Will XTO ever perform well in the Permian; i.e. make profit or just continue to flush OPEX and CAPEX down the well hole? How many wells are they now drilling and plan to drill in 2021/2022. Must be a lot of excess employees with nothing to do since we recently wrote off $20 BILLION in XTO assets.. Will XTO report true #s for the Permian or continue to produce suspect reports to the SEC and shareholders? Will XTO withstand the SEC investigation and subsequent class action lawsuit? How far will ExxonMobil’s credit rating fall yet again? How many more XTO and XTO related (EMPCO, MIDSTREAM, UPSTREAM, support stafd) personell will be terminated due to the Permian and XTO poor performance: over budget, over schedule, under production, empty terminal and no pipeline to the Gulf.
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Racism at XTO? Look at our org chart. We are
just as woke as any other part of the company. If you look at our PIO and layoff you’ll not find bias there either.
Wrong. Pieces of XTO are for sale just like other pieces of ExxonMobil are for sale. We just sold the North Sea. We sold Norway a while ago. We tried to sell Bass Strait several times. Altona refinery shutdown. Etc etc. you’d like to think that XTO is to blame for all your problems because it is a simple, Just like people who blame everything on the oil sands. or blame it all on RTD - easy narrative in which you can shift blame. Problem is you are dead wrong. Issue isn’t so simple.
PS we aren’t selling the Permian. We are and will continue to make too much money from it to do that.
XTO is on the block to be sold. And if we need their services in the future for the Permian or Delaware basin then we will contract their services. So many poor assets came with the XTO purchase and billions of dollars of more horrible assets we are added post purchase like in Pennsylvania, Appalachia, etc., all of which can be found on their website, which thanks to the last post quoting Chapman, I decided to visit and learn more about this herendous acquisition and huge drain on our capital resources.
Neil Chapman quote from XTO website,, "Permian Basin news release". Is this really true, given our production cutbacks in the past year, this statement seems very doubtful? "ExxonMobil’s investments in the Permian Basin are expected to produce double-digit returns, even at low oil prices. At a $35 per barrel oil price, for example, Permian production will have an average return of more than 10 percent."
Crazy that people love Bitcoin but never think of the carbon footprint of mining it.
The premise that flaring is bad is false. It's "greenwashing" to appease the nutballs.
The company is on track to ELIMINATE what little routine flaring remains.
The company is on track to add what little routine flaring remains in all of XTO.
Flare intensity is a completely reasonable metric to use. How else would you propose comparing the performance of basins and producers?
How much gas is flared when producing a barrel of oil? Flared gas volume / Oil bbls produced
Allows you to pick the most responsibly produced barrel of oil.
How much gas is flared when producing an mmscf of gas? Flared gas volume / gas volume
Allows you to pick the most responsibly produced natural gas.
The same thing is done to compare GHG Intensity etc. Intensity is the established way to talk about these things not just in oil and gas but also manufacturing, transportation, power generation, food pry, etc.
Bubba? Nice name calling to start.
What is your metric for good enough? You mention none which made me laugh as it shows you have no clue as to the causes of flaring.
Compare the Permian flaring to other US basins or oil fields in the world and we are doing pretty damn good.
Look at OUR numbers not industry as a whole numbers. Why look back to 2013? Look at where we are now and where we are going.
As for the value of the gas do you think people are id–ts? If the gas could be monetized at a profit it would have been. Pipelines to sell the gas aren’t free you know. Not every project to gather gas is economic. We and others are taking steps to reduce emissions that don’t pay out on the economics side right now but you can only lose so much money when justifying these flare reduction projects.
If the drilling learning curve was so unreasonable why has drilling consistently met or exceeded it?
The Delaware was doing soooo well that an executive felt compelled to dictate using an unreasonable learning curve for plan, so that it appeared the billions of dollars lost in perceived value were not as bad as they actually are.
#winning
Lmao 😂 🤣
This “nothing burger”, as Frack Boomer down here suggests, is going to join mandatory training from the wall of shame our company helped pioneer along the Antitrust and Foreign Corruption acts.
Ok, Bubba @iou
“A trillion cubic feet of #naturalgas in the Permian Basin of West Texas has been flared since 2013, according to the U.S. Energy Information Administration”
“Currently, more than 300 million cubic feet of natural gas is flared daily, with at least half of it coming from routine flaring. This number is expected to climb back to close to 400 million cubic feet per day by the end of 2021, according to Rystad #Energy”
“The value of flared and vented gas, despite its relatively low cost, is staggering: the gas released in 3Q2019 alone had a value of more than $500 million.”
The lowest in the era doesn’t mean low or none. Improvement is relative, and by all metrics it ain’t good enough.
And how is the ExxonMobil Delaware performing compared to the XTO Permian? Now that’s worth talking about.
When you say xto and Permian in the same sentence you have to realize the majority of Permian future potential “Delaware” was an ExxonMobil acquisition. It was not part of the 2010 buy which makes that acquisition look much worse. Keep things in their proper context, blind followers.
ahhcckssshuaallyyyyy, Turns out buying XTO was a great move by Exxon. It's really saving their bacon and is a key holding for the long-term future of the company. it's a relatively cheap-n-easy play to throttle up and down and has recoverables that will keep them there for decades. they bought XTO as a bet on gas which didn't pan out as predicted, but may be that they buy pans out better than predicted, long-term. What play would exxon have without the Permain. Umm lets see, Guyana. Look, I'm sorry you lost your job. Fixating on this board ain't gonna change that. Move on, there are better things for you out there.
“ over budget, over schedule, under production, empty terminal and no pipeline to the Gulf.”
Let’s see.
Over budget: wrong
Under production: wrong
Empty terminal: wrong
No pipeline: wrong
“Will XTO report true #s for the Permian or continue to produce suspect reports to the SEC and shareholders?”
XTO already reports true numbers. A lawsuit with no basis from a disgruntled employee is a big nothingburger.
“How many wells are they now drilling and plan to drill in 2021/2022”
Not hard to find if you are an employee. Pick up the phone and call a friend or look on the intranet. It isn’t hard to find.
“ Must be a lot of excess employees with nothing to do”
Um, no Troll. Uncon had 30% headcount reduction unlike some groups in Spring with zero cuts. All contractors gone. 8% NSI plus layoff and voluntary.
Do you even work for ExxonMobil? Your comments are so across the board wrong and ignorant. Do you even have any friends working in the XTO BU who you have talked to? Get a grip on reality. XTO isn’t the boogeyman you can blame for all your problems.
What about Kara Sea drilling program? Kashigan (cash all gone) project? Kearl oil sands? Etc etc. You are oversimplifying the situation by making a blanket XTO statement. Certainly parts of XTO don’t meet the value mark and are likely being shopped for divestment. Permian is not one of them. Look at the data. It is easy enough to find if you work for the company.
When you talk about XTO you need to be sophisticated enough to recognize the differences in financial performance by basin. Do some research before you show your ignorance. Pretty easy to find on the intranet or talk to a friend in planning.
Typical oh boo hoo my business unit can’t compete so I’ll say a bunch of lies about the other guy behavior.
No pipeline to the gulf? Please read any industry article. There is an excess in pipeline capacity due to the downturn. Quit spewing incorrect unfounded gossip and lies.
Trolls typing this obviously don’t have access to the latest financial information as their comment completely miss the mark.
Bunch of clueless trolls commenting here.
If you think flaring hasn’t improved in the Permian not just at XTO but industry wide you haven’t been paying attention.
“The share of gas flared in the Permian has fallen to its lowest level of the Shale era” - Rystad
https://www.rystadenergy.com/newsevents/news/press-releases/the-share-of-gas-flared-in-the-permian-has-fallen-to-its-lowest-level-of-the-shale-era/
XTO should have been shut down years ago. Just one audit would have revealed all the false reporting and frivolous spending. An unbiased HR Manager or Advisor would have acknowledged racism, mistreatment of employees and wrongful terminations. Instead it’s easier to look the other way. May the attorney seeking information get what he’s looking for.
Don’t forget all the flaring, as well.
Their gimmick about methane and flaring reduction “intensity” will not convince anyone with an ounce of understanding.
“Cheap” comes at a steep price.
And I hope those crooks that pushed to have inflated valuations get punished.