#oilandgas

On Face the Nation, Marco Rubio stated that Ryan Lance and Wirth from Chevron will visit Venezuela this week to determine what’s needed to increase production

So does Shell get any upside from the US seizure of Venezuela? We know the area and assets well. Maybe Shell, along with other majors, got a silent under-table tip from an Administration bent on a takeover of the Americas. But good for business?

It looks like Chevron will be the largest benefactor of the change in Venezuela. The only company that stayed after Chavez kicked out all the other companies. Will those companies lay claim to their stolen assets? Thoughts?

In 2007 Chavez nationalized all heavy oil. Two of which were Petrozuata and Corocoro that were ConocoPhillips. Venezuela was ordered to pay CP, call it $9 billion for damages. Do you think with the recent US will run Venezuela, CP will be looking to get back in? Then they can hire me again?

World's largest oil reserves are for grabs. Any bets on Exxon?

MOC CFO replaced after just 2 years! Atleast it’s nice to see our competitors actually keeping their leadership accountable!

Not looking good!

https://geoexpro.com/escaping-the-relentless-cycle-of-re-orgs/

Someone posted a while ago that ExxonMobil might sell Imperial Oil, and another post stated that Imperial Oil might see Kearl.

Now here is the interesting fact: Kearl alone is 19% of ExxonMobil’s total proven reserve. I can bet, no one will dare sell Kearl. The stock price of ExxonMobil and Imperial Oil will just drop to the bottom. So, no one will dare sell Kearl

Here is the calculation from Copilot:

Here’s a refined breakdown of how much of ExxonMobil’s proved reserves come from Imperial Oil and specifically from the Kearl project:

🌍 1. ExxonMobil’s Total Proved Reserves
• At the end of 2023, ExxonMobil reported about 16.93 billion barrels of oil equivalent (boe) in proved reserves 1.

🛢️ 2. Reserves From Imperial Oil
Imperial Oil is approximately 69.6% owned by ExxonMobil 23. Its operated reserves (which include bitumen) are included in Exxon’s broader totals. Notably:
• Exxon’s total bitumen reserves are reported at 2.414 billion barrels 1.
• Since Imperial operates the Kearl and other bitumen assets, it's reasonable to attribute most of that bitumen figure back to Imperial.
Calculation: 2.414 B bbl / 16.93 B bbl ≈ 14.3%
So, roughly 14% of ExxonMobil’s total proved reserves originate from Imperial Oil.

⛏️ 3. Reserves From the Kearl Oil Sands Project
• The Kearl project holds about 4.6 billion barrels of reserves 45.
• Exxon’s effective share of Kearl is through Imperial’s 69.6% ownership; therefore:
• 4.6 B × 0.696 ≈ 3.2 B barrels attributable to Exxon.
• As a percentage of Exxon’s total proved reserves:
• 3.2 B / 16.93 B ≈ 18.9%
Thus, approximately 19% of ExxonMobil's reserves stem from the Kearl oil sands project.

Rumors have it that very few people took the VSP. Do anyone knows if there might be layoffs coming in early 2026 with the low oil price environment? What are you hearing from your end?

Oil futures are pointing to lower prices. COP will be struggling financially given the downward pricing direction. How do you think senior leadership will lead us through these challenging times?

I guess I was wrong.

The Permian Basin is projected to sustain U.S. oil production through 2030. However, some experts believe that the basin could peak within the next twelve months, indicating a potential decline in production. Additionally, it has been noted that the Permian Basin is depleting faster than generally believed, with output possibly peaking as early as 2023. Thus, while the basin has significant production capabilities, its longevity may be shorter than previously anticipated.

The Permian Basin, a prolific oil-producing region in the United States, is projected to sustain U.S. oil production through 2030, according to Enverus Intelligence Research. This oil production prediction hinges on the Permian Basin's capacity to offset declines from mature basins like the Bakken and Eagle Ford Shale. The Permian Basin reserves' future growth will largely stem from more extensional, less-proven areas, where horizontal drilling continues to unlock new potential. While U.S. production growth is expected to remain flat due to inventory degradation and cautious capital expenditure by E&P companies, the Permian Basin's oil production output gains will play a crucial role in maintaining national levels.

Leading Indicators:

Permian Basin's Role:

• The Permian Basin will be the primary driver in maintaining U.S. oil production levels.

• The region's output is expected to offset declines in other mature basins.

Future Growth:

• Incremental gains will come from horizontals drilled in the fringier parts of the Permian.

• Enverus forecasts an additional 2 million barrels per day (MMbbl/d) from the Permian by 2030.

Industry Trends:

• U.S. E&P companies are operating in "maintenance mode," focusing on returning cash to shareholders rather than expanding production.
• This cautious approach contrasts with the aggressive production growth strategies of the past.

Global Supply Contributions:

• In addition to the Permian, other significant contributors to global oil supply by 2030 include Brazil's Búzios oil field and Guyana's developments led by Exxon Mobil, Hess Corp., and CNOOC.

Implications for the Energy Sector:

Sustained Production:

• The Permian Basin's ability to sustain U.S. oil production has broader implications for global energy markets, ensuring steady supply despite regional declines.

Economic Viability:

• The focus on less-proven areas indicates a shift towards maximizing existing resources, albeit at higher operational costs.

Strategic Investments:

• Energy companies might need to balance shareholder returns with strategic investments in new drilling technologies and exploration of less developed zones to maintain long-term production levels.

The continued development of oil production in the Permian Basin is critical for maintaining U.S. levels through 2030. While production growth might plateau, the basin's output will be pivotal in counterbalancing declines from other regions. This strategic focus on sustaining production highlights the evolving dynamics in the energy sector, emphasizing the importance of innovative exploration and efficient resource management to meet future energy demands.

https://fairfieldgeo.com/blog/permian-gains-will-sustain-u-s-oil-production-through-2030

Who has received notice?

Dec 11, 2025

ExxonMobil plans to cut its low-carbon spending by a third, the latest sign of a pullback on decarbonization across most big oil companies. In its latest corporate outlook, Exxon raised its 2030 targets for earnings and cash flow each by $5 billion. That should be possible without new capital spending, the company said. But it will require low-carbon spending to fall to $20 billion from $30 billion, following what CEO Darren Woods described as lower-than-expected customer demand and less supportive government policies.

Hydrogen is among the divisions on hold, a trend across the industry, which has put more than 60 hydrogen projects on ice this year. Overall, oil majors’ green ambitions have mostly failed to pan out: Shell and BP, which pushed ambitiously into lower-carbon business lines only to pull them back, have seen their share prices fall to a deep discount relative to their US competitors.

— Tim McDonnell

https://www.semafor.com/article/12/11/2025/exxon-plans-to-cut-low-carbon-spending-by-a-third

ConocoPhillips has laid off 10 to 12.5% of its North Slope workforce, the company confirmed Tuesday, as employees at three oil fields move to form a union.

Two hundred forty-three ConocoPhillips employees at the Kuparuk, Alpine and Willow fields have petitioned the National Labor Relations Board to join United Steelworkers, citing recent staffing changes that organizers say threaten employee safety and reduced pay.

According to the organizers’ website a confidential organizing campaign has been underway for months.

https://www.alaskasnewssource.com/2025/12/10/conocophillips-confirms-up-125-north-slope-layoffs-workers-seek-union/

Now got project FID. should have been the springboard off the back of catcher to really propel DQ into competing with the big boys.
Now? This project will go to OneSubsea or BH and normal service has been resumed.

What a sad state of affairs.

These layoffs signal a significant shift in the company’s regional operations and reflect continued workforce and operational changes.

The Green new deal and Net Zero are dead. Greg tied getting LNG going 10 years ago. So now in 2025 Canada produces 1/8th by volume to US.

2026 Capex allocations are now of public domain.
Absolute zero reference of Argentina, which can be interpreted in 2 ways:

• next divestiture candidate
• idling at minimum for the next few years until the Permian peaks and start to decline.

Curious to know your opinions.

I’ll get the ball rolling : 300 from non mfg and 200 from mfg axed.
Package not bad 25 mths but company can pull the plug anytime up to your departure date and have you stay.

Ok start gibbering !

Heard there were some individuals in WV who got let go last week. What is going on?

There is absolutely nothing we can do to improve our stock price. It will just change in lock step with oil and natural gas prices.

BVB tried to transform Shell into something virtuous. If you believe that burning fossil fuels results in climate change, and that the global ecosystem is unable to absorb the rising CO2 levels with devastating results, then something had to change. Oil cos need to make deals with governments around the world that violate human rights. Their activities cause environmental damage everywhere they are conducted. Of course, selling Shell's "dirty" assets to someone else who will do the same things, perhaps even less ethically, improves nothing in the short term. But if that money is taken and used to chart a different path, in the long term, maybe Shell could make a difference ... even if that path necessarily leads to Shell's own extinction because green energy will become less and less profitable as it scales.
So where did BVB go wrong? First, green energy is unprofitable even in the short without subsidies. That means Shell's business must must align with political priorities that swing wildly. But Shell needed to be able to bullsh-t its investors that it had a path to profitability so it took the money. Second, green energy has technological hurdles that must be overcome or it will fail. Think batteries, wind and solar variability, and the grid collapse in Iberia. Third, Shell's chosen green energies will NEVER meet its net zero goals. They generate way more carbon, and environmental damage, than they save. Shell should have directed its efforts into other technologies that have hurdles that are likely to be solved and then would be closer to carbon neutral. Fourth, the green energy movement that Shell tried to lead, was a scam that US voters revolted against, with the EU soon to follow as their citizenry tires of their inflated energy prices and the effect on their economies. Think ESG scores and greenwashing by claiming credits for trees that you have cut down yet, and net zero promises with lots of fine print, and buying Russian oil but we're sorry you caught us, and Davos elites flying in on their private jets and then proposing things like good citizen scorekeeping (hey, the CCP is doing it, why shouldn't everyone else) and limits on meat consumption and dozens of other ways for the elite to maintain their wealth and power over the miserable plebians.
Shell aligned itself with the left, the only ones who opened their arms (not including the "stakeholders" who sued Shell in Dutch court and chased it out of the country), but the left went too far. The left that gained control (and still has control in places like GB) wanted to tear down the colonizing racist power structure and replace it with a society based on intersectionality, DEI, gender fluidity and all that entails, open borders, politically motivated extended economic shutdown (except for the politicians at their own parties), and so on. There was social backlash that resulted in political reversals and Shell lost on all of its big bets.

Hope this is not, “Short term gain, at the price of long term gain.”

Are laid off employees entitled to a prorated VCIP paid out in Feb or as part of their severance payment?

If you're early or mid career think longer term about the implications of a shrinking oil and gas industry, and where you want to be in the future. This will NOT be the last round of layoffs if history is any guide. Do not wait too late to transition to something else with more long term promise. Don't box yourself into a role that will not translate to another one elsewhere. It is quite rare that you will make it past 55 (or even 50) in this industry and by then it would be too difficult to pivot.

Sound advice. OP: @c8+1ka0j1k60

Saudi Arabia scales back salary premiums for foreign talent, recruiters say

By Rachna Uppal and Federico Maccioni
November 16, 202512:01 AM CST

Summary

Saudi Arabia shifting focus to sectors such as AI, logistics

Salary premiums for foreign recruits reduced amid cost-cutting drive, increased competition

Saudi private sector salaries now comparable to UAE

ABU DHABI, Nov 16 (Reuters) - Saudi firms are scaling back generous salary premiums that once lured top foreign talent into sectors such as construction and manufacturing as the kingdom reins in spending and reorders economic priorities, four recruiters told Reuters.

Saudi Arabia, the world's top oil exporter, is more than halfway through its economic transformation blueprint, known as Vision 2030, aimed at reducing dependence on hydrocarbon income, creating jobs, and expanding industries such as tourism, real estate, mining and financial services.

ExxonMobil is set to lay off 2,000 workers globally as part of a restructuring plan aimed at improving efficiency and consolidating operations.

Overview of Layoffs

Number of Layoffs: ExxonMobil announced it will cut 2,000 jobs worldwide, which represents about 3% to 4% of its global workforce of approximately 61,000 employees.

Affected Regions: The layoffs will primarily impact operations in Canada and the European Union, with 1,200 positions expected to be cut in Norway and EU countries by the end of 2027. There are currently no planned job cuts in the U.S..

Reasons for Layoffs

Restructuring Plan: The layoffs are part of a long-term restructuring strategy aimed at cutting costs and improving operational efficiency. ExxonMobil is consolidating smaller locations into regional hubs to enhance collaboration among employees.

Market Conditions: The decision comes amid fluctuations in global oil prices, which have prompted many energy companies, including ExxonMobil, to reduce their workforce to maintain profitability in a challenging market.

ExxonMobil has stated that the restructuring is necessary to align its global footprint with its operating model, emphasizing the need for collaboration in a rapidly changing energy landscape. A spokesperson noted, "Our global office network was established decades ago under very different circumstances".
Global News

These layoffs reflect broader trends in the oil and gas industry, where companies are adjusting to lower prices and focusing on efficiency amid ongoing market volatility.

According to Axios, peak oil is expected to occur around 2030. This is earlier than many experts had believed, and it is based on the US’s shift back toward renewables. Douglas A. McIntyre, Editor-in-Chief of Climatecrisis247, explains,

https://www.msn.com/en-us/money/markets/oil-is-on-the-way-out/vi-AA1Qsk5T?ocid=msedgntp&pc=W230&cvid=69178c1edb5b497096bd420ecd4427be&ei=26

I worked for IOL for close to 20 years, and I hardly ever saw the stock price touch $50 CAD. It was a bad idea to invest in IOL, so sold all my IOL stocks in RRSP. Bad decision!! But who knew this will happen!!

There is no doubt that VH and her leadership team are doing a terrific job at Oxy. She is focused on her goal of making Oxy a great company. Her almost one decade of experience as the CEO has made Oxy a well respected and recognized name in the oil and gas industry. The 3Q results is something to be proud of. Her hard work is finally paying off. She is also working hard to pay down Oxy’s debt. Oxy is a leader in innovation and Carbon Capture. I am very proud to work for Oxy.

Is this attainable given top line decline rates are 9%

MW is promising something like 12% production increases per year to account for production declines and well failures.

Is this doable or will more companies need to be purchased?
Possibly a Permian Pure Play, and a multinational large independent

What is the predicted outcome for Apache in the North Sea? They are looking at a 4 billion dollar Abandonment responsibility. How will JC handle this unprecedented challenge? Production declining like he-l and maintenance on basic life support. Who or How is this paid?

I wouldn’t be eligible but my boss would be, and I’d love for him to move on. But I’m guessing there’s no way - OxyChem will probably be hiring more if anything.

So ADIPEC just wrapped up, and it seems we managed to send a lot of folks to Abu Dhabi to support. Wondering what the final price tag of that ended up being. Seems I saw on another company's page that they put a conservative number on a C-Suite attending at around 50K each (flights, lodging, logistics, incidentals, loss productivity while there). For Sr. Managers, it was near 35K, and for rank and file (non-business class flyers) it was in the area of 20K. Add all that up and it's crazy.

Know we need to be there, but it seems we send a lot of folks who use it more like a vacation and an opportunity to "team build" with the other managers.

No worries, just cut a couple of heads when you return to pay get the numbers where you need them to wrap up Q4 - no need for those folks to do any work.

All aside, consider the travel that is denied for your own team and than run some numbers on the cost to fly Houston to Abu Dhabi (business), stay at the Ritz or like (for ELT), logistics to move folks around, team dinners and the like and the work that has to be pushed back a week. It's not a small number, folks.

But we did win a couple of awards and booked a shitload of air miles for that vacation next year.

Looks like the shareholders are OK with Imperial Oil. I guess from a shareholder perspective, the company is doing OK.

Employees don’t want it to be like this too. After all, our pensions are tied to the company, and some of us will still get their salary from this company.

Don’t want bad for anyone, so happy to see that the stock price is going up.

With whispers of the Blue Hydrogen project pushing out FID, that project keeps the lights on at the Houston office. If the project is mothballed, what other projects are on the horizon to keep the Houston office busy?

With oil prices dropping, green energy subsidies drying up, and large capex projects getting pushed further and further out, its going to be a game of musical chairs to remain billable. I don't see any other way around a wave of layoffs.

Top this off with their new focus on GID/low-cost-center engineering (offshoring) it seems like Worley is gearing up to whack the majority of their Houston engineering division, and have it only be there to simply check the work of GID, and GID will be at the driver seat for most projects.

Am I right, or am I right?