Thread regarding ConocoPhillips layoffs

Permian Basin Conventional Assets are next

The long list of assets sold in the last few years will get longer. In a move that is long overdue, all of the neglected conventional assets in the Permian Basin will be sold. It has been clear that this is the path we've been on as there has not been local management invested in the success of these assets for quite some time.

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Post ID: @OP+11YYwzSh

10 replies (most recent on top)

Just keep Infilling with marginally economic EAGLE Fart wells to replace the production. Add another straw. It’s all about the VCIP.

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Post ID: @rugk+11YYwzSh

The Waddell Ranch data room just closed. These assets will be gone within 6 months. That leaves us with Goldsmith, Hobbs and Delaware Basin. Unless something drastic / unforeseen happens, we‘lll be out of the Permian altogether within 2 years.

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Post ID: @ewmu+11YYwzSh

This is silly. We aren’t selling the Permian. We are buying more.

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Post ID: @9esy+11YYwzSh

Production? We don’t need no production! Keep selling assets.

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Post ID: @4azx+11YYwzSh

Pull the covers off and these assets are some of the worst b–tardized operations i’ve ever seen. $0.15 on the $ at best.

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Post ID: @2edw+11YYwzSh

That would be a big mistake. What would replace them for base production?

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Post ID: @1rgk+11YYwzSh

Is it official announced or just random things in here?

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Post ID: @1gag+11YYwzSh

The irony is that Oxy would be a good fit to buy these assets, but right now they are in over their head with Anadarko, so the odds are lower that they can.

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Post ID: @jhe+11YYwzSh

Gotta pay for the share buybacks!

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Post ID: @yhv+11YYwzSh

It's unfortunate that the investment community views these as unfashionable. Very low cost and great, steady, long-term revenue. Especially if you invest a little for secondary/tertiary recovery.

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Post ID: @jqj+11YYwzSh

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