#energy

It’s so nice to pay over $100 to fill up. Maybe we (as an organization) can lead the fight against the current energy crisis and reinstate WFH?

https://oilprice.com/Latest-Energy-News/World-News/India-Pushes-Back-on-US-Tariff-Threat-Over-Russian-Oil.amp.html

Oil Executives Say the Great Fuel Crisis Is Here

• Trump officials say the oil-market disruption is temporary, but Chevron’s Mike Wirth and others warn global supplies are running low, with no respite in sight.

https://www.wsj.com/business/energy-oil/oil-executives-say-the-great-fuel-crisis-is-here-b6b32030

By Benoît Morenne and Collin Eaton
September 14, 2026 at 5:06 p.m. ET

American oil executives warned for months that the prolonged closure of the Strait of Hormuz was bound to cause a fuel crisis. Now, they say it is here.

Commercial fuel stocks around the world have been depleting for more than six months, and strategic crude reserves cannot be tapped much further. Attacks last week shut down a crucial crude pipeline in Saudi Arabia that bypassed the Strait, stranding at least 2.5 million barrels a day from an already tight global oil market, analysts estimate.

“All these mechanisms helped to mitigate the price and supply risk,” Chevron Chief Executive Mike Wirth said Friday at an energy conference in Austin, Texas. “Those have largely now played out, and we don’t have nearly the buffers in the system that we did when it began.”

It is hard to predict where oil prices will go, he added, but at the moment, it is difficult to envision prices coming back down quickly.

“I wish I could tell you that I saw some reason why things would ease, but it’s difficult right now to see that happen,” he said.

Veteran energy advisers say that with no resolution to the Iran war in sight, the situation risks spinning out of control. Diesel prices have soared to a record $6.23 a gallon, while gasoline prices, which slipped below $4 a gallon this summer, have rebounded to $4.32. Some energy analysts say they have been fielding investor questions about when consumers pinched by high prices will start pulling back on new purchases.

The Trump administration has repeatedly promised Americans that prices at the pump would decline and that energy flows out of the Middle East would keep increasing.

Interior Secretary Doug Burgum said at a Houston G-20 event on Monday that “the prices in the prior administration were this high anyway” and that Americans would have paid those prices permanently because former President Joe Biden was “pursuing a policy of energy subtraction and shutting down refineries.”

“If you want to write about the prices, make sure you include the word ‘temporary’ because this is a temporary disruption,” Burgum told reporters.

The White House sees two major measures it can take to help ease prices: boosting production in Venezuela and increasing U.S. fuel-making capacity.

In recent months, U.S. officials have focused on striking deals expected to bolster Venezuela’s oil production. In early September, they met with U.S. refining executives to discuss expanding the nation’s fuel-making capacity. A senior U.S. official said the administration is pleased with the progress made on both fronts.

Energy executives and White House officials say they have maintained a continuing dialogue about the energy situation since the conflict began. CEOs including Wirth speak frequently with Energy Secretary Chris Wright.

Wirth said Friday that he had not spoken with President Trump since August 3, when the president said in a Truth Social post that the CEO had not credited his administration for the oil industry’s good fortunes. Trump called on Chevron and other oil companies to bring “consumer (retail!) Oil Prices DOWN, NOW!”

Some CEOs and energy advisers say they have grown alarmed in recent weeks as the conflict has intensified, with ships and energy infrastructure being targeted by both sides.

“The advantage in most negotiations usually goes to the side that has time on their side, and is willing to be patient,” said Wil VanLoh, founder and CEO of Quantum Capital Group, during the Austin conference.

Iran, he said, “is willing to suffer. Their people have already suffered a lot for many decades.”

China is partly contributing to the global supply squeeze. For months, the world’s largest oil importer relied on its own crude stockpiles for nearly half of its daily consumption, providing some relief to oil markets. In recent weeks, however, it has resumed larger purchases from international suppliers, analysts said.

U.S. crude prices have jumped 19% during the past three weeks to trade near $101 a barrel as attacks in the Middle East multiply.

Iran has targeted oil tankers traveling through the Strait, even after Trump and his officials said several vessels had been escorted undetected through the waterway.

Houthi militants have recently launched attacks from Yemen against Saudi Arabian infrastructure and military sites. They also damaged the East-West pipeline, which extends from the Abqaiq oil field to Yanbu al-Bahr, a major Saudi port city on the Red Sea.

Trump has vowed to impose economic pressure on Iran and has ruled out sending ground troops. He has said he expects the war to last until the November midterm elections, but investors say they believe it will continue well beyond that point.

“That was the signal this is going to stretch on,” said Dan Pickering, founder of Pickering Energy Partners.

Diesel supplies are also tight because of refinery outages following conflicts in the Middle East and Russia. Demand for the fuel is expected to rise as farmers who use diesel-powered heavy equipment enter harvest season.

“Diesel has no easy solution,” Pickering said.

Trump has said Ukraine must halt strikes on Russia that endanger global diesel supplies.

In March, the CEOs of the three largest U.S. oil companies, ExxonMobil, Chevron and ConocoPhillips, warned Trump administration officials, including Burgum and Wright, that a prolonged closure of the Strait could lead to a shortage of refined products such as diesel.

Some executives have privately criticized Trump’s handling of the conflict.

At the conference Monday, Burgum rejected persistent speculation that the White House is seriously considering a temporary ban on U.S. exports of refined products such as diesel. He said the administration does not believe such a move would lower prices.

“We will do anything that helps the price at home,” Burgum said. “But we’re also going to be smart about it, and not just have some idea that if we stop exporting, that somehow magically is going to help the prices.”

I wonder how much more the company has had to pay compared with the price last year at this time just to keep adding fuel to the cell site and MTSO/CO generators from the numerous power outages. With them 'cutting' expenses, how many markets have they changed the weekly generator tests to monthly to 'save' on fuel from the weekly tests?

Didn't they years ago proudly 'boast' on the internal sites how much more energy efficient the buildings were becoming?

"I enjoyed speaking with Saurabh Kumar at ETGCCWorld about India’s growing relevance for ExxonMobil and the role Indian talent plays in our global strategy.

Over the last decade, India has become one of our most strategic locations worldwide.

Today, our capability hub in Bangalore delivers value across our global operations. The range of solutions we’re delivering from India is simply incredible!

From supporting the development of advanced catalysts for polymer manufacturing and modeling CO₂ storage, to creating AI tools for real-time spill detection and scaling the buildout of our energy equipment from India, our teams are driving impact at a truly global scale.

The depth of talent in India has enabled us to grow rapidly, but when combined with the country’s expanding capabilities and ambition, it creates a unique advantage.

Seeing our teams create meaningful impact around the world every day is deeply rewarding, and the alignment between our capabilities and India’s priorities has never been stronger.

Now is the most exciting time to be at ExxonMobil in India with lots more exciting times to come. Stay tuned!😊"
https://www.youtube.com/watch?v=LbycxF7zoO4

A group of energy companies is meeting at the White House tomorrow in and effort to develop a plan to lower gasoline prices.
I’m sure Go Go will be there because they’ll need someone to bring coffee and donuts to other executives.

Do we still need exploration? How much value has exploration created last 5yrs?

Oil major Shell has drawn interest from potential bidders, including ExxonMobil and LyondellBasell ​for its U.S. chemical assets that could fetch up ‌to $8 billion, the Financial Times reported on Monday.

https://energynow.com/2026/08/the-suitors-exxon-lyondell-among-suitors-for-shells-us-chemical-assets-could-fetch-8-billion/

Expand Energy, formerly Chesapeake Energy, announced its headquarters will move from Oklahoma City to Houston by mid-2026. This relocation primarily affects executive positions, with other employees remaining in Oklahoma City. The company's interim CEO stated the move will leverage Houston's global natural gas market access. This follows a trend of energy companies relocating their main offices out of Oklahoma. Expand Energy is the second major energy firm to announce a move to Texas this month.

Oklahoma City, Oklahoma

https://www.kosu.org/energy-environment/2026-02-10/expand-energy-formerly-chesapeake-to-move-its-headquarters-out-of-okc

Hypothetically if we started posting elsewhere, what would be the top 3 other companies you would want to work for? Asking for a friend.

lack of standalone refiners

Energy technology firm Baker Hughes is shutting down a Houston location. This closure will result in 174 employees losing their jobs. The layoffs are scheduled to commence this month and extend into 2027. Affected roles span manufacturing, engineering, materials, purchasing, and support functions. The company has not provided a specific reason for the facility's closure.

Houston, Texas

https://www.click2houston.com/news/local/2026/07/09/baker-hughes-to-close-houston-facility-lay-off-174-employees/

An analyst somewhere says that Phillips 66 is in the wrong peer group. The analyst says that because of Midstream and Chemicals our peers should be Exxon, Chevron and other similarly integrated energy companies. If we did that we’d be outperforming almost everyone.
If we do that why not just say that VLO and MPC are not our peers anymore. Just the smaller refiners.

First Marcellus, now, EF and Powder. That’s 12 billion in divestitures. Take that to the bank.

Still won’t help the share price.

Chinese doing it

https://africa.businessinsider.com/local/markets/ghana-bets-on-its-first-privately-owned-dollar198-billion-refinery-in-push-to-produce/q20pcky

ExxonMobil has publicly stated that domestic manufacturing is a central pillar of India’s Viksit Bharat 2047 vision, and the company has launched its own “Make in India” initiative to help realize that goal ExxonMobil+1.

Strategic Alignment with India’s Goals
India’s Viksit Bharat 2047 aims to transform the country into a self-reliant, globally competitive manufacturing hub. ExxonMobil sees strong synergies between its global energy infrastructure operations and India’s industrial ambitions, particularly in heavy engineering, shipbuilding, and specialized manufacturing ExxonMobil.

Current and Future Sourcing
Current scale: In the last two years, ExxonMobil affiliates have sourced USD 100 million worth of equipment from India ExxonMobil+1.

Future target: The company plans to scale sourcing to billions of dollars by the end of the decade ExxonMobil+1.

Focus areas:

Mega modules — large, pre-assembled units used in petrochemical plants and refineries.

Energy infrastructure equipment for LNG, refining, and chemical projects.

Shipbuilding synergies — both industries require heavy engineering, specialized suppliers, and complex logistics networks ExxonMobil+1.

Why India?
India offers:

A skilled workforce in engineering and fabrication.

Expanding connectivity (roads, ports, railways) to support large-scale manufacturing.

Resilient supply chains that can support complex, high-value projects ExxonMobil.

Impact
By leveraging India’s growing engineering and fabrication capabilities, ExxonMobil aims to:

Reduce reliance on foreign manufacturing for its global projects.

Support India’s industrial growth and energy security.

Create high-value jobs and technology transfer opportunities in the country ExxonMobil+1.

In short, ExxonMobil’s “Make in India” initiative is not just a corporate sourcing strategy — it’s a strategic investment in India’s manufacturing future, aligned with its national vision for 2047.

This new energy tailgate podcast has to be the most comical thing I have seen come out of this leadership team. It’s so bad and embarrassing as an employee.

Do we still need Exploration? Is EM still winning post Guyana?

Lessons learned from Hormuz conflict is that XOM needs secure LNG and Venture Global is the perfect fit. XOM was slow in January of 2026 where it could have bought it cheap…and most likely paid it off in short term

Lessons learned from Hormuz conflict is that XOM needs secure LNG and Venture Global is the perfect fit. XOM was slow in January of 2026 where it could have bought it cheap…and most likely paid it off in short term

Lessons learned from Hormuz conflict is that XOM needs secure LNG and Venture Global is the perfect fit. XOM was slow in January of 2026 where it could have bought it cheap…and most likely paid it off in short term

Who is on to explain the North Sea SALE includes 30% India resources?

On February 15, ExxonMobil announced that the company's Huizhou Daya Bay R&D Center officially started construction in the Huizhou Daya Bay Petrochemical Park.

The Daya Bay R&D Center is ExxonMobil's second R&D center in China after the Shanghai R&D Center. The new Daya Bay R&D Center will focus on R&D activities in the fields of novel chemistry, process development and process scale-up. The center is ExxonMobil's first comprehensive R&D center equipped with pilot equipment outside the North American headquarters. It integrates product R&D and process development. It is planned to be constructed in two phases, and the first phase is scheduled to be opened in 2025.

"The construction of the Daya Bay R&D Center will further meet the growing market and technology needs in the Asia-Pacific region," said Wan Lifan, chairman of ExxonMobil (China) Investment Co., Ltd., and the R&D center will bring dozens of high-level R&D jobs , to introduce high-level chemical talents for the local area, and further strengthen international technical exchanges and cooperation. ExxonMobil has established a good strategic partnership with Guangdong Province, which will provide strong support for Guangdong to build a world-class green petrochemical industrial cluster.

ExxonMobil stated that the company has safely completed the hoisting of large heavy equipment for the Huizhou ethylene project. At present, the construction of the main factory area of the first phase project is progressing smoothly, and the supporting projects and the main factory area are advancing as planned. The start of the Daya Bay R&D Center is another important milestone since the start of construction in 2020.

The ExxonMobil Huizhou Ethylene Project is the first major petrochemical project wholly-owned by an American company in China, with a total investment of over US$10 billion, and will be constructed in two phases. The first phase of the project will build a 1.6 million tons/year ethylene cracking unit, as well as mid-downstream high-end polyethylene, polypropylene and other production equipment and supporting facilities. The production of various high-end chemical products will help reduce the import of high-performance polymers in the Chinese market rely.

ExxonMobil said the Huizhou project will produce chemicals used in packaging, automotive, industrial and consumer goods, and hygiene and personal care products. The project adopts industry-leading technology to improve energy efficiency, which is in line with the development direction of China's national petrochemical industry and will help reduce the Chinese market's dependence on imports of high-performance polymers.

https://www.echemi.com/cms/1231239.html

Shell can’t drill it’s self to prosperity so it’s levers are buy Shell stock, offload marginal production, and try to buy a company with existing production. Shell needs a big move within the next 6 months.

How’s a Woodside and Shell marriage? Certainly satisfy the Asia market while reduced investment in the ME.

How’s Kosmos? Cheap and get instant gas to Europe

Any old timers know why EM is so reluctant to be a player in deepwater GOM?

Studies indicate that workers utilizing artificial intelligence are less likely to face layoffs. This trend contradicts widespread fears about AI displacing jobs. Only a small percentage of laid-off workers attribute their job loss directly to AI. West Virginia's workforce is considered less exposed to generative AI applications than the national average. The increased demand for energy from AI data centers presents economic opportunities for energy-producing states like West Virginia.

Clarksburg, West Virginia

https://www.wvnews.com/news/wvnews/studies-ai-skills-shield-workers-from-layoffs-west-virginia-itself-less-susceptible/article_0144aff5-075b-4955-b7ec-7d79fbd5ff30.html

The global economy now uses roughly half as much energy per dollar of output as it did in 1980, helping cushion oil shocks.

Read more in F&D magazine.

https://www.imf.org/.../2026/06/picture-this-shock-absorbers

Oil prices have risen sharply with the latest war in the Middle East, reviving memories of the 1970s. The effective closure of the Strait of Hormuz, a route for about a quarter of seaborne oil trade, represents a major global supply shock. The damage will depend largely on how long the disruption lasts. Oil markets were well supplied heading into the disruption, strategic stock releases added barrels, and buoyant financial markets helped limit broader tightening in financial conditions.

Beyond these immediate buffers, two structural factors have also cushioned the blow. First, the world economy is far more energy efficient than it was 50 years ago. Each dollar of output now requires roughly half as much energy as it did in 1980.

Second, the energy system is more diversified. Oil’s share of the mix has fallen from about half in 1973 to less than a third today. Oil remains the world’s leading fuel, but it no longer dominates.

Even so, these cushions do not protect countries from pain evenly. Ultimately, the severity of the shock at the country level depends on two things: how much oil an economy imports and how much policy space its government has to respond. More than 80 percent of countries are net oil importers, and the most vulnerable entered this episode with limited room in public budgets to shield households and businesses. That is why the same global shock can become a much harsher national one where import dependence is high and policy space is thin.

How will MW react to industry pivot toward LNG and natural gas domestically and Asia market specifically?

Does CVX buy another company and artificially boost the companies staff as genius like they did with Hess exploration team.

It’s looking competitive for Woodside as its assets are perfectly aligned with Shell

How COVID-19 Impacted Energy Companies

Source: Microsoft CoPilot Search

The COVID-19 pandemic had a profound and multifaceted impact on the global energy sector, affecting demand, supply chains, financial stability, and long-term energy transitions.

1. Sharp Drop in Energy Demand
   Lockdowns and reduced economic activity caused global primary energy demand to fall by about 4% in 2020 compared to 2019 Statista. Transport fuel demand, especially in China, contracted sharply, with gasoline, diesel, jet fuel, and bunkers all declining CSIS. Even moderate growth in ethane and liquefied petroleum gas (LPG) was not enough to prevent overall oil demand from flattening or contracting CSIS.

2. Volatility and Price Crashes
   Oil prices plunged 50–80% in the first quarter of 2020, with WTI and Brent crude futures falling over 20% on average pmc.ncbi.nlm.nih.gov. This volatility exposed companies to extreme financial risk, increasing insolvency threats pmc.ncbi.nlm.nih.gov.

3. Supply Chain Disruptions
   The pandemic disrupted global manufacturing and logistics, hitting renewable energy supply chains hard. China, a major producer of solar panels, wind turbine components, and lithium-ion batteries, faced lockdowns that halted production and shipping Johns Hopkins University. This caused delays or cancellations of clean energy projects for months or years Johns Hopkins University.

4. Financial and Workforce Impacts
   Thousands of jobs were lost across the sector, and bankruptcy filings rose Statista. Workforce availability was reduced due to illness, quarantine, and remote work limitations, further slowing operations Johns Hopkins University.

5. Energy Transition Setbacks
   The slowdown in renewables and infrastructure projects delayed climate goals. However, the crisis also highlighted the need for resilience, and some recovery efforts—like Europe’s €225 billion energy transition fund—aimed to accelerate decarbonization www.spglobal.com.

6. Long-Term Structural Shifts
   COVID-19 reduced long-term global oil demand by 2.5 million barrels per day, but not enough to shift the projected peak oil demand date www.spglobal.com. Gas demand was hit harder than other fuels due to declining primary energy use, rising renewables, and coal stickiness www.spglobal.com.

7. Recovery and Rebound
   By 2021, as restrictions eased and vaccination rates rose, energy demand began to recover and surpass pre-pandemic levels Statista. Some companies adapted by diversifying supply chains, investing in digitalization, and focusing on resilience.

In summary: COVID-19 caused a demand shock, severe price volatility, supply chain paralysis, and financial strain for energy companies. While the sector rebounded in 2021–2022, the pandemic accelerated supply chain awareness, reshaped energy demand patterns, and underscored the importance of resilience in the energy transition.

Here's the link to a very detailed article from the UK Daily Mail regarding the current state of affairs:-

www.dailymail.com/news/article-15878351/amp/GUY-ADAMS-BP-death-British-oil-giant-war-fossil-fuels.html

ByJudith Magyar,Brand Contributor.

“Digital transformation often gets mistaken for an IT upgrade,” said Kurt Aerts, business venture executive at ExxonMobil. He was speaking at the ASUG Best Practices event for Oil, Gas and Energy in Houston, Texas. “Our ongoing transformation is a powerful reminder that true change means transforming the business at scale. It’s not about implementing new systems — it’s about fundamentally changing how an enterprise operates and creates value.”

Not just another systems project
This philosophy underpins the company’s multi-year transformation that integrates people, processes, systems, and data across an organization with $350 billion in annual revenue, about 60,000 employees, and operations spanning upstream, chemicals, fuels, lubricants, and low-carbon solutions.

One of the key steps in ExxonMobil’s journey, which began in 2017, was to reframe the mindset. “We don’t want to optimize, we want to transform,” said Aerts.

Process transformation requires challenging deeply ingrained ways of working and prioritizing adoption of industry standards for each process area and service offering such as Record-to-Report, Source-to-Pay or Order-to-Cash, to drive globally consistent execution. This takes a governance model designed for clarity and speed of decision making — two prerequisites for meaningful transformation and to prevent the common trap of consensus-driven optimization.

Transforming the core
Aerts went on to describe ExxonMobil’s three core pillars of transformation:

Processes are now harmonized to industry standards enterprise-wide versus being executed differently by business or geography.

Systems are modernized from 12 heavily customized ERPs to a unified, cloud-based platform on SAP S/4HANA.

Data is being turned from fragmented, trapped information into harmonized consistently defined enterprise assets.

In the past, answering a simple question such as ‘how much do we sell to Walmart’ required hours of aggregating and reconciling across 12 ERPs. Real-time, enterprise-wide visibility will speed up the process considerably. “Harmonized data is becoming ExxonMobil’s new gold standard — the foundation for predictive analytics, AI, and faster decision-making,” Aerts explained.

Managing scale and risk
Large-scale transformation requires effective risk management. ExxonMobil’s approach balances value capture and risk mitigation.

Deployments are phased by the existing ERP ecosystem, not geography or function, to manage complexity and provide business continuity. A layered governance structure — from a sponsor committee of senior executives to operational design boards — supports accountability, transparency, and alignment at every level.

Aerts shared some lessons from the frontline, stressing the importance of foundational principles. When challenges arise, these principles help keep decisions aligned with strategic intent. Next, he reiterated that data matters most, because clean, consistent data is the real enabler of transformation. And finally, the team learned early on that an out-of-the-box approach really works. Industry-standard configurations deliver agility and prevent the drift toward customization that burdens future upgrades.

“We were able to achieve significant simplification,” he said. “For instance, we reduced about 1,400 company codes to under 1,000, and profit centers from more than 15,000 to fewer than 500. This has eliminated significant complexity while increasing transparency across financial reporting.”

ExxonMobil’s key metrics reflect the disciplined execution of the transformation, and is exceeding its targets on its two principal objectives:

80% target on Fit to Standard: a testament to the commitment to adopt industry standard processes.

90% target on Clean Core: enabling instant upgradeability and system resilience.

Ultimately, ExxonMobil’s enterprise transformation is about creating competitive advantage. By harmonizing data, simplifying systems, and standardizing processes across business lines and geographies, the company is positioning itself for faster innovation and improved experiences for employees, suppliers and customers.

Shaping the future
Transformation is also about visionary leadership in an industry that is adapting to societal needs on how energy is produced, distributed, and consumed. ExxonMobil has a long history of collaboration with SAP to address functionality gaps and ensure the solution is optimized for the oil and gas industry. In essence, ExxonMobil’s journey offers a blueprint for global organizations facing the same challenges, especially lack of agility caused by legacy systems, fragmented data, and decentralized processes.

Aerts concluded: “A successful transformation isn’t about replacing tools; it’s about redesigning processes, data and systems to deliver industry leading performance in efficiency, effectiveness and the experience of our employees and customers, while ensuring agility for adjustments required due to changes in the market.”

https://www.forbes.com/sites/sap/2025/11/04/exxonmobil-is-rewiring-its-enterprise-for-the-energy-future/

If you think Shell is messed up…it’s actually a fine running Swiss watch. Enjoy what a near peer is going through…Any time you hear energy transition and BP beyond petroleum…

First Marcellus, then what?

I keep waiting for the other economic shoe to drop...

Important points in summary. Link to full article at end.
"Strategic petroleum reserves have been released, commercial inventories have been drawn down."
In plain terms, the world has been living off its emergency stockpiles." "And even after the Strait reopens, he cautioned against expecting an immediate return to normal.
Ships need to be repositioned, and a backlog of cargoes needs to be worked through the system.
Transit times add days or weeks to the time before the product actually reaches consumers.
'We're thinking there's going to be a 1- to 2-month time lag between the Strait opening up and the market seeing normal flow,' Woods said."
** "Beyond that, governments and buyers that have drawn down reserves will need to restock."

https://sg.finance.yahoo.com/news/exxon-ceo-delivers-blunt-message-171700095.html?guccounter=1&guce_referrer=YW5kcm9pZC1hcHA6Ly9jb20uZ29vZ2xlLmFuZHJvaWQuZ29vZ2xlcXVpY2tzZWFyY2hib3gv&guce_referrer_sig=AQAAAJW9Mbl8zOro2hAcbaqvhG_qkfO-dIcOcukIRrgwuT2n_RZNCb9aoEzLm0WATYTmh9YdbRFySH7bCriqyBkUdXU02e6M73w0FZNocWTtupHG6wP_AMzfOuROG7LYRnloKBGsMNhzXepJg2mJWNdcAR0yr21csNMyv6k_yeiB6hq_

Market Shift: From Crude to Lithium

ExxonMobil is officially turning the legendary Smackover Formation into a lithium engine. With a 2027 start date, the project is expected to generate $27M in annual profit by processing 165,000 barrels of brine daily.

Source: https://lnkd.in/gitnnp6k

Why is there rumors of SM energy buying chevron assets in Colorado lol, SM energy is in debt acquiring Civitas I don’t think they will be buying anything for a good while. Besides chevron I feel like has invested way too much in this area that SM energy won’t be able to afford what they ask.