in the inside we all know XOM is going nowhere and shrinking its value every day... but outside the hysteria about new oil discoveries makes me cry. Wall street is such a scammer!!
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I remember when the eVP clown that now claims all the credit for Guyana was grinning because they got Hess to carry the cost of the well.
Last we forget, those mo--ns gave away massive equity (30% of 10 billion boe); as usual, saving pennies, losing millions.
Someone in assessment calculated the rate of return of Hess, and it’s the best ever.
The same shortsighted mo--ns wanted to have first oil to influence the election that put the smallest facility on the best resource. Squander!
Finally, never forget they wanted to squeeze the Guyanese by forcing them to pay crazy for energy; eroding all good will.
As usual, it will backfire but the managers took their sweet bonuses and now they go on to sell greenwashing and other lies.
agree with you @1jlu+1c45rDKo
there is tons of confidential information in this thread, so be careful people, social media, tabloid journalists or even competitors are reading and taking notes of all this.. don't play the game of trolls. I remember from few years ago, the Encana scandal started by journalists reading insiders anonymous posts. watch out!!
Regarding comments on who and who isn't a "troll", my own thought is that I am quite certain that TheLayoff is targeted for "psychological operations" by other countries (Internet Research Agency, etc.). It is a perfect opportunity for them to reach real employees and try to make them feel negative about their work and create mistrust between them and their colleagues, so of course they are doing it. Undoubtedly there are real employees (and former employees) who also enjoy the opportunity to say things that they couldn't in a non-anonymous forum, but I just hope that everyone is conscious that at least some of the comments are designed to be manipulative.
I also think that even if the recent discoveries were "luck", there is at least an element of making yourself lucky.
Ranger was being discussed as the first well back in 2011-13. Decision was made to go after Liza even though every one including KR chief geo hated it. And as for technical folks in EMEC there are and were some really hard working and dedicated folks. Unfortunately the results reflect bad management decisions and not enough due diligence by technical folks and/or geological bias. Lots of folks were there for this whole Guyana fairy tale. The best way to learn and move forward is to do honest look backs, apply learnings and move forward. That is all folks on here are trying to say.
@1loi+1c45rDKo
The hard work was done by ordinary technical people, and they continue to do it. The lack of success in exploration is the result of the bad decisions of the management, who don’t do any hard work at all.
Just Wow… about everyone now learning that even Liza was pure luck and reflects how big a management and leadership disaster EXconMobil has been.
Keep hearing about poor operational, design (SBM criminals included) and environmental disasters with Liza production brewing due to poor management attitude to again please Dallas?
Our biggest discovery and we are not even operating, SBM is..
What does that tell you?
@1emx They may have meant Skipjack, not Ranger.
1gfq+1c45rDKo is WRONG. Another person who does not know Guyana history. His Ranger comment is outright wrong. XOM did not have 3D over Ranger until AFTER LIZA was drilled. In 2014, there were only 2 prospects identified with 3D. The alternate well to drill in 2014 was a Shell lead, up near the shelf. Shell shot 3D over 2 small areas. XOM preferred the Liza prospect over the Shell prospect. Then Shell exited the block. The FULL 3D over Stabroeck was shot in 2015 AFTER the Liza discovery, and Ranger Prospect was identified in 2016. Liza was identified in 2013 on Shell's 3D and was the basis for farming in Hess (then Cnooc after the Shell exit) in June 2014.
Other comments are correct. Guyana is basically a lucky mistake for EM. If the chief geo would have had his way, we wouldn’t have drilled Liza. This prospect was “floating in space”.
Guyana will provide jobs and paychecks for some but lack of success elsewhere was the main factor for the 26% layoff of geoscientists in 2020 involuntary round. Maybe what we really needed was more hard work and insights and less patting ourselves on the back for the one thing that did work.
@1tym+1c45rDKo
Everything you and some others say here about Guyana and EM exploration in general is correct. However, the discoveries there are very much real and resulting from a lot of work, from those who had the insights two decades ago to those planning and drilling the wells now. Like it I not, these discoveries are some of the very few things that allow us to still receive paychecks. Some of those posting here sound like outsiders who hate the oil industry, not insiders who are aware of (and the targets of) EMs dirty tricks.
Trolls? I think all of the post in this thread are from folks at XOM given the insight. Guyana is the only thing going in the upstream and we are grateful that it worked. But even with the massive amount of recoverable oil discovered it is the only thing of value that we have. Maybe the future is less demand and Guyana is all that we will need. I think what isn't being said is how disappointing it is not to admit that Guyana is to some degree luck and learn from that. Maybe you find new big discoveries by taking risk and buying acreage and drilling wells. Something that we haven't done for awhile.
OP and some of the posters are clearly trolls. To bad some actual employees got caught into it as well.
@1gfq+1c45rDKo Thank you for the clarification..
It is simply wow to see how ExxonMobil got lucky enough just to survive in-spite of a series of poor decisions and bad management. What an id--tic company that even with some luck is continuously losing it’s shirt and reputation on a daily basis.
EMEC did not want to drill Liza 1 and in fact seriously considered drilling Ranger as the first well. Were only willing to drill if we got partner. If not write check and walk. Liza and our position in Guyana is mostly luck.
Jon T was president of EEC and was told by Harry Longwell the Upstream Executive Contact at the time (1999) to buy as much offshore acreage as possible due to Angola. The Guyana block was one of many purchased at that time including some in Brazil and the Trinidad blocks. Jon T may not have liked it but the order came from Dallas to get stuff. I was there too. Glad to hear may be something on one of the two deepwater Guyana blocks purchased after Liza discovery.
Poster is uniformed, but most in XOM do not understand Guyana history. John W got the block in 1999 when John T was Exploration pres. John T was not happy that John W got Stabroeck block with no evidence of structure (passive margin, no structural traps, over 25 dry holes in Suriname and Guyana, no offshore discoveries, degraded-heavy oil updip in onshore Suriname). Block was in force majeure for border disputes until 2007. Shell Farmed at 25% in 2008 and earned another 25% by paying for 3D. Shell paid for the 2D and 3D but did not want to drill Liza and exited the project in 2014. Shell was "Snakebite" on nearby French Guiana (Zaydeus prospect). Liza was risky strat trap prospect with no proven HC system. Gas risk also. EVERY MAJOR OIL COMPANY in the world was given a chance to farm in and over 25 declined. All but Hess, CNOOC and one other had interest in joining and paying for a $220 million exploration well. All eastern prospects in Kaituer and Canje have failed (even with big AVO flat spots). These flat spots are confusing (exploration risk & uncertainty). Same with Stabroeck (Skipjack dry ho-e). 3rd well on Canje looks interesting, downdip from discovered HC in Suriname and Stabroeck. Updip is gassy, but the 3rd well downdip could be oilly.
I heard that EM management and exploration wanted to get out of Guyana but they were so inefficient in even getting out of the deal that they reluctantly drilled the first exploration well that the contract said. Lol now the same jerks running around trying to take the credit. Also let them keep finding more oil. The company is destined to doom one way or the other.
I have the deepest respect for Rex Tillerson so please don't take this the wrong way but Guyana goes all the way back to h-Exxon and Harry Longwell's mandate to get as many dw blocks around the world as we could after the Angola success. And that is the key to exploration-take risk and spread risk around.
and more discoveries will come from Guyana, It's all we got to increase shareholder value. at least that was a good decision to entry by R.Tillerson, now we must thank him
Worked for exxon and exxonmobil 30+ years and always use XOM. Discovery in Guyana on Straebok are nice but that is all we have. Canje and Kaitier blocks do not appear to have robust economic working HC systems and enough space has been wasted on this site about the s**t show that is our exploration efforts in Brazil. Mozambique is on hold as is PNG LNG expansion. Permian appears to have its challenges so Staebrok in Guyana is it. GOM expl is gone and West Africa and Asia Pac is not far behind. So poster seems to know a little about the situation at XOM.
Discoveries used to have value. Now they are just another way to exceed demand, which the industry always ends up doing.
These "discovery" announcements always occur a few days before every quarterly review with the investors and our employees who are stockholders.
Bruh
When XOM is used instead EM that is a sign that they are most likely scammers
OP, you have no idea what you are talking about. I’m not sure what your “inside” is, but you don’t seem to work for EM - not because you criticize it, which is just fine, but because you’re totally not informed.
you keep running the show, and enjoy it while it lasts
Yeah it's the same over here at Apache (although we suck at exploration). All these mo--ns on the outside raving over these discoveries when they have NO CLUE how screwed up the company is internally. Because we don't have a section devoted to internal fwcked-up-edness on our quarterly earnings statement. But we really should.