We keep hearing about the horizon path in the mid 2030 when our production falls off a cliff. Love how our management are spinning this as a great new toy vs the fact that they were asleep at the wheel and didn’t think about where the next Guyana, PNG, Canada, Qatar is coming from. This is going to be a a show esp as we can’t negotiate and we are divesting all of our exploration teams
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Is buying a good exploration company cheaper than the Find and discover on our own? Seems like we will be just an Merican company then.
Better get started working on that problem yesterday. At this point only option is to buy production as exploration can’t bring in volumes that fast.
Heard one of the last technical people to really find stuff in Guyana that was still floating around quit last week.
They have given up in exploration and want to just buy things. We are a bank now.
Do not forget that they wanted to ki-l Guyana and not drill it. Would have happened if technical people hadn’t crashed out over it and risked it all to get it done. Not that they were rewarded for doing so. Look it up. Some news articles about it. Notice all the players who made Guyana happen are no longer with the company. Doesn’t matter the business results if you pi-s off a hipo.
Ducking management doesn’t have a clue. They think they can find another Guyana. Even if they find the reservoir which is doubtful getting Guyana terms again isn’t going to happen. They are passing on current opportunities because they say they won’t settle for anything that isn’t as good as Guyana. Bunch of Downstreamers and General Motors buffoons ruining the upstream. Soon we will all be in the B pay scale.
I would guess they will try to buy a large independent company or another public company like Pioneer in the Permian or Delaware basin in the early 2030’s once we run out of wells to drill. I really wish they would just slow down the drilling to keep the prices in the 60’s-70’s per barrel, but I don’t think they are smart enough to do that.
The MC cuts over the last 5-6 yrs seemed like genius moves to those folks: hey, we cut people like crazy and all that happened was we made more money, woohoo!!!
The reality is more like; hey, I skipped my 5k mile oil change and nothing happened, then I skipped my 10k oil change and even though experts kept telling me that was not smart, again, nothing happened and I have now outperformed my peer group over the last 10k miles! Anyway, at 20k miles, I'm now sitting on the side of the road with smoke coming out from under the hood.
We cut a lot of exploration in 2020, and outside of the early Guyana stuff exploration was struggling before it got decimated then anyway. What was left for the last 5 years has been basically a few desultory NO teams, east Canada stuff that didn't pan out, east med teams (that we recently laid off), CO2 in Brazil we had to unwind, and a few teams doing mop up in Guyana and west Africa finding stuff too small to develop or gas. We've continued to slowly cut exploration since then, so if you think we were bad at it in the past it's only worse off now after a few years of neglect. Seems like the MC just realized their impending resource crunch... Maybe the BTC can fix it😏