Or rather, strikes out again! This time with the public announcement that the Austin Chalk is not living up to the hype they originally made it out to be, though is anyone really surprised?
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EOG or some other independent will figure it out. COP will pick up some outlaying acreage and spend a bunch on mediocre wells. Then sell out and some small independent will pick up some really first class, over the top facilities and pipelines that will never need any maintenance. COP is like a pro league farm team setting up the independents to milk whatever is left without the large capital outlays.
Permian Delaware shale play was a bust. DJ Basin shale play was a bust. Still trying to salvage out Bakken and Eagle Ford shale plays. Just no places to commercially deploy CAPEX. May as well as keep buying back that stock
What about Willow, total bomb also? But you know they will strike it big in South America, I mean how many years have they been jerking around in Colombia for, with how many wells to show? Chile was a total sh– show. Argentina? I smell failure p–p!
Failure, it’s not what COP exploration does.....it’s how they do it! Bigly