Earnings release was published the same time as executive changes. Earnings aren’t scheduled until Friday. Someone messed up, someone in Investor Relations is going to get it.
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@1ycv: Yes considering major new convensional plays take as much as a decade to raise from discovery to full production, and our older base business and major unconvensional plays are declining or (at best) nearing peak oil (and gas), our 5-10 year production goals would seem to be at risk.
Well the total net production has declined relative to last quarter [almost flat] even though the Permian production went up. So that begs the question: with no upside projects in the horizon, for how long the production can sustain this level [flat]? The unconventional bet is only good if you have not utilized your best and core area, but as it is evident the decline on those wells are pretty steep and the number of rigs and crews already deployed are at highest level, so the big "Surprise" will come in 1 year or 2 once the production falls of the cliff and with nothing else to cover it!
PB had lots of friends on Wall St., EB is unknown to them. Using $6 billion to hide the real ‘surprise’.
Chevron almost always makes "surprise" announcements on Sundays. It has been this way for decades.
They were balancing the market reaction to the leadership updates- no mistake.
Actual earnings wasn’t released, seems similar to what XOM does
Probably the Investor relations wire service they use, everyone once and awhile they make a mistake like this. But for major companies, rare