less than 7% of companies have unions and they all struggle, all layoff and eventually sell various business units to divest that waste and added expenses that union employees present to companies.

Sanjiv just hosted an EMEA Town Hall and announced significant reduction in EMEA workforce. Looks like GNT and Security will be hit hard, possibly including divestiture & partnering with other companies, but no doubt all functions and countries within region will be hit. Hearing rumours of 20-30%.
Now we have to wait in torturous silence until the EWC Works Council consultation process begins and ends. No doubt UK will be hit the hardest due to the significant hurdles in European law making it more expensive to get rid of people there...

For those of us who stayed on to the end of the call whilst the Leadership team didnt realise they were still live, the cat is out of the bag, as they put it!

https://www.beckershospitalreview.com/healthcare-information-technology/ehrs/oracle-loses-executives-in-health-division-report/

Let’s be real about why all support organizations are being moved under Vistance Networks: it’s to grease the wheels for selling off Ruckus and ANS.

By stripping IT, Finance, and HR out of the main entities, they’re effectively lowering the operating costs of the units they want to sell. Any buyer is going to have their own support infrastructure already in place; they don’t want our overhead. This move allows a buyer to "plug and play" the core business without the messy optics of immediate mass layoffs post-acquisition.

If you’ve been through a merger before, you know support staff are always the first to go. This restructuring just handles the "trimming" ahead of time to make the balance sheets look prettier for a handoff.

Bumping from @24p+1kgszbyzr.

Remind me, how much did we pay for it and how much did we sell it for? Just another proof Stankey is an id--t with no business sense.

The rumors are that will be sometime in 2026.

Eaton sells its transmission business to Dauch and its valve business to Nittan.
The rest of the mobility launches new company listed on the stock exchange.
New headquarters in Karlsruhe.

BP currently has 11 billion from Asset sales, and is looking for 20 billion by 2027.
Obviously personnel changes on existing assets they plan to keep would only save a fraction of what they plan to sell.
What's at most risk BU?

Anyone know of any updates or when it is to be announced?

Publish Date: 27th June 2025

ExxonMobil, the world’s largest publicly traded oil & gas supermajor, was formed via the $73.7 billion merger of Exxon and Mobil in 1999. As of 2023, it employs around 72,000 people worldwide, with annual revenue of approximately $334 billion and total assets worth about $340 billion. The company operates across upstream (oil & gas exploration and production), downstream (refining and chemicals), and chemical sectors, with a growing portfolio in LNG, carbon capture, and advanced chemicals. It manages vast upstream assets in the U.S., Guyana, and Indonesia, and downstream assets in 20 countries. Growth initiatives focus on the Permian Basin, Guyana offshore development, and LNG projects.

Historical M&A Deals (Chronological, up to 2023)

Year Target Type Value (approx)

1919 Humble Oil & Refining Acquisition –
1928 Creole Petroleum (Venezuela) Acquisition –
1984 Superior Oil Co. Acquisition $5.7 bn
1999 Mobil Corp. Merger $81 bn
2009 XTO Energy Acquisition $36 bn + $11 bn debt
2011 Phillips Resources, TWP Acquisition $1.69 bn
2012 Land swap with Denbury (Bakken) Swap $1.6 bn
2012 Celtic Exploration (Canada) Acquisition $2.6 bn
2013 Esso Card & BOPP films Divestiture –
2014 HK pumped storage stake Stake sale $33 m USD hong kong currency
2015 Chalmette Refining Divestiture $322 m
2017 InterOil Corp. Acquisition $2.5 bn
2018 Federal (Indonesia lubricants) Acquisition $436 m
2019 Norway oil & gas assets Divestiture $4 bn
2021 Santoprene polymers Divestiture $1.15 bn
2021 UK & North Sea upstream Divestiture $1 bn
2022 Billings Refinery & assets Divestiture $310 m
2022 Nigeria MPNU sale (Seplat) Divestiture $800 m
2023 Denbury Inc. Acquisition $4.9 bn
2023 Pioneer Natural Resources Merger ~$60 bn ($64.5B incl. debt)
This list encompasses 20+ key transactions illustrating ExxonMobil’s strategic expansion, divestiture, and portfolio shaping moves.

Recent M&A Activity (2024–2025)

Pioneer Natural Resources
Completed in May 2024, the $60 bn all‑stock merger doubled Exxon’s Permian footprint, pushing production to ~1.3 → 2 MM boe/d by 2027. Expected synergies exceed $3 bn/year, $1 bn above initial projections.

Esso France Sale
As of May 2025, Exxon is negotiating to divest its 82.9% stake in Esso France to Canada’s North Atlantic Groupe, valued at €149/share (€63 distribution prior) with deal closing expected late 2025.

Thai Gas Assets
In Q1 2025, Exxon sold stakes in the E5, E5N, and EU1 onshore blocks in Thailand to Horizon Oil for ~$30 m plus contingent payments.

European Refining/Chemical Divestitures
Closed late 2024, Exxon sold Fos-sur-Mer refinery and Gravenchon chemical plant to Rhône Energies for undisclosed billions, exiting aging European assets.

Divestiture Strategy & Notable Deals
European Exit: Norway assets ($4 bn), UK North Sea ($1 bn), French refinery/chemicals (late 2024), exiting high-cost, regulated markets to streamline operations.
Emerging Markets: Sale of Nigeria MPNU ($800 m) to Seplat to exit less profitable or complex jurisdictions.

Asia Onshore Gas Small-scale Thai assets sold to focus on higher-return offshore and unconventional development.

What Worked & What Didn’t?
Successes

Permian Expansion via Pioneer – strategic consolidation, operational synergies, and cost savings ($3 bn/yr). Rapid integration established Exxon as shale powerhouse.

XTO Acquisition (2010) – foundational pivot into U.S. shale gas, increasing production and positioning Exxon in unconventional plays.

Carbon Capture via Denbury (2023) – strengthened Exxon’s CCS portfolio, aligning with evolving regulatory and investor pressures.

Divestitures – consistent capital recycling (e.g. Europe, Nigeria) fueling investment in high-return projects and preserving financial discipline.

Missteps
Legacy asset rationalization—exiting older assets was prudent, but slower than some competitors, raising concerns about timing.

Scale risk – mega-merger with Pioneer increases integration complexity and debt exposure; long-term commodity price risk remains.

Strategic Rationale
ExxonMobil’s M&A strategy hinges on focusing on advantaged assets, divesting underperforming or noncore operations, and diversifying into emerging arenas:

Upstream deepen shale footprint for scale synergies (Pioneer), enhance technology leadership (XTO).

Carbon strategy build CCS capacity via Denbury.

Portfolio optimization free cash from divestitures reallocated to Permian, LNG, Guyana offshore (Whiptail), and advanced chemicals (IPA for semiconductor grade).
These moves support financial discipline, long-term shareholder returns, and energy transition resilience.

Outlook
Integration priority: ensuring smooth assimilation of Pioneer & Denbury operations without cost overruns.

Divestiture momentum continued sales in low-growth regions; proceeds will fund Guyana development, Permian drilling, and LNG expansion.

Transition alignment investment in CCS, chemical diversification, and possibly lithium upstream (non-M&A) suggests shifting capital mix.

Conclusion
From its monumental 1999 merger to the transformative 2024 Pioneer deal, ExxonMobil has leveraged M&A to transition from an integrated oil giant to a strategically focused energy leader. Its approach—acquire scale and expertise in cores, divest noncore assets, and reinvest in next-gen capabilities—has so far paid off, enhancing production capacity and portfolio strength. However, as the energy landscape evolves, bold bets must be matched with meticulous execution and further strategic clarity.

https://mandaequilibrium.com/exxonmobils-strategic-ma-evolution/

What’s going on with Egypt? Is it on the market?

Think about this for a moment. Carl was brought on “board” and so followed our CEO who Carl brought with him. Eventually they bought our Carl who was known for selling off pieces of companies until nothing was left. I think our CEO is still aligned with him. He alone has sold off everything and anything that was tangible. In all seriousness, what remains owned by Xerox? (Besides debt)

Story by Danielle Smith

Shell is reportedly struggling to recoup its massive investment in Pennsylvania’s petrochemical sector, with weak fourth-quarter returns renewing concerns the project has underdelivered on jobs, growth and profits.

The company is seeking a buyer or partner for its Shell Polymers Monaca plant and may never fully recover its $14 billion investment in the venture, according to a report from the Ohio River Valley Institute.

Kathy Hipple, research fellow at the institute and the report's co-author, said data show Shell received a major state tax subsidy intended to build a regional petrochemical hub. The company has already collected about $90 million and could keep receiving roughly $60 million to $65 million a year if the company continues to purchase and process more than a billion gallons of ethane annually.

She pointed out Shell has begun to sell off tax credits intended to support the local petrochemical industry.

"By law, they are able to sell these tax credits," Hipple acknowledged. "So far, they seem to have sold 100% of the tax credits that they have received to other companies that are not in the manufacturing industry. They're usually in the insurance industry. Sometimes they're not even in the region."

Hipple noted the Pennsylvania Resource Manufacturing Tax Credit’s “lookback provision,” set to trigger in 2028, could allow legislators to reevaluate the flow of tax credits to Shell Polymers Monaca. Lawmakers can assess whether the facility has met its original objectives and if it has not, consider modifying the incentive.

Anne Keller, also at the institute, said the state’s tax credit structure was unusually generous. The program effectively gave Shell a five‑cent discount on every gallon of ethane feedstock the plant uses. She spoke with an industry analyst who explained lawmakers initially discussed capping the subsidy at 30,000 barrels per day but the limit never made it into the final legislation.

"The bottom line was that the plant use it, and that is a very, very significant discount for a plant like this," Keller emphasized. "These are big commodity manufacturing facilities and feedstock is one of the critical cost elements that allows them to be profitable."

The report stated Shell has not fulfilled its commitments for job creation or local economic development. Since the 2012 announcement of its ethane cr--ker project, Beaver County’s GDP has fallen 12%, the local population has dropped by 3%, and employment has declined more than 13%.

https://www.msn.com/en-us/money/markets/shell-failing-promises-as-it-seeks-exit-from-pa

So, reduced to 3busin units from 4. The new structure is as follows: Space & Mission Systems (SMS), Communications & Spectrum Dominance (CSD), and Missile Solutions (MSL).
And then MSL spins off at least 40% of itself as a sorta stand alone IPO. And the former SAS unit is outsourcing work like crazy.
What's really happening folks?

Layoffs will be every quarter now. Had meetings today asking us to divest suppliers, slowly selling us for parts. All these executives who stayed for 1-2 years destroyed business units and jumped ship before anyone caught on to their fraud. Anyone left is clueless. A matter of time where investors see all the fraud.

OP: @ba+1kgn1jwrm

Phillips 66 continues to argue that midstream is a stabilizing complement to refining—a business that smooths volatility and anchors the portfolio. That framing sounds reasonable until you look at how differently these businesses actually behave.

Refining and midstream do not share the same economic logic. And forcing them to coexist inside a single company increasingly looks like a strategic mistake.

Refining is short-cycle, market-driven, and highly sensitive to commercial decisions. It rewards speed, focus, and deep market intuition. Midstream is long-cycle, contract-driven, capital-intensive, and exposed to recontracting risk and asset aging. It rewards patience, cost discipline, and steady reinvestment. These businesses pull management attention, capital, and risk tolerance in opposite directions.

That tension is now visible.

In the Permian, midstream assets require ongoing attention just to stay competitive—compression, power, integrity, and producer concessions are now part of the operating reality. In the Mid-Continent, aging infrastructure demands capital to maintain reliability and compliance, not to grow. These are slow-burn, infrastructure-heavy challenges that sit uneasily inside a company whose core identity and investor appeal are still driven by refining cycles.

Anchoring midstream to a refining core distorts both.

Refining leadership is forced to coexist with a business that consumes capital steadily but delivers returns slowly. Midstream leadership is tethered to a parent whose valuation, volatility, and investor base are dominated by refining swings. The result is a portfolio where neither business is owned by the right shareholders.

This raises a more fundamental question: who should own these assets?

Midstream assets are better suited inside a company—or structure—where they are the core business, not a supporting act. A standalone midstream operator, or a peer whose valuation and strategy are built around infrastructure economics, can manage recontracting risk, aging assets, and margin pressure without competing for attention with refining performance or commercial trading outcomes.

Phillips 66 shareholders, meanwhile, have a bundled exposure that they have to manage. If an investor wants refining risk, they can get it more directly in VLO or even PBF. If they want midstream infrastructure exposure, they could choose it more directly—through a pure-play midstream company—without carrying refining volatility along for the ride.

This is where the breakup argument becomes compelling.

Separating midstream from refining would:
• Allow each business to be valued on its own merits
• Let management teams focus on what they actually know best
• Reduce strategic tension and competing priorities
• Give shareholders the ability to build their own portfolios instead of inheriting one

Keeping midstream inside Phillips 66 no longer looks like integration. It looks like inertia.

The company has already proven willing to simplify in other areas. Midstream should be next—not because the assets are bad, but because they are mis-owned.

Refining needs clarity and focus to improve capture and reduce volatility. Midstream needs patient ownership unanchored from refining cycles. Trying to force both into a single equity story satisfies neither.

The question isn’t whether midstream is valuable.
It’s whether it belongs here.

Right now, the answer increasingly looks like no.

2025 had a brilliant divestiture and acquisition. What will 2026 bring?
The DL on Suriname
Is Alaska a distraction?
Leadership survives another year
Stock price estimate 12/2026

Stock free falling now, markets aren't happy with the CEO or divesture

Heading to ten bucks a share

Earnings Thursday could be the end

Happy former 30 year employee and current interest is only as an investor. Verizon needs to become a pure play Consumer focused company Wireless/Internet. Parts are worth more than the sum. Verizon Business would be one example. Sell it and other lower margin businesses to PE markets. Regulated side is more difficult to divest due to the obvious reasons.

Oxy involved in a major divestment or is purchased as a reserves play?
Leadership direction and composition?
Stock price and fundamentals?
Overal morale and employee engagement?

Is XOM starting to high grade and dispose challenged operating assets? 1000 wells struggling to produce 12000 bopd on a good day. Subsurface expecting substantial declines in production and limited appetite for further exploration and development

Any murmurs of COP reorganization and possible divestment of North Slope assets?

It’s evident that several Shell GoA assets will pass the inflection threshold for divestment or continued production to abandonment.

It’s now common knowledge that 2028 the ELT will have to decide on non performing assets in the GoM before production and remaining reserves become unprofitable for divestment.

Lots of rumblings from both consulting firms and at higher levels in Houston that a significant amount of Shell’s GoA assets in 2028 reach an opex/profitability threshold that will require the ELT to decide whether to divest or commit to cradle to grave with P&A and decommissioning that may far exceed 10 Billion dollars.

Wisdom of crowds and insiders.
What assets get divested?
Can Shell do marginal production management?
Will Shell ride the Idol Iron Clock?

Other interpretations and ideas welcome

Did y'all read the news?

I remember when this first started ppl had very specific number counts. I guess we are at 9,000 left to lay off for 2026. Can anyone give an insight as to how many of those 9,000 left will come out of divestures and how many will come out of actual reduction of employees and how that number is different from normal years low performers reduction?

Anyone know if BPX assets are in discussion for divestment? Which basins?
I understand layoffs took place last year, but new CEO wants discipline more CAPEX discipline. I think BPX just needs new leadership

When will the first one be announced and what will it be

Yes there will be another round end of Q1. First round was timed perfectly before the end of the year. That being said, to balance the sheets, more cuts had to occur at the beginning of the year for faster turnaround times for revenue increasing strategies in place.

It is happening and will continue to trend the same patterns as the Q4 layoffs.

Lots of questions as to if it will be geo based like the first rounds were or if it will be more results based strategies for the target. The answer is both are being considered.

Agent companies have already been scouted for these locations. Some divestures will be March and then the rest in April.

One thing I did hear is if your location has black tile sales floors, that is is ideal for agent companies to transition (don’t ask why, I didn’t hear but it’s strategic placement)

Wot ?!?
All it took to bounce the stock higher was divest the space companies and programs ? Those fat cash-immobile programs.

Why didn’t they do this sooner ? So much bloodshed with folks we lost since April 2024.

Expect more moves like this every few years as LHX responds to the market and challenges of nimble defense startups and China Dual Use adversaries.

Can we rebrand also as:
“The Trusted Transforming Disruptor”

https://www.nerdoutonbusiness.com/p/will-enterprise-software-stay-sticky-in-an-ai-world

OpenText is a useful case study for this question. The company runs on long-term contracts and deep switching costs, but AI is making it easier for companies to build internal tools.

The business is built on recurring revenue, with ~81% of FY2025 revenue coming from cloud subscriptions and customer support contracts.

Will their 94% renewal rate hold up?

I think the answer is no. Customers are constantly upgrading and given all of OpenText’s products are long in the tooth and the AI tools are unproven (without customer references) renewal rates will go down and the focus will be on organic growth which is an impossible task given the lack of innovation.

If the SMB unit is sold, the SMB Renewal Teams: Likely transferred to the buyer. These teams are high-volume and automated, making them an attractive "turnkey" operations piece for a Private Equity firm.
• Legacy Enterprise Renewals: Would remain at OpenText but continue to face the AI-driven workforce reductions.

If the "20% divestiture" goal is met by selling the SMB unit, these are the rumored frontrunners:
• Thoma Bravo: Rumored to be looking at Carbonite to fold into their ConnectWise or Sophos portfolios.
• Kaseya: Known for aggressive acquisitions in the MSP space, they are frequently mentioned as a potential home for Webroot's threat intelligence data.
• Gen Digital (Norton/LifeLock/Avast): Since OpenText has refocused Webroot on "Digital Life Protection" for families, it has become a "strategic fit" for Gen's consumer-focused empire.

In regards to a new CEO The board is looking for an "Operator" rather than a "Visionary Dealmaker." They want someone who can make the remaining "Core" business highly profitable after the non-core units (like SMB) are potentially sold off.

However this “Operator” will be in charge of getting all of OpenText remaining core acquired by a big tech company that can do something with the IP.