Did anyone else see the CVX is selling it’s Appalachian assets?
15 replies (most recent on top)
Although I pulled out plenty oversea’s, I have never once yet pulled out, whilst taking care of business - in all my years growing up and working in Appalachia.
Chevron operated like a big battleship, simply was too slow moving and not nimble enough to be successful in the shale business, high overhead, too much bureaucracy and red tape to compete with more nimble and lower cost producers in the area, no suprises here.
Very true - unfortunately...
It all comes back to chasing the market as opposed to building something. Chevron tried to buy their way into the marcellus with Williams. If they where not constantly firing people over 55 maybe they would have had the experience talent and skills to make money and build organically with the million prime acres, total failure imo.
Good evening folks and welcome to The Adventures of Williams Wrong-Way Corrigan. Boy howdy, do we have a crazy scheduled ride along for you kids! Tune in for the next rerun of - “What is your next nut job maneuver boss man?”
Welcome to WTSHTF economics 101. You can throw that Williams “Our employees are our greatest ASSet “ c-ap in the garbage. Shareholders At Will Employers First - don’t forget it.
Totally agree with all so far. Especially poor decisions by Williams CEO’s. They fail again and again, yet are rewarded (along with a big bonus) while the “it puts the lotion on” field widgets (us) take the hit. WTF Already?
Chevron is over rated, could not plan their way out of a paper bag. Both Williams and Chevron where beaten to the punch in the marcellus and Utica, changing drilling plans and forecasts based on weekly weather patterns.
Watch the stock, it will determine the worth of your to Williams - no matter what. Good luck with that...
To post - by just last nights left over
Post ID: @12w6dWRW-ckz
I’m also a “just last nights left over”. This is a refreshingly excellent and true summary of ongoing and repetitive BAD WILLIAMS corporate decisions and the total lack of CORPORATE BUSINESS accountability and repercussions by those in power who should be held responsible. This should have be a main post. Thank you.
Amazingly True. Amen!
If Williams has a reduction or leaves the area completely, either way it will simply be explained as the fault of a compilation of all the “losers” from 2016, 2019 and the current employees - otherwise known “the leftover’s”. Still here and still know the failed Williams 2016 merger fiasco losses - cost Williams a loyal and true talent shortage. They were anything but “losers”. They took the hit because their incredible industry knowledge and diverse skills - classified them as a HCE (Highly Compensated Employee) and rightfully so- they ACTUALLY earned their pay. HCE and 50 years - that’s Williams go to move to quell the any shareholders narrow vision profits anxiety. Now onto the 2019 “losers” . Guess what, it’s time for the current batch of employee ”left over’s” to stop patting themselves on the back for making it through the last cut. Blame everything on those who took a s—er punch all you want. That’s the Williams wants. It’s distraction and clumsy slight of hand. At this point anyone with a working neuron in their brain should be able to see this. The real “losers” are those who are paid enormous amounts to make good solid business choices AND be held accountable for poor business choices. Here’s to us -the next round of “losers”.
Can you smell what the fracking rock is cooking up next. Give you a hint - low profits means unhappy shareholders. Then guess what? Here we go again....
Chevron plans to leave Appalachia, following the footsteps of other giants. Will divest all interests in the region- stating it simply isn’t profitable.
California-based energy company Chevron Corp. is putting its Appalachian oil and gas business up for sale, the company reported this week.
It has about 400 employees in the unit and a regional office in Coraopolis.
Chevron controls about 890,000 acres in the Marcellus and Utica shales across Pennsylvania, West Virginia and Ohio