Does Chevron own acreage offsetting Apache's recent Reeves County, TX find?
9 replies (most recent on top)
Yes, Chevron holds mineral rights over a significant share of the Alpine High structure in Reeves County.
I remember John Watson and the brass touting in recent past that Chevron produced a barrel of oil for $5 less than their closest competitor. Where is Chevron on that totem pole today? Maybe two or three rungs down from the top?
Does it make any difference if chevron owns adjacent acreage? The only way this company can maximize it's oil/gas production and profits is to NOJV the real exploration, drilling and production development to companies like Pioneer and EOG. Chevron supposedly has some of the largest and best acreage in the entire Permian, yet the total production is nothing to brag about.
2pcs: is that how they picked you up as an employee? Off the scrap heap?
Chevron is basically the buzzards, looking for scraps.
OK. But does Chevron own any offsetting acreage?
But we all should have seen this coming, considering Chevron's logo is literally a down arrow.
-tns
Classic post. So many people going down on Chevron on these boards despite their performance, your post does a great job of bringing their arrogance in to perspective. Perhaps Apache could hand Chevron their a$$ the way they've done in West Texas. Would save recycling it from phase 3 where they still can't decide where it is.
Apache‘s shares spiked as much as 14% to $58.99 in early trading last week after the company said it had assembled contiguous parcels of more than 300,000 acres for $1,300 an acre in the field it calls “Alpine High,” most of which is in Reeves County, Texas. The price is a bargain compared to deals done for as much as $30,000 an acre in other parts of Texas. Improved technologies and efficiencies will allow Apache to exploit the area, an overlooked part of the otherwise expansive Permian Basin.
Apache estimated that its acreage holds about 75 trillion cubic feet of mostly wet gas and 3 billion barrels of oil in the Barnett and Woodford regions of the field. It also said there is significant oil potential in the shallower Pennsylvanian, Bone Springs and Wolfcamp formations.
In other news... Chevron couldn't find its a$$ with a map and both hands.