Remember the 5 pillar projects that were going to result in so much #winning? How are those going for us!
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So all I am seeing in PNG and Guyana and word is we didn’t even want to drill Guyana.
I wouldn’t call Gordon a shining star. It is also not operated by us.
Carcará is Equinor operated
Thunder horse is BP operated.
Kashagan has the nickname of Cash All Gone
Big discoveries post merger. Thunderhorse, Gorgon, PNG, Kashagen, Guyana
Big resource adds (already discovered) : Qatar, Upper Zakum, Bass-Permian, Carcara, Moz, PNG.
Uneconomic: Tanzania, Vietnam, Romania, Julia, Hadrian, Natuna, Celtic, Kearl
Very little profitable discoveries in GOM and Europe; Most of West Africa was heritage XOM in Angola DW and N—ria DW; Mobil brought Cepu, EG and N—ria JV (shallow water)
How is Rovuma? Anyone still in Basingstoke? Maputo?
Permian should cash flow. Hampered by mismanagement and overpromises? Absolutely. Because we would have it no other way. Fantastic at $40 oil? Nope, despite what anybody says about standalone well econs. But at forward pricing you still probably pay out in the end. It's just not much of an IRR if you spread it out past 2050. Assuming people still need 100Mb/d worldwide over the next 30-40 years.
You cut from 57 to 11 rigs because its a terrible time to put $8B/yr of CAPEX into a discretionary project. Would be nice if they treated the dividend the same way.
Don't get me wrong, XOM is a goof, but it isn't a great time to be in this business across the board.
If you want to take an interesting trip down memory lane look at our investor presentations for the past 10 years. Talk about a whipsaw. I thought we did long term planning and only made investments that could withstand volatile oil prices. It is super interesting to see the projects that were being talked about and sold to the investor community in years past.
For the longest time I was trying to figure out the last discovery exploration had as it seemed most of the projects that were moving forward were discovered by Mobil and brought into the company at the time of the merger with Mobil. I'm not heritage Mobil that was just my perception of things perhaps because everything I worked on was discovered by Mobil. I haven't done any hard analysis.
Guyana was an accident, a rare happy accident. Can’t give specifics but if you ask anyone in the upstream who’s been around more than four years they can give you the rundown.
I feel drunk with so much #winning
As for Guyana there is a rumor going around that we didn't even want to drill it and in fact farmed out some of our ownership percentage to others. Can anyone substantiate this claim. If true it is another great example of #winning.
Great summary @lbq+17Wexdlt. The fifth one is PNG expansions and I'm sure the corporation also wishes they could forget it.
Guyana will be paying, that’s the only thing worth anything in this “strongest portfolio “
Permian will be cutting from like 70 rigs to 10 rigs next year, so much for the pillar
Brazil has yet to come up with a discovery in our operating blocks....remember industry average is 1 in 7 success in deep water exploration game. Never understood how do you count something you haven’t found in your portfolio
Mozambique is a joke, we are pretending there’s a project
What’s the fifth one? Sh*t I can’t even recall.....must be tremendously successful huh?