What underperforming asset will be sold next? GOM? N—ria JV? Venezuela?
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I don’t care what Chevron acquires or divests anymore, so long as my pension annuity keeps rolling in like clockwork every month. It’s your company now, not mine. Do your job responsibly each day and be productive, else the first divestment I’d vote for is YOUR job. .
The new MD will be tasking with figuring out to turn a profit to shut her down.
GOM absolutely works and actually makes real money at 50 plus, unlike 98% of shale garbage.
Any scoop on the Partitioned Zone?
Chevron has a long and proud history of buying assets when prices are high and selling low. We have had a fire sale of assets the last two years, if you haven’t been paying attention, with more sales planned. In fact, this is the busiest the commercial teams have ever been. For every sale you see announced there are five others they are working on furiously but can’t find the right buyer.
Monday morning quarter back much? It’s easy to criticize and condemn, any ideas for digging a BU out of an expected commodity price fluctuation hole? Who in their right mind sells assets when the market tanks?
@6rtp, Maybe why that's you are one of those trolling a layoffs site, you are also on the chopping block with no good ideas. Just a thought.
Doesn’t matter who manages deepwater GOM because the fundamental economics don’t work. Projects start out billions in the hole from lease and exploration costs. Then you pile on dev wells and massive facilities and they will never pay out, particularly when our reservoirs always underperform and project costs always balloon. We have never figured out tie backs either. We are the biggest in the gulf because other sensible companies either left, like Exxon, or had huge discoveries like Shell and BP.
It’s really too bad we don’t have a GOM VP Leader like WW anymore. The guy knew how to manage the place. I wonder if WW is still at the saints games.
I have been part of the divestment team in the past and SJV and GOM have been on the chopping block for 10 years now. Venezuela will just be mothballed for the foreseeable future. CVX has low investment dollars with the potential for a huge payout when stability returns to the region. I don't see GOM and SJV last for more than 24 months in the current environment.
The company.....
Eagle Ford is a small acreage from Nobel that would not have the scale for Chevron for development. It is possible the DJ basin would be the next logical choice to sell and concentrate only in Permian for the US.
I heard they are selling SJV to China
If JJ retires who replaces him, some fancy talking drone from DS?
@gfq, That's why you're not allowed to do the thinking, lol!
I can’t believe we retain crummy legacy onshore and shallow water trash. I say dump it all.
Can we divest JJ? Chevron would be better off without his lies and poor decision-making.
I can’t think of a CVX deepwater asset in GOM that is not marginal or worse at $60/bbl. Anchor will be the final blow. We just haven’t had any large discoveries the last couple decades. I think the biggest field in the gulf belongs to BP and even that one is a loser due to all the facilities problems they had.
Why not? Junk shallow water stuff is gone anyways. Deep water stuff can be packaged individually or as a whole, for pennies on the dollar, just the way we like it.
Do you really think they can sell a unit like GOM? please, of course not!