This went out across the Permian WHY?
Tired of seeing how great we’re doing and then ….. never mind make cuts!!!
Is this a potential acquisition step?
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We could cut cost in the Permian by moving out of our palatial offices in Carlsbad and Midland. No wait. That is all of our competitors who have nice work spaces. We are the ones crammed into cr-ppy offices.
Yes above stewardship on a bad plan. When management tells the Permian this is the number you will submit instead of letting the number come from a bottoms up build what do you expect? If you couldn’t see this coming then your head has been in the sand. What does management expect from these “stretch” goals that everyone in Permian just rolls their eyes at. There is no work done to support the plan numbers just a wish from management to “win” as they keep repeating over and over. Win at everything. No prioritization. Is it CAPEX? OPEX? GHG? Spills? Growth? Safety? What do you want to win at? Management says we want to win at it all. Why do we need management if they don’t even set priorities.
CQ clearly came in with a mandate and has from day one treated Permian as if they are a bunch of id--ts.
Squeezing money out is usually only done for a couple reasons: selling an asset, extracting cash to fund growth opportunities aka LCS joke, pump up end of year revenue/cash …..
Save some opex so we can buy some donuts for the fat SVP?
Definitely doesn’t have to do with overrunning spend. I understand Permian GP is also cutting costs like crazy to “free up money for drilling” and we all know that can’t be true because BU is also getting cut. Nobody will give a clear idea of when projects will resume or commit to it. Original ask was only for 2023 spend, but nobody will even commit to allowing spend in 2024. Whatever it is, it must be big
Divestment of our Permian unit. To Pioneer?
We use bought back shares for acquisitions, normally not cash.
Just the lead in for the upcoming cuts - uhh uhmmm I mean mass outsourcing to the low cost scabs! Justify Justify Justify
Y’all are above stewardship for the year… that’s why.
I know people will downvote this for surrrre, but that’s the reason.
Just hurry up and shut down everything that isn't in Guyana and lay us all off already! #opex
They’ve been cheering on a recession for almost three years now. It still hasn’t happened.
At least Fortune, CNBC and Business Insider stopped putting the words “looming recession” in every article they were publishing. That really was getting annoying. Also a good example of gaslighting.
Has to be Pioneer or Endeavor
We should cut him out and save his salary, benefits and overhead. An efficiency right there. Darren and Kathy would love that savings.
It’s all about the new guy that came into play. Mr. CQ wants to make a name for himself. Cut cut cut spending.