#oilandgas

What do we think about HR selections?

Very connected senior employee halfway around the world told me today Imperial was to be sold. Stopped by here to see total panic so am thinking it must be real.

What a great prank. First it was 6 AM before markets open for a big announcement, then it was in the morning when business opened, then it was afternoon so that managers get a heads up first. Now it’s end of day when markets have closed. Some are saying it’s Friday. This sounds like those rapture predictions - it’s today, no, tommorow, no, next week for sure!!! L-M-A-O is all I have to say

Stop fear mongering, nothing is happening today nor tomorrow nor any other day. Just check your senior leaders calendars there is nothing suspicious there. And kearl asset manager is on days off, don’t you think he would be working if there were layoffs. Calm tf down.

Generally speaking, most O&G companies are a mess. Changes to work from home; limited to no longer available, chaotic environments, and inconsistent leadership. I've worked at a few, and each one felt like its own kind of circus.

That said, what makes CNRL stand out (negatively) compared to peers like Cenovus or Suncor?

If you started at CNRL’s Calgary corporate office, what do you wish you’d known beforehand? Would you genuinely advise others to steer clear?

The writing is on the wall. Pips are getting harder to pass. Employees in thier 40s and 50s are being pushed out. It's a huge toliet bowl that is on constant flush. I along with others are having our work outsourced. Most of the work is going to india and we just review it. We are all being systematically pushed out. All work groups are being gutted. I feel sorry for the new hires that are told the lies about a job for life. They are not told of the constant piping and cutthroat ranking system.
OP: @ag+1k687ancz

This is the gist of it. How it will all play out for regions or orgs, doesn’t really matter.

Occidental Petroleum in talks to sell OxyChem chemical unit for at least $10 billion

Occidental Petroleum has announced that it is in advanced talks to sell its chemical division, OxyChem, for at least $10 billion. The announcement sent Occidental's stock rising over 1% in premarket trading. The potential sale is expected to accelerate the company’s efforts to reduce debt and improve shareholder returns, according to Barclays. An announcement could come in the next few weeks, marking a strategic shift for Occidental as it focuses more on financial strengthening and streamlining operations.

OxyChem is a major global producer of chlor-alkali, PVC and caustic potash, with strong cash flow and links to Occidental’s Direct Air Capture initiatives. Despite its operational value—evident in Barclays’ projected EBITDA growth from $1.24 billion in 2025 to $1.46 billion in 2027—Occidental appears willing to divest the unit to boost balance sheet health. The $10 billion price tag reflects a roughly 7x EBITDA multiple for 2026–2027, higher than the company’s current valuation multiples. Even after taxes, the deal is expected to be slightly accretive, further reinforcing positive investor sentiment.

https://www.hydrocarbonprocessing.com/news/2025/09/occidental-petroleum-in-talks-to-sell-oxychem-chemical-unit-for-at-least-10-billion/?oly_enc_id=7798E9325367A8R

Apparently, management and leadership are attending a forum, which may or may not mean anything. If anyone has updates, please share. I really hope all of this turns out to be just unsubstantiated rumors - not because I’m invested in this company, but because I need this job, like the vast majority of us do.

I’m not sure if it’s happening today or later this week, but I know it’s not related to this place or trolling. People who had no idea what this site was when I mentioned it are on edge because they’ve heard the same rumors we have here.

Who else is “glad to be here”? Has it came to your refinery yet?

Apache has several headwinds ahead that could alter the company’s outlook and trajectory.
Abandonment liabilities increasing into the +4 billion dollar range as North Sea and Fieldwood combine to create a very significant financial drag.
Permian basin starting to show signs off deliverability well issues as wells enter the post flush phase…that long runway is looking less attractive.
Gran Morgu…aka Deepwater Alpine High…something is off here…like a purposeful delay and concern from project manager…that the promised 250,000 bopd peak may actually be closer to half advertised and with high decline rates

Had 3 lay off is in my department over the last week and was told we were done with so called lay offs for the rest of the year. However I am seeing the forecast of $50 a barrel by January so I’m sure our jobs will be sent oversees again and I will be back on unemployment in the new year.

ST. JOHN’S, NL, CANADA, September 24, 2025 – North Atlantic France SAS (“North Atlantic”) announced on May 28, 2025, that it had entered into exclusive negotiations with ExxonMobil France Holding SAS (“ExxonMobil”) for the acquisition of ExxonMobil’s entire stake in Esso Société Anonyme Française SA (“Esso S.A.F.”) and ExxonMobil Chemical France SAS by signing a put option agreement. Following the information and consultation process of employees’ representative bodies, North Atlantic today announces that it has entered into an agreement with ExxonMobil to acquire ExxonMobil’s entire stake in Esso S.A.F. (the “Controlling Block”) and EMCF.

This marks an important step in North Atlantic’s project to establish a long-term presence in France, contributing to European energy security, industrial resilience, and energy transition.

The completion of the project remains subject to customary regulatory conditions applicable to this type of operation, including foreign direct investment control in France, and finalization of certain financing arrangements.

Ted Lomond, President and CEO of North Atlantic, President of North Atlantic France stated: “Our commitment to France is long-term. By building on Gravenchon’s record of industrial excellence, we aim to strengthen energy security and resilience while accelerating the transition to lower-carbon solutions. This project reflects our ambition to grow North Atlantic into a premier transatlantic energy company, with strong foundations on both sides of the Atlantic.”

Simon Fenner, CEO of North Atlantic France stated: “With the signing of this agreement, North Atlantic reaffirms its ambition to consolidate the Gravenchon site and provide it with an ambitious development plan to serve the French energy and industrial sectors. We are firmly committed to completing the transaction by year-end.”

As a reminder, on May 28, 2025, North Atlantic had announced that following the acquisition of the Controlling Block in Esso S.A.F., it would file a mandatory tender offer for the remaining shares of Esso S.A.F. on the same financial terms as the acquisition of the Controlling Block.

Furthermore, it should be noted that the Board of Directors of Esso S.A.F. has convened a Shareholders Meeting on November 4, 2025 to deliberate on the proposal for a distribution of reserves, amounting to €60.21 per share, with payment scheduled for November 14, 2025.

During the discussions between ExxonMobil and North Atlantic over the past months, the two parties agreed to a downward adjustment of the purchase price for the Controlling Block, to reflect certain social liabilities. This downward adjustment will not affect the price offered to minority shareholders of Esso S.A.F. in the context of the mandatory tender offer for the remaining shares, which will be determined after taking into account the various adjustments described in the press release dated May 28, 2025, namely:

• a downward adjustment to reflect the amount of cash distributed by Esso S.A.F. prior to the date of completion of the acquisition of the Controlling Block (i.e., an amount of €113.21 per share, corresponding to a dividend of €53 per share payable on July 10, 2025, and an amount of €60.21 per share in respect of the distribution proposed by Esso S.A.F. and to be paid on November 14, 2025, subject to the approval of the Esso S.A.F. shareholders meeting);

• upward adjustment by a ticking fee mechanism corresponding to accrued interest on (i) a first base amount of €362,000,000 at the euro short-term rate plus 2% per annum between March 2, 2025 and the closing date, and (ii) a second base amount of €950,000,000 at a rate of 2.4% per annum between March 2, 2025 and the closing date;

• upward or downward adjustment to reflect the change in the euro value of Esso S.A.F.’s inventory and equal to the difference between the crude oil value of ten (10) million barrels as of December 31, 2024 and the crude oil value of the same number of barrels as of a period prior to closing that will depend on the date of the contemplated transfer of the ownership of ESAF inventory to a bank.

The final price for the acquisition of the Controlling Block will be definitively set prior to the completion of the transaction and will be communicated to the market in due course.

The completion of the transaction is still expected in Q4 2025. North Atlantic reiterates its commitment to delivering a comprehensive and well-managed transition, with the intention to maintain employment and existing compensation and benefits.

https://northatlantic.ca/media-releases/north-atlantic-france-sas-milestone-project-majority-stake-in-esso-societe-anonyme-francaise-exxonmobil-chemical-france-sas/

Well after 13.5 years of loyal service including 2 moves halfway across the United States I was unlucky this time and got left standing. I remember when I got hired I was told during on boarding that I had essentially won the lottery and that I can work 30 years and retire a millionaire. Well I've been through 4 re-orgs across 3 business units. But hey I still have a chance to land a lesser paying role during the quick PDC. I've devoted almost 25 years of my life to the oil industry and now I'm left scratching my head wondering what I'm going to do. Do I switch industries and hope that I can find a comparable paying job or do I uproot my family once again chasing the dream to remain in the industry that has blessed me beyond my wildest dreams? I have years of knowledge but can't hang a college diploma up in my office. It's sad because I feel that the company that I dreamed of working for not value on the job knowledge the way they value a college diploma. I feel like this company is turning in to a popularity contest and upper management not wanting to be challenged with new ideas or ways of doing things they seem to want yes men/women.

https://www.eia.gov/outlooks/steo/

Global oil prices. We expect the Brent crude oil price will decline significantly in the coming months, falling from $68 per barrel (b) in August to $59/b on average in the fourth quarter of 2025 (4Q25) and around $50/b in early 2026

So it's only gonna get worse in 2026 then, I guess it really is time to jump ship. There was another thread a few months ago asking where halliburton was headed and it seems to me that they want to return to a pure services company, at least stateside. This is why they're purging all manufacturing from here. Seems like the only answer if you work in the manufacturing side is to get out. There is absolutely no future and they're telling us all every time they close another building.

I was told dbs lease on the building only has 1 year left on it. somehow i don't think they will be renewing it.

Q3 was not good, heads will roll. Add in Champion X and the other new purchase. The need more cost savings to keep free cash high.

What is about to happen is part of a global strategy to reduced headcount and move our Canadian jobs to Houston and the BTC. ExxonMobil still wants our oil and has plans to increase production and develop Aspen plus other assets. If they want our oil, the jobs should be here. We may not be able to do much, but we can make it harder. Write to Smith, Carney, even Brian Jean and APEGA. It may not stop them, but it could make them think twice or slow them down, which is worth a try.

Are we just watching the clock count down? Putting forth our all for an end date in sight? Stiff upper lip and hoping Mama might want us again?

https://www.reuters.com/business/energy/occidental-talks-sell-oxychem-unit-least-10-billion-ft-reports-2025-09-28/

Some dufus started this rumor after seeing IOL LT at EMHC but honestly there is NO credible source that anything will be happening tomorrow. Its going to be a normal day at work FFS.

Check out the Imperial board this weekend. Those poor guys are worried. Looks like consolidation of employee in either Sarina or Edmonton. Calgary shutting down.

And next week huge layoffs in Europe except London where they released puff piece about doubling jobs there ahead of this.

Why is BP trading treated like royalty when there returns on trading are abysmal. Can AI and a pack of Indians improve profit margins? The majority of trading staff appear to have a superiority complex that is not warranted. Could leadership pressure staff with performance results tied to salary?

Train people in India/Engine.” Translation…”here’s your rope, now, go make your noose and when training is complete we’ll meet you at the gallows to hang you.”

This company and its current CEO has NO MORALS. If you’re fooled by the old days when Chevron was a reputable and excellent company to work for listen up! Us old guys can alert you young guys to the dangers that lie ahead. They will cut you off before your official retirement.

Use Chevron to job hop. If you don’t know what that is, learn on TikTok. Use them just long enough (2 or 3 years) to make starter money and get experience, then use that to land your next best job with higher pay….and do that 2 or three times to get your salary up so you can make really good money during your most productive years. Do this while you’re still young enough to get enough years in at a good company that has a history of allowing people to retire and collect a full pension. Chevron now has a pattern of eliminating the old guys once they’ve properly trained their replacements. I know, I was eliminated in their last round of layoffs and now in this latest round I’m watching really good people get eliminated, while they’re too old in a really bad job market in the US, to get rehired. They did it to me and I never got rehired. Retirement doesn’t look for me anything like I had envisioned. DO NOT believe for ONE SECOND that that pension will be paid out to you for a “full retirement.” It’s a carrot dangling on a stick to keep you hopping. Do not give them your best income-producing years believing in that pension!!!!! It’s as disgusting as a man who divorces his wife after their last child turns 18 so he can avoid paying child-support and only have to pay alimony. This is NO DIFFERENT. Don’t be their bi--h.

If you quit by 35 or 40 you can still get part of your pension and you’re young enough to use your Fortune 500 experience to launch into a company that has a better history of allowing it’s pensioners to retire with dignity. Chevron now has a trend of “restructuring/reorganization” every five years to hire cheaper workers and cut off pensions. If you’re over 50 at Chevron you are “in scope” for elimination. One way or another you will be ELIMINATED just like a cockroach.

The rumours swirling here mostly don’t seem to discuss major sale of assets, but I don’t see why they would be meeting with federal ministers if there wasn’t something bigger than an office relocation in the works.

https://finance.yahoo.com/news/halliburton-hal-exceeds-market-returns-221503861.html

I dont cate how much they say it to the employees. They dont care about us. When it's the employees that make them money.

Upstream to Edmonton. Downstream to Sarnia. Corporate functions unknown. By end of 2026. QP being divested.

Newfoundland boy doing a webcast Monday afternoon.

Discuss mobility with your family. Update your resumes and LinkedIn. Fill up at PetroCan this weekend.

Would be hard to believe there is a sale of a 145 year old company. But a Polaris project employee reorganization (reduction) is more likely. My guess, if you don’t need to physically turn the pipe. Your job will be sent elsewhere.

Good luck everyone.

By Steve Gelsi

Domestic oil and gas production takes center stage in Exxon's latest capital project list

Exxon Mobil Corp. has announced plans to spend $140 billion in the Permian Basin region as part of a plan by the oil and gas giant to ramp up its earnings and return cash to shareholders with a focus on U.S. production.

The move comes after Exxon (XOM) topped upstream production expectations in the third quarter, after spending $60 billion to buy Pioneer Natural Resources, an acreage holder in the Permian Basin of West Texas.

Its cost savings for the Pioneer deal will total $3 billion, which is 50% more than its previous projections, the company said.

The oil major said its big spend in the Permian Basin will generate returns of more than 30% by 2030, which will drive cash returns to shareholders.

Exxon said it will buy back $20 billion in stock in 2026 after spending the same big sum in 2025 to repurchase its stock.

Exxon Mobil's stock was down 0.3% in premarket trading on Wednesday. The stock has risen 12.7% so far in 2024, while the S&P 500 SPX is up by 26.5%.

"The company's capital allocation approach prioritizes competitively advantaged, high-return, low-cost-of-supply investments," the company said.

It'll spend $27 billion to $29 billion on capital projects in 2025, which will be the first first full year of Pioneer in its portfolio.

Looking ahead, Exxon Mobil expects to earn an additional $20 billion and $30 billion in cash flow, with a compound annual earnings growth rate of 10%.

It's also targeting $7 billion in cost savings. Its cost savings for the Pioneer deal will total $3 billion, which is 50% more than its previous projections.

Some other major capital projects underway include:

-- A boost in production from Guyana by developing two additional projects called Longtail and Hammerhead. The oil major expects total production capacity of 1.7 million barrels per day by 2030 in Guyana.

-- Liquid natural gas (LNG) production investment including first LNG sales from the Golden Pass development in the U.S and from the Qatar North Field East expansion project in 2025. In 2026, it's planning to make final investment decisions at the Rovuma development in Mozambique and the Papua project in Papua New Guinea in 2026.

-- The world's first large-scale carbon capture and storage system for carbon dioxide for permanent subsurface storage capacity throughout the U.S. Gulf Coast.

-- ExxonMobil is targeting 2029 to start operations on what it bills as the world's largest low-carbon hydrogen facility in Baytown. It'll produce uip to 1 billion cubic feet of "virtually" carbon-free hydrogen per day with about 98% of the carbon dioxide captured and stored.

• Steve Gelsi

https://www.morningstar.com/news/marketwatch/20241211219/exxon-pouring-140-billion-into-the-permian-basin-after-rise-in-third-quarter-production

Happening now - firings and layoffs in Lloydminster area, more coming in the near future. Meanwhile the unqualified 3rd floor people at CPL keep their jobs.

Will Kaskida field development be a technical and commercial success?
Why does Kaskida not have other co-owners to differ cost and risk…

Notice the drop off of posts here? Nothing left to inappropriately brag about I guess. That and, Nobody cares.

We are all assuming Sept 29 is big announcement day. I haven’t gotten mine yet. Maybe other business units got theirs.

CL28 with CL29 potential, been at company for 20 years. Is it worth leaving or should I ride it out?

U.S. employees should brace for next week’s layoffs. I advise you to get any files you want to keep off of your computer by printing or emailing. Watch for discrimination among the jobs being eliminated by October 1st. Do not sign any documents at the time of layoff until you see an attorney/labor lawyer. I know many of you that will be laid off likely have grounds for a lawsuit based on ageism, gender (females young and old) retaliation, etc. Hold Cenovus accountable for their massive double standards for male vs female employee, and treatment of such during a company downsizing.

Your perspective on this project…Does Apache remain profitable till first oil or Total takes the whole project

I’d be gone in a heartbeat. But the job market is a nightmare, and that’s the only reason so many of us are losing sleep over the threat of layoffs at a company hardly anyone actually wants to work for. In any other circumstances, leaving this company in the rearview mirror would only be a good thing.

From Christine Guerrero's twitter: Check on your friends in oil & gas. Many aren’t doing well. This from a friend at BP today. https://x.com/SheDrills/status/1969053712514494535