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It’s now evident that the XOM’s Permian factory has reached an inflection point and starting to experience technical and operational challenges. Please share your experiences and potential outcomes.
Will XOM make another purchase? Who and when? Certainly missed the last opportunity and now candidate companies are overvalued by +66%.
How long will XOM maintain a +22 rig line? It’s cheaper to buy production then it is to develop your own acreage.
Here's the link to a very detailed article from the UK Daily Mail regarding the current state of affairs:-
www.dailymail.com/news/article-15878351/amp/GUY-ADAMS-BP-death-British-oil-giant-war-fossil-fuels.html
Today marks day one for me posting a critical issue / incident about bp.
DWH: Andy inglis required an announcement on a large oil discovery to continue the success story of bps deep exploration in GoA. As he often did he made a couple of calls ahead of the quarterly results to get that well done and announce success, result DWH
Looking like the sacred cow Guyana is starting to Plateau hard.
904,000bopd in May. Still impressive and above design capacity production but, some challenges are imminent.
Lisa will shortly be sub 100,000 bopd and expecting average Aug production to be south of 866,000 bopd.
At this point forecasting a -200 bopd drop every single day…
This will raise alarms in the God Pod where additional water injection will be coupled to the system. The 4 FPSOs reached Peak in May…now it’s a daily drop until the next FPSO added.
BP has finally realized that the UK North Sea sector is unsustainable and needs to divested and/or decommissioned. UK taxation authorities have made investment and upkeep untenable with a 78% tax rate. The asset condition are atrocious and will negatively impact BP permit to operate.
BP needs to to leave the UK while its easy.
Apache is producing more oil with the least amount of people in its history. What’s next for Apache? Any more consolidation or reverse mergers? BTW Repsol bailed from its reverse merger but it could have capitalized a 15 dollar a share profit and also had 4 Billion in Abandonment liability
Congrats on the Exxon farmin. Offsets APC Guyana acreage that has been in force majeure for years . Also remember it had a high gas risk associated with it.
Now that the shale plays are end of life (cheap easy oil), COP will have to look elsewhere for the next value play. Where? Venezuelea, Alaska(NPR), Nuclear?, Solar? Where?
Survivors, how many of you are interviewing and applying somewhere else to take advantage of the higher commodity price. My guess is 50% or more of the company is at this point.
A lot of other companies are hiring and I don’t believe the “transformation is complete” narrative.
Any thoughts on this from the audience?
I keep waiting for the other economic shoe to drop...
Important points in summary. Link to full article at end.
"Strategic petroleum reserves have been released, commercial inventories have been drawn down."
In plain terms, the world has been living off its emergency stockpiles." "And even after the Strait reopens, he cautioned against expecting an immediate return to normal.
Ships need to be repositioned, and a backlog of cargoes needs to be worked through the system.
Transit times add days or weeks to the time before the product actually reaches consumers.
'We're thinking there's going to be a 1- to 2-month time lag between the Strait opening up and the market seeing normal flow,' Woods said."
** "Beyond that, governments and buyers that have drawn down reserves will need to restock."
https://sg.finance.yahoo.com/news/exxon-ceo-delivers-blunt-message-171700095.html?guccounter=1&guce_referrer=YW5kcm9pZC1hcHA6Ly9jb20uZ29vZ2xlLmFuZHJvaWQuZ29vZ2xlcXVpY2tzZWFyY2hib3gv&guce_referrer_sig=AQAAAJW9Mbl8zOro2hAcbaqvhG_qkfO-dIcOcukIRrgwuT2n_RZNCb9aoEzLm0WATYTmh9YdbRFySH7bCriqyBkUdXU02e6M73w0FZNocWTtupHG6wP_AMzfOuROG7LYRnloKBGsMNhzXepJg2mJWNdcAR0yr21csNMyv6k_yeiB6hq_
If you're getting transferred, laid off or have proof other people are, please reach out:
rachel.nostrant@houstonchronicle.com
I'm the oil and gas reporter, trying to keep an eye on how many people might be affected.
That Oxy stock was on the way up. Down 6% in early morning trading..$55... If the stock drops back into the $40's again, you are waist deep in alligators. Aunt Vickie isn't here to look after you.
Oh dear, the curse of The Economist's oil cover:
"... Why oil prices are not yet high enough..."
You know what that means, don't you? They have been wrong every.single.time.
So, now we can assume that is certain that the prices will go down.
https://www.economist.com/leaders/2026/04/30/oil-markets-are-still-in-la-la-land
This is random but a good read for new folks, not the best forum for this post but since we do not have an alternative one here it goes, hope it helps someone. Folks that have been around the block a while should skip this thread:
https://www.construction-physics.com/p/how-an-oil-refinery-works
Just wondering when will Apache shutdown their North Sea assets and what is the projected cost to decommission? Will they pull a Field Wood style bankruptcy to offload the North Sea assets back to BP?
Oil major will cut investment over next five years from $30bn to $20bn
Maxine Kelly and Martha Muir in London
PublishedDec 9 2025
UpdatedDec 9 2025, 13:21
Please use the sharing tools found via the share button at the top or side of articles. Copying articles to share with others is a breach of FT.com T&Cs and Copyright Policy. Email licensing@ft.com to buy additional rights. Subscribers may share up to 10 or 20 articles per month using the gift article service. More information can be found at https://help.ft.com/faq/gifting-and-sharing-an-article/what-is-a-gift-article/.
https://www.ft.com/content/dc0f4207-7eb3-482d-8f28-e2b15ed07e9f?syn-25a6b1a6=1
ExxonMobil said it would slash planned spending on low-carbon projects by a third, as oil majors pare back clean energy initiatives and pivot back to fossil fuels.
The Texas-based company, the largest US oil producer, also said in a strategic update on Tuesday that it planned to lift earnings and cash flow by $5bn by 2030, with no increases in capital spending.
Exxon said spending on low-carbon initiatives would be cut to $20bn over the next five years, down from about $30bn previously. The company also recently paused plans for a $7bn hydrogen plant in Baytown, Texas, citing low customer demand.
Some of the world’s biggest oil and gas companies are pulling back from low-carbon projects and returning their focus to fossil fuels, amid expectations that oil demand will remain more resilient and that the green transition will take longer than anticipated.
President Donald Trump has made the promise of abundant, cheap oil and gas a key pillar of his second term and pledged to “export American energy all over the world”.
UK oil major BP in February reversed its push into clean energy to refocus on fossil fuels, with chief executive Murray Auchincloss saying the company went “too far, too fast”. It also shelved plans for its hydrogen and carbon capture scheme in north-east England.
Shell also scrapped a 2021 commitment to let oil output fall by 1 per cent to 2 per cent a year until 2030 and wrote down the value of its $1bn wind business. However, other companies such as TotalEnergies have continued to invest in their renewables arms.
The interior department will on Wednesday hold a lease sale for 80mn acres in the US Gulf, as mandated by Trump’s signature tax and spending bill, which analysts at TD Cowen expect to attract interest from Shell, BP and Chevron.
Exxon has four upcoming sites in Guyana due to start production by 2030, as well as final investment decisions on natural gas projects in Papua New Guinea and Mozambique.
Exxon’s chief executive Darren Woods told the Financial Times last month that assumptions the company made when setting its previous goals for spending on low-carbon projects had not been met, blaming disappointing customer demand and government policies.
Exxon on Tuesday said it expected $25bn in earnings growth and $35bn in cash flow growth by 2030 compared with 2024 on the same constant-price and margin basis, a $5bn improvement on its previous plan.
This reflected the company’s “stronger contributions from advantaged assets, a more profitable business mix and lower operating costs”, Exxon said.
The company also announced its chief financial officer, Kathy Mikells, will retire from February 2026 and be replaced by Neil Hansen, Exxon’s president of global business solutions.
https://www.ft.com/content/dc0f4207-7eb3-482d-8f28-e2b15ed07e9f?syn-25a6b1a6=1
The IEA has advised workers to work from home due to the oil shortages that have started and will soon be getting worse. Will Elevance Health’s CEO acknowledge this new reality by removing the silly in-office requirements?
https://www.theguardian.com/business/2026/mar/20/oil-price-energy-watchdog-iea-emergency-measures-work-from-home-slow-down-on-the-road
Exxon Scientists Had Doubts About Algae Biofuels. The Oil Giant Touted Them Anyway.
Some of the company’s scientists didn’t agree with the way the project was presented to investors.
https://www.wsj.com/business/energy-oil/exxon-algae-biofuels-83c6b302
ProFrac Services, LLC is laying off 157 workers at its Vernal, Utah oil field. The company disclosed this mass layoff in a WARN notice on March 27. The layoffs are scheduled to start May 26, citing a significant downturn. ProFrac also noted a loss of business revenue and internal reorganization. The company told employees they could apply for other jobs and some positions might be retained.
Vernal, Utah
https://www.sltrib.com/news/2026/04/18/vernal-oilfield-plans-lay-off-more/
What triggers and when will Shell nominate a new CEO?
An oil industry CEO is typically fired when they fail to balance the "iron triangle" of shareholder returns, operational discipline, and strategic pivots.
Common Triggers for Dismissal:
Capital Indiscipline: Overspending on new drilling or expensive mergers that don't immediately boost the share price.
Activist Pressure: Investment groups (like Elliott Management) demanding a return to "traditional" business models and simpler corporate structures.
Safety or Environmental Scandals: Major leaks or safety failures that result in crippling fines and "brand-ki-ling" headlines.
Operational Stagnation: Falling behind competitors in integrating new technologies.
Exxon pulls offer to sell two initial Golden Pass LNG cargoes - Reuters
Exxon Mobil (XOM) has withdrawn an offer to sell two initial cargoes of liquefied natural gas from its Golden Pass export plant in Texas that has been in the process of starting up operations, Reuters reported Thursday.
Today Trump acknowledged fuel costs would not decrease until November, if even then.
Halliburton has recently been cutting staff again. Sources indicate these reductions are due to increasing costs and lower crude oil prices. Some workforce reductions occurred over the past several weeks. Three business divisions reportedly lost between 20% and 40% of their employees. Halliburton did not respond or comment on these claims.
https://www.southwestledger.news/news/halliburton-cutting-its-workforce-again
Chevron is laying off 111 workers in North Dakota. These cuts follow Chevron's acquisition of Hess Corp. The layoffs affect 63 employees in Minot and 48 in Tioga. Chevron completed its merger with Hess on July 18. The company cited efficiency and lower oil prices as factors.
Minot, North Dakota; Tioga, North Dakota
https://www.journalnd.com/articles/journal-news/hess-new-owner-cutting-48-jobs-in-tioga-63-in-minot/
U.S. Iran War -
Israel struck earlier today.
This is after the "Ceasefire".
The U.S. Iran War is (far from over due to the ongoing hostilities between Israel-Iran).
At 1:00pm CST (today), Iranian drones struck the Saudi Arabian East-West pipeline.
Reported by oilprice, this (was) the (7-million barrel a day go around) for the Hormuz Strait (which is now essentially closed).
U.S. Economy - LEI - Leading Economic Index (Chart).
Oil Prices are (not) coming down, anytime soon; and it will weigh on the U.S. economy; and consumer spending (70.0% of GDP).
Yep we were at a QBT and just was told we are being let go!…. Wtf? Gas is up, we are ki-ling in sales and all those accounts we worked so hard on are going who?
Does anyone else think with the price of oil being pegged above $100 a barrel for the foreseeable future, ongoing bo----g campaigns of oil infrastructure, and Europe already rationing oil / encouraging as little travel as possible that we might see a softening on the four day RTO?
Wasting gas to drive into the office to call into a remote meeting doesn't make any sense.
Remember when oil execs gave DT $1B… was that in exchange for this war?
Oil booming again following that weird rambling, low energy, slurred speech last night.
So how is the American public going to react when we pull out of the Iran war without opening the straight up. People have hinted that prices will come down. But they won’t because the US is tied to world supply and demand. So now the other countries are physically supposed to solve the problem we created? WTF? No wonder young intelligent people want to leave this country.
Oil crisis, WFH should be considered
$200 a barrel if we don’t act fast and use up our reserves which may be needed for war.
Oil prices, and U.S. jobs created (nationally) -
2025 - 125,000 Total - Revised downwards from 181,000.
2026 - 34,000 Total - Non-Revised.
Higher Energy prices will remain for months (or longer) even if the U.S. Iran War ends (in the future) due to numerous factors including (the already damaged Energy infrastructure in the Mideast) with Iran remaining in control of the Strait of Hormuz.
LNG not so much in the U.S. but that also applies as well.
It will (not if) affect numerous product pricing, and supply chains; in virtually every industry.
The global energy system has entered a prolonged period of disruption following the Iran war, with no quick path back to normal conditions.
Damage to infrastructure, shuttered wells, and tangled supply chains have created lasting shortages of oil and natural gas. Even if the conflict were resolved immediately, the loss of production capacity and logistical breakdowns mean elevated energy prices are likely to persist for years rather than months.
Several top energy executives have voiced concern about the severity of the situation:
The effects are spreading unevenly across the world, beginning in Asia where countries are already cutting energy use through emergency measures, and gradually moving toward Europe and beyond. A significant share of global oil and gas supply has been taken offline, forcing governments and industries to adapt through rationing, higher costs, and reduced activity. Unlike previous crises, this disruption involves physical damage to key facilities, making recovery slower and more complex while also contributing to rising inflation in major economies.
Industry leaders warn that markets may be underestimating how severe and long-lasting the situation could become, especially with critical chokepoints like the Strait of Hormuz affected. While energy companies are currently benefiting from high prices, the underlying instability is unsustainable. Attention is shifting toward faster-to-deploy sources like U.S. shale, but emergency reserves are being depleted quickly, suggesting a future defined by tighter supply, structurally higher prices, and ongoing uncertainty in global energy markets.
https://www.barrons.com/articles/oil-shock-chevron-energy-stocks-4f65c8b1
Oil is going up again, and that hits way more than gas. It drives up the cost of literally everything tied to construction. Steel, concrete, transportation, labor, all of it gets more expensive fast. It’s not crazy to see 25-50% increases when energy spikes.
And we’re in the middle of committing billions at peak pricing to a new HQ… right as commercial real estate is weakening and companies everywhere are cutting office space.
That’s the part that’s hard to ignore. This isn’t just a bad look, it’s bad timing. You’re locking into a massive, fixed-cost project while the market is moving the other way and the cost to build it is actively rising. (Again)
We could easily be talking about hundreds of millions more than originally expected just because of where energy and inflation are heading.
We’ve seen this pattern before. Big bets. Late timing. Expensive outcomes. Yet another blunder… It’s beyond being bad luck. This is an ongoing pattern of failure.
I like it better here when we're hiring.
Gas prices are going insane. We're wasting valuable oil going back and forth to the office. We did it during covid, same thing should be done now.
You would be smart to quit your Oracle job in California and move to find a job in either St Louis Missouri, Detroit Michigan or Cook County Illinois which is Chicago. Gas in all three cities is cheaper but you’re going to have to dodge all the bustin caps going along with the natives. As far as schools go, forget it.
It's my first job and I'd hate to lose it before I even properly started.
LOL..
RTO ages like fine wine.
https://www.yahoo.com/news/articles/people-urged-home-global-oil-091037252.html
Per Barrons, Chevron has moved into top 20 valued American companies bc of Iran and analysts say oil will be in triple digits for years.
All that value will trickle down to us lowly ants, right?
Right?
Have you seen the latest Drudge Report? Telegraph report?
Employers are being asked to have their employees telecommute due to Global Oil Crisis.
Oil may go as high as 180 a barrel.