Ignorance? Arrogance?

CVX have certainly tried things when others have failed or withdrawn.

One example was the foray into Eastern Europe to try to exploit shale gas in a number of countries.

This obviously did not work out even with JJ guiding and DM muscling things on.

Why?

No actual reserves in place?

No proper consideration of political, legal and environmental nuances outside the US?

Another question - why do we continue to spend money on 'evaluating' potential MCP's which were not economically viable at $100/bbl let alone at current?

Comment! It's anonymous!

6 replies (most recent on top)

The majors can't make it in the shale game. Exxon has not changed XTO since purchase. They are essentially a subsidiary. Chevron is closing AMBU and JVing most of Midcon. How many rigs and frac spreads in Poland, Ukraine, Lithuania? ZERO. There is no infrastructure over there to drill or frac. They have the rescources in the US and still can't execute.

#arrogance

It's easy to blame when looking back in time. The reality is nobody expected natural gas to collapse down to $2. Regarding eastern europe, Chevron wasn't the only one venturing out - Conoco, Exxon, and many other companies were in the same boat. Nobody said exploration is easy...

Yhd.

I don't see why not. TBH after each 'opportunity' which does not work out then surely proper lessons learned should be completed and applied - so that we can reduce probability of failure going forward.

The OP has noted only one specific example which is visible in any number of public forums. There are many, many others. No-one has been expressly named - unlike a notable number of other posts which openly identify individuals.

I think this forum is good to allow open discussion amongst any contributors - let's face it, anything which positively shapes success in the future can only be good for those of us who want to see CVX stock supported.