If I understand correctly they’ve been profitable only 2 quarters. Why are they still part of the portfolio when it’s a capital sink?
Is there some accounting stuff I’m missing or are they really holding Upstream back?
And why are they picking up rigs to drill sh---y wells?
Was let go during Avanti, was there another round of cuts during reshape in Unconventionals ?
That seems like something Shell would do. CEO gots to a be a women.... Let’s make a ginormous deal that makes out company balance sheets whacky! 😂
Try selling to the company that bought Anadarko. They will buy anything, overpay for it, and pay you a bonus too.
They hit $45 breakeven due to the trading side, supply agreements, and hedging. It's not a pure breakeven from an upstream point of view. Luckily Shell has a strong trading side to offset the expensive wells and engineering side.
$45? Even the cheapest operators out there barely do that. I don’t see how Shell does that with 10+ engineers per well
It’s all shell funny money. They break even at $45/bbl in the permian. that’s why they are adding rgs
Without a doubt Shell is trying to sell the rest, they just can't find a buyer because other companies see the same thing you describe.
What’s left are the big chunks and no one want to buy it.