The supermajors that are being built won't necessarily be the front-runners in the energy market of the future, said Archie Dunham, Conoco chief executive officer, while at the annual Cambridge Energy Research Association conference in Houston recently. "As companies seek synergies and economies of scale, they're combining into huge organizations. And this raises a fundamental question: do the supermajors have an inherent advantage because of their size? In other words can an elephant really run faster and change direction more quickly than the 'fast cats' of the jungle?" Dunham said. Although some of the large corporations are excellent companies, he believes that size is not the most important factor in determining success. "In the future, companies that emerge as 'superstars' will be those that have a clear vision. They know where they are headed and how to get there. They're quick and aggressive when responding to opportunities. They really listen to the needs of the customer, have the flexibility to tailor their strengths to meet those needs, and are guided by an unwavering set of values." "Successful companies won't limit themselves to being just 'commodity producers.' They'll do whatever is required to create value for their shareholders and serve their customers-whether the customer is a host government, an industrial firm or the consumer," Dunham said. Being visionary, responsive, focused on the customer, and value-driven are attributes that provide a competitive edge, he added. "Having these attributes isn't a matter of size. It's a matter of leadership." -Heather H. Read
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