Hype and PR distortion could not keep up with reality.
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Look at other CEO's analyst talks and interviews..they admit mistakes, they admit bad timing, overpaying for an asset and are TRUTHFUL, OPEN and upfront about technical matters, gas prices and differentials, etc. He has never said BRUNSWICK an expensive failure, Moorefield WET..etc. or the Brown dense not homogeneous, contiguous etc. and not economic. VERY FRUSTRATING.
Lime the Brown Dense and New Brunswick ; the Moorefield shows the lack of industry knowledge by the Way- ward son. Used flowery motivational words ; but at the end of the day ... physics/ engineering / geology are immutable truths that cannot be overcome .
Everyone around during the beginning of the play knew the Moorefiled was a water producer, but since no one with any decent experience was retained that’s probably why it came arpund again.
The moorefield is a water producer. As in makes more water than we pump. Those wells might have a lot of gas but the cost of water disposal makes them uneconomic. And none of our s--- up “frac experts” have the engineering capacity to come up with a solution.
Lol ya they’d probably be drilling those “4000” wells left in Arkansas.
If the BOD had not put 4.5 billion cash in a barrel and set it on fire, SWN would be in great shape today. Or was it 5.4? I forget.
Wonder if our BOD has figured a “way” out of our mess. Coming back from lunch today, it appears they are using the same conference room (by the parking garage) as a data room. Lots of boxes, managers, and unknown individuals coming and going. I know this was the same conference room used as part of 2016 layoff. Is it a buyout, merger, or layoff?
Let’s see - our Board lead knows how to manage spreadsheets but not run a business. Our CEO has failed in leadership everywhere he has been. Setting that aside, he doesn’t know some of the basics of E&P or strong investment discourse. Yet, SWN hired him and then promoted him. We shouldn’t be surprised in the absolute failure of Board responsibility to shareholders and our position as a laughingstock in the industry.
Touting big huge acres...even in producing economic shale plays pay/productivity NOT HOMOGENEOUS. Gas price is NOT OUR ONLY EXCUSE. If we had a balanced portfolio, if we did NOT HAVE DEBT, if we had sold Fayetteville sooner. Just poor business strategy with lots of wasted $$$$$.
If there’s nothing there it does not matter the price .. New Brunswick likely contains zero sedimentart rock , let alone any hydrocarbon let alone anything commercial
Brown dense has some scattered areas - maybe 2-3 percent of the original that even contain oil.
As to Moore field and Fayetteville - it’s sort of like if you’re not first your last !
If you can’t compete with Marcellus - then you can’t compete . Marcellus and maybe now haynesville are only dry gas plays ... the Permian / eagle ford / bakken guys are essentially going to have to give away gas to move the oil...
And honestly there are players who just want to crush the weak sisters - swn , rrc, bhp ... just for sport .
It’s a nasty world and Way just turned everyone loose to fend for themselves
Lol. I hear you. It s---s right now in our industry. Sub 3 dollar gas s---s for all nat gas companies. Maybe one day if gas ever gets above 4 we can all be happy again.
SWN doesn’t know their a$$ from a hole in the ground with respect to international plays and business strategy - and as it turns out - couldn’t drill a “hole in the ground”..... (pun intended)
I think it’s more of a low nat gas price environment thing. Those emerging plays may get or have gotten traction with 4-5 dollar gas. And the Moorefield was probably being proved out so the Fayetteville purchaser has at least something to drill in current low price environment. Not as economic as Marcellus, but again, nothing else is either