2016-2018 business plan didn't include $33 oil either. Rapid move to deepwater only is not working at that price point. If we stay near the bottom for 1-2 yrs as some suggest, cashflow will kill us. We will not be able to bring anything new online and we will lose lease positions, JVA's will dissolve and poof, GOMBu is no more. Maybe Conoco was right. Check the EOI box and pray.
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All that will be left is GC running Cox with GIS handling the accounting, land, legal, HR, building, company cars, drilling, aircraft, operating, and oh yea, fabrication.
Closing down GOM entirely is not in the current business plan for 2016 - 2018
Chevron needs to find buyers for the shelf properties that are left after this sale to Cox and definitively decide on what deep water properties will be sold and find a buyer for them also. I can be quick or it can be long and drawn out.
GOM COVINGTON IS AWESOME
Let's see, it's about 5:00pm right now? I'd saw about this time one month from now.
Cox should have it all in 3 months or so.