Middle management already lost control.
Metrics are massaged, projects are slipping, trust is gone.
Balance sheet looks fine now — but Upstream reserve replacement is another story.
HC10 offices are bleeding and next on the chopping block — Leatherhead just opened the floodgates.
Darren and his acolytes aren’t building a future — they’re extracting what's left.
When it crumbles, they’ll already be gone.
Stay too long and you’ll be the cleanup crew for someone else's failure.
The ROI is only better, if you are successful. On average acquisition of proven reserves is much cheaper. It also allows much better portfolio management.
@bd+1jsz8055q Your ROI is absolutely better via exploration than acquisition. You always pay a premium to acquire.
Of course, there is a break even for failed exploration attempts vs acquiring proven successes at a premium.
Exploration? Buying it is way cheaper than finding it.
Upstream is going to hit the wall in about 5 years in terms of volumes. That’s what happens when you kneecap exploration, DW. All the PVR spreadsheets in the world can’t fix that.
Saw it today. No on the ground leadership. Deflecting. Something for nothing. Hiding out. The more you get involved the more you wished you hadn’t.
Agree….its a mess