Get ready those who were favored by past PDR representation with no technical merit or expertise in what you do at CVX (what I mean, NO demonstrated experienced or past in the team you are supporting) . Yes, you know who I am talking about.. a role in MCBU means or adds nothing to OffShore no matter what you define as a factory of process... The gig is up for CVX lazy nobodies, that float between GENV and Exploration team. WHEN was CVX last organic new Country Entry that wasn’t with an acquisition?! Get ready for a new org with Hess in power..AND their newest recruit from Total. Yes, it’s demoralizing that CVX couldn’t clean up their own mess but after 13+ dry holes and only an NOJV discovery to celebrate… wasn’t it TIME???!
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Bless your heart. Looking forward to the toxic, backstabbing Hess leadership who are experts at riding on Exxon’s coattails and puffing it up as their success. The beatings will continue until morale improves.
The turning point for me a few years back was a post-drill ERT review on a JV dry hole that was purposely drilled down-dip of an obvious amplitude anomaly. I walked out of that session wondering what shareholders would think about that little value add. Happily retired from exploration with many successful discoveries. The best discovery? Life after Chevron!
It shouldn't come as a surprise that as soon as Chevron began ridding itself of the Boomer explorers (circa 2015), exploration success went in the toilet. No hope of recovery.
You can bring in Patton and Eisenhower, but if your troops are coddled, inexperienced and unmotivated, the results will be the same. If you really want to see a turnaround, looks for these things to happen: 1) bring in more external-hire first-line managers; 2) increase budget, with a firm growth strategy, not just more "Permian, Permian, Permian"; 3) develop a coherent training strategy geared towards exploration success, not just more general geology courses. 4) is a little tougher, reward success, not just paeans to miniscule achievements, like the recent heaped-on praise for picking up rag-tag acreage in GOA.
@bc+1, you must have forgotten those high-profile entries into Mexico and Brazil about 10 years ago, which have yet to deliver a drop of oil to Chevron. You must not be a geologist. Greece, Syria, and Turkey have only high-risk, low-reserve potential, and Libya and Iraq are picked-over, high geopolitical risk gambles.
OP is so correct. We spent a decade fostering an exploration culture (thanks, Liz) that success was not measured in barrels, but in posturing and jockeying for "management" and "staff" positions, that we needed to focus on DEI, that there was no need to train for exploration because Permian was going to provide production and reserves forever. Even the new exploration "saviors" show no sign of convincing senior management that exploration is key to the long-term future of the company.
@bc no, for some of those we simply signed MOUs, which means we agree to talk and negotiate a potential entry. Those headlines were absolute nothing burgers in some cases. But you got to take any win you can at this point.
The entire Exploration community are so negative. Prima Dona Syndrome
@bc new county entry at Chevron should be called ‘buying our old blocks back at 2x what we sold em for’
Didn't Chevron finish new country entry in 5 countries already this year? Greece, Libya, Syria, Turkey, Iraq. It seems like organic new country entry has been widely publicized of late.
Sure, when you had no real inventory to pick from, things look bad. It’s a whole decade of investments in the Permian.
You do realize that before Guyana, Exxon had an even longer dry spell than Chevron..?