I bet they will close out of midland, and just have field ops in New mexico
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Sell out. Farm-out. Get out.
CNBC: Permian Output Doubling from Current 4 MMBOPD to 8 MMBOPD in 4 Years
Bank of America: Pipeline Capacity to Triple to 9 MMBOPD by 2021 (including PSX Gray Oak 800,000 BOPD pipeline to come on line this year)
Citigroup: Permian Production at 4 MMBOPD, an increase of 1 MMBOPD over last year. Production to increase to 5 MMBOPD in 2020. production to increase to 8 MMBOPD by 2023
XOM: currently running 48 rigs in Permian to be increased to 55 rigs by end of 2019. Production to increase to 1 MMBOPD by end of 2024.
CVX: to increase Permian production to 600,000 BOPD by end of 2020 and to 900,000 BOPD by end of 2023
Permian Basin is where it is happening. So sad that COP is throwing in the towel
Given COP's drive for innovation and technology for unconventionals it makes one wonder if the JV team doesn't trust their VR goggles. I give it 5 years and COP will no longer have a presence in the Permian. It's a shame so many companies have done so much out there and COP is pulling out. Sad investor!
Alaska? We will see how that turns out...probably not that well I would imagine.
They don't have an Alaska to increase and develop.
WSJ reporting XOM, CVX, RDS and others (EOG, COG, FANG:Diamonback) spending billions in the Permian, the hottest area in the U.S. (maybe in the world) and we are shutting down and moving out?
What do we do now? Where do we go? What do we do tomorrow? Next month? Next year? Is a 20 year future realistic? 15 year? 10 year? 5 year? Do we stay or do we go?
Nah Oxy or BP merger in the works is my guess...COP can’t buy sh--, if anything XOM buys COP when it has shed all the assets XOM doesn’t want.
Closing by September, apparently.
The end. Time to say good-bye.
Engineers are being moved to Houston. Some support staff will be asked to move to Houston, however, most will be offered severance packages. The small amount of people that are left will be most into the area field offices