Permian and Guyana won’t last forever. What is next? Is exploration even trying? We have proven to be better at buying than finding. Who are we buying next? When? No more projects on the radar. Downstreamers do t know how to run the upstream.
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All GOM will be gone by 2025
Imagine EM without Guyana.
The Exploration Manager actually went against his team’s conclusions and proposed to Dallas that EM sell Guyana without even drilling a single well, that drilling a well in Guyana would be a waste of EM’s money.
Luckily Dallas instructed him to sell half of our interest, at a bargain basement price, then use those funds to drill one well. If the one well was dry, then sell remaining interest.
Drilling was instructed to go to Guyana and drill a dry hole. Hitting oil in Guyana was an accident.
Imagine EM without Guyana. What would volumes and profit be for the past quarter or past couple of years.
It’s not for a lack of effort or data, but brain drain from retirement, past layoffs/PIPs, incompetent leadership, and searching for a finite resource that’s largely already been found, makes it a little bit challenging.
I would guess that they will buy/merge with another Pioneer size company around 2030 once they have West Texas/New Mexico fully developed.
That’s why they have cut the workforce drastically since 2020. More divestments to come. Guyana, Permian and Delaware. With the Permian stuff really not in full swing. Those assets will take people into the next 10 years easily. Can’t wait.