Exxon’s concern about losing

Apr 26, 2022 Editorial

Kaieteur News – Nobody likes losing, which stands to reason, for who wants to be out of the running, not rising to the top, getting the way, controlling the whole show. There is no glory in coming up short. In the world of oil, Exxon hates losing more than any other presence, more than with a passion; it is more accurate to assert that Exxon will do anything, make any move (including unconventional ones), and pullout any stop to succeed. Thus, it makes little sense for Exxon to be unduly anxious about losing in the courts of Guyana in a pending matter (“ExxonMobil ‘concerned’ about US$13B investment in Stabroek Block if loses case to Glenn Lall”, KN April 25). Something is wrong about this, more than out of place, and blown out of proportion, which does not reflect reality.
We at this publication make this clear: ExxonMobil is not going to lose its US$13B investment. Even should ExxonMobil lose the tax case brought by the publisher of this newspaper, the company still wins. It does not lose its investment, but it does not make out as proudly handsomely as it would with what is embedded in its lopsided agreement with Guyana. It would not do as spectacularly richly for its shareholders globally, on the backs of the poor, struggling, hopeful peoples of a troubled Third World country, but it still does beautifully financially.
To highlight this point, ExxonMobil would still make money the old-fashioned American way, meaning, hand over fist. The only issue, and this is from ExxonMobil’s perspective is that it is a smaller fist, and at a slightly slower rate of collection from the overwhelmingly sweet oil coffers of Guyana. Exxon has to cease being so greedy and be all about its own money interests at the expense of other people, the people who own the wealth that it explores for and exploits. Because when a careful consideration and comparison is given to Exxon’s global holdings, there is no close comparison to what it gets out of Guyana, how it enriches itself and its investors. To cut a fine point on this, Guyana’s cheap oil is one of the major contributors, perhaps the biggest one, to its turnaround from dismal multi-billion dollar losses to pleasing profit margins that are the envy of its competitors. Its heavyweight investors are happy, and they would still have much cause to be delighted, even if Exxon were to lose the tax case pending in Guyana’s court.
People initiate court cases with one objective only. That is, to win and win resoundingly, and the people at this paper are no different from any other in this regard. So, this development about Exxon being ‘concerned’ or troubled or bent out of shape by the probability of losing, whatever the likelihood, is seen through for what it is. It is nothing but what is shed by that monstrous reptile that lurks to lure the unsuspecting. Crocodile tears, it is called, and Exxon has begun that offensive as part of its comprehensive public relations strategy, to complement the work of its legal eagles and craftsmen, while it wrings its hands, and sings what Guyanese would call this first ‘pity poor boy tune.
For emphasis, we understand how capitalism works as well as anybody, and we appreciate that Exxon must make a nice, tidy profit. Given the broad, deep forests of fabulous financial returns that Guyana offers, and which the company is in the driver’s seat to mine, all that the masters of the universe in Exxon’s Texas corporate headquarters need to do is adjust their mindsets a shade. They must be willing to give a little more, to get a whole lot more. Give a little something to Guyana and still end up with an enormous bank haul and bank roll. All we want, all that we at this paper fight for, is a fair share, a square deal, a true partner. There is nothing more American than that, more practical and capitalistic than that kind of thinking.
ExxonMobil must not want to get lock, stock, and every barrel of Guyana’s cheap oil. It must be willing to leave something in the barrel for us. It starts with taxes.

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