Noble added 2 billion bbl to the books but CVX ended the year replacing only 1 bboe? Where did it all go?
7 replies (most recent on top)
LOL! You didn’t actually believe Noble’s reserve estimates did you?
The Federal Reserve Chair reduced interest rates and is pumping that sh!+ into the economy driving up all stocks except CVX.
Probably wrote off due to being uneconomic to produce.
I dunno. I swear I didn't take it ! Why are you staring at me?
They were supposed to last for 20 years, but ... for some reason ... ahem, well, they didn't meaningfully produce for more than 6 months. Sorry, nothing to look here. Wait ! Look there, it is something shiny, it is called Agile!!! Also can I tell you something about ZipperFrack? How about downsizing? Do I have your attention?
Up in smoke. That’s where the reserves went.
“Economically stranded” - I.e., were sun marginal rock that needed the rosiest of estimates to be profitable. Turns out there was a lot of - ahem - “optimism”.