Looks like Cutthroat was a dry ho-e… a colleague in exploration said it found poor reservoir and not even a whiff of hydrocarbons.
We are embarrassing ourselves in Brazil. When do we say enough is enough and pull out?
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The former Chief who tried and failed to ki-l Guyana should have been the most reviled person in the company, especially when Guyana has become essentially the only bright spot the company has. Don’t even think about it; after retirement he was brought in as a consultant, obviously not for peanuts. This company just can’t get enough of abjectly bad managers.
It's BraSil.
Very sensative down there.
Respact!
The exploration motto should be: “see the opportunities ten years later than everybody else and then sink billions in the leftovers that others know not to touch”.
The Exploration management (including “technical management”, such as STCs and Chiefs) have effectively acted in the last two decades as saboteurs of EM.
Just remember the chief who effectively did everything in his power to ki-l Guyana, and almost succeeded. All those people comfortably retire with millions and the rank and file gets endlessly PIPed. No explorationist worthy of this name would want to keep working in this cess_pool.
The exploration motto was supposed to be “to see opportunities before others do”.
In light of the failures but the sizable bonuses executives got on winning bids, it turned out to be “getting paid before others do”.
And now they step down -not even in shame. If I were a shareholder, I’d ask to claw back pay and RSUs from those retiring.
Brazil Collaborative :)
MGC! MGC!! MGC!!!
We’ll have to increase our PIP% to make up for this
Some people from that group will be promoted and some already are Principal and managers..
Confirmed by Murphy: “not a trace of hydrocarbons”
https://www.businesswire.com/news/home/20220327005135/en/Murphy-Oil-Corporation-Announces-Results-of-Cutthroat-1-Exploration-Well-Offshore-Brazil
I recall hearing of an analysis made by commercial that the “world class” Brazil portfolio could withstand 5 dry holes in a row before being deemed completely worthless. Well - here we are.
Thank you, Fra nk, MCG, Barb oza, and the cadre of wannabes from EMUV that peddled fantasy up and down the chain.
Another win for MGC, aka Brazil lapel flag loser.
Time to claw back that pay and RSUs.
Explorer of the year, my a$s.
Our Res Eng dominated upper management will surely take away the keys to the car now. I honestly couldn’t blame them. The talk on Brazil pre drilling campaign was recklessly optimistic……”proved undiscovered” we jokingly called it. On the plus side I’m sure LCS will be a gigantic cash cow for the corp, second only to algae!