Hess deal stagnated leaving potential reserves drained. Who’s next or is it up to the Permian to deliver 2 million now.. After layoff most of Hess, do we actually have the talent to find more oil?! How did BP stumble into ?!
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"our next exploration well is guaranteed": Said every drunk gambler about the run out of money.
@d2 are you referring to Frade? That was legacy Texaco, so Chevron exploration can't claim that, either.
Chevron (MW) has no intention whatsoever at putting serious money into a "risky" business like exploration. He's been sold on endless Permian million-barrel-per-day production (through 2040? really?) and Tengiz and Gorgon cash flow for at least the rest of this century. Chevron exploration has been decaying for a decade now: no drilling money (which translates into "no drilling"), no new lease positions, no strategy, incredibly weak management (showing up to deliver "keynote" addresses at trade shows means nothing), no development or hiring of true explorationists, EOI'ing of the only people who actually discovered something. It won't be long before the M&A group outnumbers Exploration.
@d2 sold in 2018-19 time frame. Can’t remember exactly, but it was sold.
"our next exploration well is guaranteed": Where have I heard that before? Oh ya, from every pitch man selling a prospect from the beginning of the industry.
Soon we won’t need to be an oil company at all. We will just buy and sell companies and positions.
Did not see the latest Exxon vs. Chevron article which said Chevron is taking the stance in the Permian of building cash flow and maintaining 1 million while Exxon is doubling down and going after it with exploration? It pi---d me off so bad. We are led by cowards.
How concerned are you that Chevron is better at acquiring oil reserves on Wall Street (asset acquisition) than exploring and discovering oil ?
I thought we had offshore assets in Brazil like BP? Frazshay or something like that. Yes spelling Check!
MW couldn’t find oil in Walmart.
When you look at the probabilities we assign to our portfolio our next exploration well is guaranteed to be a success. It's great that our exploration queen kept her job so she can retire on this success. Don't ever say she has not put the money into exploration to get to this point. On a look forward basis this is a golden era.
BP did not "stumble into" their recent discovery. After taking the wrong direction with "Beyond Petroleum" and its associated market fall, they pulled together core exploration teams that are now finally finding some success. Perhaps we can find a new direction when our current CEO retires, along with his fascination with the tech industry. AI remains just a tool and does not replace the competency of true explorationists.
AI will solve this