QUOTE(langstrasse @ Mar 28 2015, 07:29 PM)
What I don't understand is why even these majors are in such a rush to make major portfolio changes - basically short-term price environment changes affecting long-term plans.
Seems to me that many companies are falling victim to the need to instantly satisfy shareholders by making radical changes just so they can make some positive statements in the annual reports.
"See ? For this financial year we sold of this and this asset and fired this many thousands of well qualified people (who will go to our competitors) and have successfully managed to beautify our accounts so analysts in air conditioned offices can write good evaluations of our stock. Woo hoo !".
3 years down the road they'll be having a major hole in reserves growth. Then go on a massive shopping spree to acquire crappy blocks.

Well, as time goes by, refineries will suffer from efficiency lost.
Not to forget that there are many mega refineries being built for the past 5 years. An old refinery can only do basic refining, need to produce chemicals, have to ship/transfer to another plant.
While newer refineries most of them are all in 1, from crude refining till chemical plant. Reliance in India for example, not to mention Satorp in Saudi that till expanding. Pearl GTL join venture by Qatar/Shell that using natural gas converting to clean fuel and high quality luboil.
Those major companies now are doing some stupid act : cut the goose's stomach and take out the eggs.
By keep on selling, no doubt it will look good on paper for the EPS, but when market pickup back, they will be the loser.