Exxon Sells Vaca Muerta Assets and leaves Argentina. What a fiasco. Why did we acquire these assets in the first place if we can’t make them work to produce?
https://www.bloomberg.com/news/articles/2024-10-31/exxon-agrees-to-sell-argentina-shale-oil-assets-to-pluspetrol
We significantly reduced the Argentina Vaca Muerta budget in 2020 and essentially stopped drilling. Vaca Muerta was for sale if the price was right in 4Q2020.
The few wells that were producing in 2021/24 were just to generate enough cash flow to show a positive balance sheet while we brought all of the expats from the USA home.
Dang I was hoping for an assignment there. Funny the Argentina team always traveled to the USA each year. Way for their expat supervisors and managers to get a free trip to the USA and take vacation without having to pay their own way.
The buyer will not have a global portfolio on advantaged projects to prioritize.
Leaving just in time for the Argentine government to throw incentives and financing. The buyer will make money where EM could not
Darren needs to raise cash for his bonus this year