Exxon CEO says that plan to double the volume from better fracking technique. Are we doomed?
17 replies (most recent on top)
Even executive management would struggle with River Oaks prices and taxes, not to mention old money culture. I don't think anyone at the company has ever made it in. They either live in Conroe or West U. Who is the current top dog in Houston, anyhow? JG paid $2.6 million for a nouveau brick wreck on a tiny West U lot a couple years ago.
Chevron has spelled out in documents that as a strategy they do not seek to lead, they want to see others spend money to innovate and then CVX will come along, part of the DPI stability fabric instituted after the Texaco merger and volatile results.
I do not believe XOM or EOG with their secret sauce BS anyway. If it does double output, it will only be for a select few areas.
MW is one of the best CEOs in the business, especially during this absolutely crazy period we are going through.
My only issue is the pay at at all major oil co's su-ks. It's simply not enough to be able to enjoy the finer things in life outside of executive mgmt. I don't want a house in Katy and some Lake Conroe nonsense next to Birchfield and crew
I was working at BP when they rolled out the "Beyond Petroleum" ad campaign. It was developed to make the company look green, while it made 95% of its profits from petroleum. I came to work one day and there was this large poster on the wall that said "BP is Beyond Petroleum". What the hay I said to myself. I have a degree in Petroleum Engineering. Do I have a future at this company?
Secrets in the frac world don’t stay secret for long.
We are never Doomed! The reason is that we are “Winning in ANY Environment”! We make money in spite of any “leadership” we have had. Remember “The Human Energy Company” will not fail! Now go fill up on Chevron and keep reaping the benefits that you so greatly enjoy!
East is always one step ahead of us. So frustrating.
Wow, @4ipa, such historical revisionism. BP was "Beyond Petroleum" in 2002 (be my guest, google it), while Chevron was sorting out the Texaco buyout. Shell changed directions (involuntarily) in 2021 after an adverse European court decision, while Chevron was doing yet another organizational 'transformation' that amounted to "same song, different verse". What links all four companies you mention is their longstanding greenwashing and token spending on "energy transition". Mark my words, if there is a big breakthrough in alternative fuels, it will come from some new company, or at least some company solely dedicated to that effort. By analogy, the breakthrough in EVs came from Elon Musk and start-up Tesla, not from Big Auto.
Oh, and back to the thread? You'll have to find something else that Chevron 'led the way' in. Good luck.
I think we led the way on Energy Transition or New Energy. Exxon then followed us. BP was right behind. Shell has come around with their new CEO.
Agree with @3uid. Remind me the last time Chevron innovated or 'led the way' on any topic. We can't even do layoffs without bringing in consultants.
Risk taking and fast fail are some of the worst sins in Chevron. Or any 19th century industrial company.
Chevron has always been a follower type of company. We don’t innovate or take a lead position that turns out to be a successful move. Why do you suppose this is so? Answer: We don’t have leaders who want to take the bull by the horns. We don’t have anyone with a spine or the gumption to command a decisive move. All we have are yes-men and women who need to have endless and nonproductive meetings and who will bring in expensive consultants who usually won’t really help the company. Why? Because they have no skin in the game. We are followers, nothing more. Playing it safe is not always the best strategy, and sometimes in this business of ours, it’s the worst strategy.
Maybe we can hire someone away from Exxon and have them tell us what they're doing.
As the original Permian Asset Development Manager used to say.. "The frac design is critical but only if it's optimized in 3D with well spacing both areally and vertically and pressure the other critical variable. Oh how we now try to sell just one dimension. I have moved on from Permian to Deep water but hopefully some of the guidence and learnings from the Deep Dives are in our organization memory.
We can use more oil production to lower the price of US gasoline to around $1.35 per gallon in Texas. Love my gas powered SUV. Let’s make the EV only good for the golf course again.
We should have CTC look into fracking
We need to advance our frac techniques. It will decrease the number of wells needed and increase production will saving fluid and propent cost. Sounds good we should look into it as well
Darth Vader is taking over freaking fracking. More oil production will doom the world. Princess Greta must work with Elon Skywalker to slay the evil Exxon.