CBP to Hilcorp- sad day lots of great people affected by this divestment.
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Hilcorp to buy Delaware Basin?
Hillcorp will implement the "Drill Baby Drill" mantra of the Republican White House in the very near future.
Hard to see how this makes sense. We could have kept making money off of it if we didn’t fire everyone and starve CBP of investment! How many wells did we shut in during COVID without inhibiting? Wellwork 101 mistake but I’m sure someone made their bonus KPI. Who cares about long term value destruction!
Another big strategic mistake by Darren Woods. Hillcorp will take cash to the bank by the truck load.
Our last conventional EOR field. Will be tough to maintain the knowledge of how to operate this type of field now. CBP has been starved of investment for years and is better off with someone else. Watch Hillcorp show CBP some love and production will rise dramatically.
How much in reserves or production is this sale? Unfortunate, but makes sense.