I heard that we spent millions to work with MSFT to build the exploration AI model. I heard that we spent hundreds of millions buying new data. Will the new leadership turn things around? What are the key challenges in our exploration?
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Big pressure on exploration to deliver MW had all the talking points at the last earnings call.
Cant help but think that the lack of spend during the last decade was a fatal blow. Most majors are rebuilding, core acreage will be hot
Chevron never hired the right people to do exploration (usually were outbid by Exxon, BP, and Shell for the good ones), and never developed the people they did hire. No surprise we can't find oil in a Walmart.
@aw+1jqs26jqa Spending millions to build AI models - that’s not really happening if you actually knew what they’re doing. How many millions have we spent in the last drilling dry holes? This is no different.
Buying data - ok, we have always done that, too.
Look at who is selling this sh-t to our execs! Most of the sales org at MSFT are ex O&G execs and geos who were good at selling but sh---y at actually finding or producing oil.
Same leadership. Different results?
I guess now when we drill dry holes we can blame it on the computer. In the past we blamed it on the rocks, e.g. "the reservoir failed to develop as hoped". Haha.
Chevron used to have a great exploration track record and then in 2015 they moved the San Ramon based geophysicists’ jobs to Houston and the geophysicists quit. Since then we’ve been good at drilling dry holes.
What "new" leadership?
Well… which part is fake? Buying new data or building exploration AI? They are both happing now.
OP- you heard wrong. Way to spread fake news
The new leader (CP) is incredibly incompetent, so you can expect much more of the same
New Leadership?…looks like the same Id--ts running the place, just different titles and there job location.
Well it's probably cheaper than chevrons usual approach to exploration, which is purchasing companies who do the exploration bc we can't.
I’m guessing in 3 years, when the people who purchased and built this thing PDC out of their current position, the next owners who inevitably know nothing about the system will somehow transition it to an overly complicated Excel workbook and get a promotion out of it.
Who sold management the idea that AI was ready to do exploration? Can we find any stupider people to run this company?