Thread regarding Apache Corp. layoffs

Stick a Fork In Us?

Total seems to be cooling on our quaint little South American venture.

Pouyanne said Total is being more selective in its upstream investments, avoiding projects with multi-year exploration and development cycles such as deepwater offshore.

In Suriname....Pouyanne suggested that Total may not even consider developing the discovery unless it is a "giant" in terms of recoverable resources. "If it's giant it works....So that might be an issue."

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Post ID: @OP+17DmnNJG

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That is strike 3 for JC. Isn't 3 strikes and you are out? JC needs to go!

Post ID: @4gng+17DmnNJG

Why would a European major that is wanting to high grade their portfolio for the future, want to buy our grab bag of dwindling West Texas assets???

Post ID: @1dha+17DmnNJG

On a potentially positive note, though, the article says “Total has said its new upstream projects must have a breakeven of less than $25/b, and are able to produce a return of more than 15% at a $50/b long-term oil price.”

What about a Total buy-out of the dwindling Permian assets? Surely they have a $25 breakeven mark?

Post ID: @1cft+17DmnNJG

Anyone recall the last analyst quarterly call? The one where JC was essentially called out on Suriname development with the line “but you all don’t really control that anymore, do you?”

Apache can be as gung-ho as it wants about Suriname and push for development, but Apache doesn’t really have operatorship anymore and isn’t going to be able to push Total around.

Hope the carry and couple millions up front is and was worth it. Hint: it probably isn’t and won’t be.

Post ID: @1vzk+17DmnNJG

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