Reorganizations are not new to the oil industry. However, they have been commonplace for approximately the past 20 years. All U.S. industries have undergone change since the early 1980’s to compete on a global basis. This paper describes the successive evolution of the three types of reorganization or "waves." Apparent positive results on business measures resulted from the first two waves. Successive iterations of reorganizations resulted in apparent deleterious effects on the surviving employees. There are indications that bottom-line effects may be leveling, and the reaction from that may be more second-wave-type reorganizations. Many may perceive new or different organizations resulting because of their manifestations. However, they will be just variations on a basic reorganization theme. The third wave, yet to come, will require companies to "soul search" their reason for being and to formulate clear visions of their future role in the industry. This paper describes some character attributes and cognition requirements for companies and industry professionals to "ride" the third wave of reorganization successfully.