How is SJVBU doing now a days? Is the business unit stable or at risk of reduction?
10 replies (most recent on top)
SJVBU is the worst of all situations: a state that hates us, old, low margin assets, a product (heavy oil) the environmentalists despise, and technology not transferable to anywhere else now that we're out of Indonesia. If you work there, dust off your "Plan B".
Why are they not plugging wells. That is what smaller companies do. Try to have the field make enough money to cover the p&a over 5-10 years.
Get out while you can, ship is taking on water.
SJVBU is doing great! (Pinocchio’s noes extending) wait, that’s it, make Pinocchio the VP….there’s your transparency!!!
They are planning for a ramp up in 2023. IYKYK
The abandonment burden alone… there’s 20,000 wells in a state that is hostile toward business, especially the energy industry. I can’t see anybody buying it. Once it’s barely economic, I t’ll get handed off to oxy, area, or split up to the smaller independents with a firm handshake that CVX Is won’t be on the hook for any future remediation, spills, abandonment, anything. For now, expect steady decline in headcount to match production. Stay away if you’re FE or D&C. There aren’t permits. There isn’t a capital budget.
With Big Mikey around everyone's jobs are at risk of sleeping with the fish
Mike is in charge. As long as he is around SJVBU and every other BU is at risk of reduction.
Don’t forget can’t get new permits,
Can’t sell it. Can’t shut it off. Minimize losses and stay out of the news.