Can’t tell you how I know but this is right in line with expectations.
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I guess those wells really are going to drill themselves after all.
MCBU wrote on their PowerPoints in the info sessions that we are shifting from a growth phase to a sustaining phase and they want different people to lead it. So massive cuts to anything that looks like “growth” are no surprise. Just shortsighted.
Hmmm... wonder how all those advertised increases in Permian production are going to come with fewer people and rigs. Must be all that magical AI stuff.
They seem to be cutting a lot more in earth science within MCBU. It seems somewhere in the 25-30% range from what I see.
Well, be grateful. Thats means you will still be overstaffed, with a 50% rig count reduction.