DC is cut from the same mold as her mentor, LS. No qualifications, no accomplishments anyone outside of Chevron would recognize. Expect that she'll spend the next couple years being a "keynote speaker" at meaningless technical meetings, just like Lizzie does. Oh, and there's another young diversity placement "moving up the ranks" right behind her.
18 replies (most recent on top)
If you pick any point in the past and run forward all our combined exploration (lease bonus, drilling, seismic, labor), appraisal and development and operations capex and opex it is less than our revenue in the Gulf. We are destroying value.
@fd Tahiti and JSM are both over 500
Mmboe discoveries but those were discovered almost 20 years ago. Don’t need to make up lies about GOM being “negative NPV for ages” or us having no operated large fields to prove the point that our exploration teams haven’t delivered in the last decade.
Tahiti was basically a Texaco prospect drilled in 2002 for crying out loud.
This is great news. Where did we get the people to replace the legacy chevron staff?
Chevron operated Tahiti surpassed 500 MMBOE last year.
Ah yes, the “Exploration Excellence Team”—where excellence is apparently defined by how far one can stretch the meaning of “qualified.” DC’s leadership is a bold experiment in professional minimalism
I can only think of a handful of Gulf deep water discoveries exceeding 500 mmboe and I don't Chevron operated any of them. Ever. Only Shell, BP and Esso have ever made large discoveries and only Mars was over 1 billion boe.
I can't think of a Chevron discovery in decades other than whatever Shell drilled for us in the Gulf, which has been an overall negative NPV enterprise for us for ages. Oh, and a few modest bright spots in Australia about 15 years ago which are still decades away from commercialization.
Doesn't the women's network still staff most of exploration?
@eb+1, "exploration" contracts in well-established oil countries usually means high-risk acreage the resident state oil company sees no value in. Think Mexico and Brazil, countries where we have similar "exploration" arrangements, which have amounted to nothing. Production-sharing agreements in well-established oil countries usually means they want your technology, and will give you a paltry return. No one ever got rich off of either arrangement.
I saw chevron signed a contract to explore or produce In Iraq, that will be a great opportunity for the expats to pad their pensions and bank accounts. That is if you can survive the 28 / 28 rotation assignment. ;)
See it like Richard’s Brandon’s company’s had nothing to do with…
They know what they desire, but unlike to achieve.
I'm not sure how the Team will promote "Excellence" when it doesn't have any. No significant discoveries in a decade. That says it all. First order of business should be to tell us how we're going to suddenly become "Excellent". You can't hire "Excellent" explorationists out of school, you can't turn CTC eggheads into oil finders, so you're going to have to hire them from other companies. (Please, please don't invoke Hess here.)
TEET?
If you look at the track record of the EE GM, you will find nothing but dust. A talking head, and not even a very good one at that.
If Chevron's "Exploration Excellence Team" didn't bring in actual successful explorers (and exploration management) from other companies, it's just an exercise in continued futility that has stretched out for a decade now. Shackled with complete risk aversion, lousy global acreage and no drilling budget, don't expect anything other than showy kick-off meetings and an avenue for hollow promotions for high-pots.
Only time will tell if it'll be an excellent or bogus adventure...