We announced that we were not going to keep current production level or grown but ride the decline curve of our assets. This means no drilling no completion and a need for way less people
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shale drilling has gotten so much more efficient and a lot cheaper than it was years ago and the risk is much lower. this is why Marathon and Conoco are betting their livelyhood on it and getting out of deepwater.
ROI (Return on Investment) is 50-100% higher in unconventionals nowadays compared to deepwater.
if you had a few hundred million to spend would you bet it on a single deepwater well or a hundred shale wells ?
There are still thousands of wells that have been drilled in the last few years but not yet fracked and completed. In addition there are tens of thousands of shale wells that can be re-fracked once decline is too big and they will be right back to where they were initially.
No the real problem though. If you don't drill, the shale decline curve will be so steep that your production will drop precipitously. Even the best shale wells will drop fast after 2-3 years. At that point, survival will depend on off-shore/Gulf conventional production. In essence any company overweight in shale will be in trouble.