Thread regarding ConocoPhillips layoffs

Austin Chalk

How is the Austin Chalk play in LA working out. I heard it was COPs next “big thing”. Or will they drill a few wells, be indecisive and take forever to decide what to do, over spend, and sell at a loss so some small independent can go figure it out? My understanding is that is what happened in Pecos area
https://www.google.com/amp/s/www.houstonchronicle.com/business/energy/amp/Apache-discovers-3-billion-barrels-of-oil-in-West-9208240.php

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Post ID: @11ivLIfi

10 replies (most recent on top)

Isn’t it always the answer?

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Post ID: @11ivLIfi-Olvx

Reorg is the answer.

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Post ID: @11ivLIfi-Mhqc

Whatever Apache did discover, it definitely wasn't 3 billion barrels of oil. Mostly a ton of dry gas, and have you seen what's happened to their finances since that "discovery"?

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Post ID: @11ivLIfi-mpaj

Don’t forget the Moxa Arch.....great stuff! Oh then there were the objectives of Chile lol

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Post ID: @11ivLIfi-lqmb

Everyone missed COP's disastrous foray into the PRB in 2015-2018. They drilled like 5 dry hole laterals up there and gave up lol.

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Post ID: @11ivLIfi-htko

What a great way to launder 120 million dollars.

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Post ID: @11ivLIfi-3vjj

$120 million. COP logic: better to spend that than the fraction of that it would cost to actually study and properly assess the acreage. Buy and drill first. Study the formation and basin later. AFTER completely wiping out. I’m looking at you Niobrara, moxa, powder, etc. etc. etc.

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Post ID: @11ivLIfi-3mlu

The next if exploration train wreck mate....Can’t wait to see how ad Argentina will s—

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Post ID: @11ivLIfi-2tcf

I saw this press release today. Thanks for the reply.

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Post ID: @11ivLIfi-1xze

COP press release:
In addition to announcing that it has completed the U.K. transaction, ConocoPhillips also announced that it has discontinued exploration activities in the Central Louisiana Austin Chalk trend. The company will record approximately $120 million pre-tax to Lower 48 dry hole expense in the third quarter, primarily related to this play. The company also expects to record a non-cash leasehold impairment related to the acreage.

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Post ID: @11ivLIfi-gal

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