You know for a company that keeps saying that the Permian is a big part of our future you really think the company would do something about the issues in the teams associated with the asset. In the implementation team there are not enough people doing the work and a bunch of people contributing little. It would be a struggle to keep up if management wasn't constantly changing things but since we shift gears on whatever whim the leadership team has it's become nearly impossible to keep your head above water. And the same problems exist in the groups that support the asset. We can't even get consistent drilling support as engineers are fleeing that group like rats off a long gauge ship because of a boss that shares a competency level with the Jersey Shore star of the same name ( https://i.gifer.com/Oaue.gif ) while they cast about bringing in continually less qualified people instead of the fixing issue. Until the company focuses on fixing the problems in the asset and deals with the issues at supervisor and manager instead of just patting everyone a step up the org chart on the back we will continue to lag behind the rest of the operators in the basin.
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Hahahahaha so who here has a big enough sack to tell em how you really feel on the Perspective Survey!?
I'm on the fence about it.
As far as Permian is concerned, sure sounds like a lot of whining to me. They sold solid assets to keep you clowns going. Any money we made went to you. You guys had project AFEs larger than some entire asset's CAPEX, and they still sold us anyways. So quit whining. You think you got it bad? Travel north and see how you feel. You'd be begging to go back.
As far as I can tell in this part of the country, exploration is a deliberate attempt to fail. Millions of dollars in trade for water.
This is one of the best chains I’ve seen for a while. Commence HR posting silly stuff to ruin the fun
Not sure how KW still has a job? He talks. A good game, but I guess at COP that is all that matters?
Word on the street is that the AC s---s nuts...good thing we got a lot of it!! Go L48 Exploration 👍🏻
Someone with a history is sure defensive and emotional - must have hit a nerve. Good job - y’all sure hit it out of the park. It’s everyone else that’s crazy.
-2yzj… By “Exploration team to “discover” that potential,” are you referring to the Ozona, Daltex-Munn, and Maverick leasing recommendations by L48 Exploration? Or are you thinking more about the never-ending appraisal program highlighted by spending over $23MM on a single vertical well in the Delaware Basin? Blaming TB for the current situation in the Permian Basin is misdirected. Perhaps he knew more about the unconventional plays in his backyard than you think. Did you know that L48 Exploration was unaware of the massive water production associated with these plays until informed of the fact by the BU (circa 2010)? TB never promised more than he knew he could deliver, and his organization consistently delivered what was promised. What has L48 Exploration delivered? It’s a known fact that ConocoPhillips will never generate a (full cycle) positive rate of return on its Delaware Basin assets. Complaining about why we didn’t expand that money-losing venture demonstrates a profound misunderstanding of reality.
To be fair, nobody expects L48 Exploration to be successful all of the time, but they are expected to be successful some of the time. The Company’s long-term future depends upon it. We all wonder why Exploration in general, and L48 Exploration specifically, has such an abysmal track record. Is it due to poor leadership decisions, inferior technical work, or both? Whatever the reason, I doubt it will change until there’s real accountability at all levels of that organization. Perhaps we should hold a significant percentage of the Exploration VCIP in an escrow account pending the results of their various recommendations. In that vein, let’s hope (for the Company’s sake) that the Austin Chalk doesn’t turn into another Powder River Basin, since the team responsible for that recommendation will be handsomely rewarded regardless of the outcome.
Guess what dodo heads, Permian actually isn’t any more complex than other basin where we are trying to unlock value. Keep telling yourself that to explain why you couldn’t find your arse with both hands. Y’all are a bunch of cotton headed ninny muggins ya hear?
Honestly, what is this company known for in the upstream since ekofisk?
Cracking the code in the Gulf of Mexico?
Angola? Brazil?
Eastern Med?
East Africa?
Shale?
Nothing comes to mind. No resource growth engines = no opportunities for employee advancement.
We’ve done this to ourselves . Look in the mirror
HH is going to be replaced by a very competent manager. WK should do a very good job in this role...or at least as good of a job as the ELT will allow
IMO the biggest mismanagement started when TB refused to care about the unconventional potential of the heritage leases in the Delaware and Midland Basins. Even though there were people in the Permian team who saw their unconventional value, it took interest from the Exploration team to "discover" that potential. By this point we were so late to the party that any chance at adding on to our position was gone as prices had skyrocketed.
In the last decade, only white males have been managers of the Permian. Look where that has gotten us.
Investors all know we have a poor and historically mis-managed position in the Permian. We missed the boat because we didn’t have the right talent. It will continue to be a backwater like it always has.
Boohoo, white males are the reason you aren’t ceo - sounds pathetic to me. How about change the conversation to merit, ability, and work ethic? Bugs me to hear these people that think that their color or s-x have anything to do with the business world. It should not even enter the conversation - and is usually brought up by people insecure about their own abilities
Can you at least pretend to believe that every white male isn’t evil? There are a lot of them that work very hard as individual contributors just trying to do their best for their career and company with no ill will toward anyone.
There is a revolving door at the leadership positions. The obvious one is the BU VP, which has gone through BP, TK, NO, and HH just over the last few years, and soon will have another with HH "retiring" after finally having enough after being passed over by white males with less qualifications for bigger roles and then forced to take a lateral move (inclusion!). But even the tiers below that have changed quite frequently, think TB, DM, KJ, CA. And the supervisors move through fast too. The longest tenured supervisor is about to leave and the others haven't been there long, and even one of those is leaving too. Look, the Permian is complex, and none of the supervisors and management are there long enough to get a feel for it and then DO something to improve it. The individual contributors are stuck in a purgatory of presenting to management the value of their assets only to have management change and have to do it all over again. It is frustrating because there are lots of great projects, but the individual contributors aren't able to convince management to
fund them while every other operator is succeeding at them. If the company truly cares about People (you known, the second letter of SPIRIT) they would start funding Permian or move everyone off the team execpt whoever is needed to maintain the base. But their actions indicate that they don't care. They need Permian as a place to stash hi-pot supervisors until another position opens up in a real BU. And they have to keep the individual contributors there to maintain the illusion.
They are trying to sell it all.
Oh if only the truth would actually come out in Permian. Leaders be afraid. Be very afraid.
Fire everyone with over a year of experience and stick chimpanzees in there.
We are not about creating value, we are about rewarding friends. It’s what we do.