Eaglefart is at it again by framing a completion change as a cost saving measure even though the savings realized on the completion cost will be wiped out by facility costs that are MORE than what would be saved by the change.
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Just another example of people focusing on the wrong thing for the company. Looks great for the manager reviews, tracking spreadsheets, goal results, performance coaching efforts, etc but this doesn't compete with the real independents. There's too many project driven managers that can't run an oil company on US land without trying to turn it into an offshore project or Alaska project or some international facility.
It is just not Eagle Ford that is non-commercial to date. Bakken unconventional and Permian-Delaware unconventional, as well as the unspoken Niobrara unconventional fiasco, are all non-commercial to date. Never hear management talk about unconventional cumulative cash flow....only production volumes. Lwr 48 has nothing for future other than unconventional. ELT has got to keep the spin going. If COP unconventional performance to date was known outside the company, there would be a significant negative impact on stock price and possible down- grading. The ELT should provide a 5-year cumulative cash flow position for each of the unconventional plays for the period 2012-2016. FPA do your job and get these numbers out. Executive management is not being forthcoming to the shareholders as COP has nothing but the unconventional play for a growth story although that story is non-commercial. It is truly sad. Very sad. Employees know the truth.
Why does this not surprise me? We spend a quarter to save a dime, no wonder Eagle Ford doesn't make the company any money. The Houston staff are way too busy working on jigsaw puzzles in the EC3 break room to even think about how to cost effectively solve a problem as a multi-disciplined team. This is a result of GCBU leadership at its finest. Heaven help us if the other BUs are the same way...
It's just not Houston that has issues w/ cost. Working interest owners complain to the point of being livid at cost overruns, delays and results. Something is very wrong with execution. We have compared our costs and results with our non-operated interests. Others are simply getting the job done. Something Is very wrong with our execution.
How many wankers do we need in Bartlesville = Zero! Why do we continue to keep that place open?
How many wankers do we really need in Houston. All they do is throw trash at the rest of the company. It seems they have a lot of employees that do not have anything to do so they trash the rest of the company. This company doesn't seem to be a team but a finger pointer from Houston..
Look, the numbers are all funny. Ask any of the koolaid drinkers for clarity and the answer would make you think stocks are rising, BUs are expanding, and workforce must grow to keep up with all the $ success. Let dispositions and layoffs speak for themselves.