I remember not too long ago folks on this very forum talking up Chevron over Exxon. Well, well, well... how the turn tables...
Houston..we have a problem....
7,783,450 Views |
29309 Replies |
Last: 3 hrs ago by fixer
Not sure what Exxon has gained from this other than a bunch of expense on lawyers. I heard rumors that Exxon wanted to leverage Guyana to extract concessions from CVX in other areas like Kazakhstan, but not sure anything like that is going to happen.
If Exxon wins, Chevron backs out of the deal and things go back to how they were.
If Chevron wins, it will be interesting to see what the 2 year delay for them means relative to the price they paid. They likely used a higher price deck to value the assets, so from that standpoint the deal probably looks worse. More of the reserves are now PDP after two years, so from that standpoint setting the price two years ago is likely positive. Production results over the last two years could indicate the reserves they valued the deal on are higher or lower which would also impact how they view the price paid.
If Exxon wins, Chevron backs out of the deal and things go back to how they were.
If Chevron wins, it will be interesting to see what the 2 year delay for them means relative to the price they paid. They likely used a higher price deck to value the assets, so from that standpoint the deal probably looks worse. More of the reserves are now PDP after two years, so from that standpoint setting the price two years ago is likely positive. Production results over the last two years could indicate the reserves they valued the deal on are higher or lower which would also impact how they view the price paid.
Anyone know about the work culture at Crescent Energy?
Dr. Doctor said:
OPEC+ members agree to larger-than-expected oil production hike in August
Does this help or hurt US manufacturers of O&G equipment? Don't think it'll help the US producers.
I don't see how it helps most of the manufacturers. OPEC countries can increase production by adjusting some valves at most of their wells rather than buying more equipment. I'm sure some manufacturers will get increased operations and maintenance part orders but nothing compared to the orders received should OPEC wish to keep the prices higher and have other players wish to get involved in exploration drilling.
very interesting. Saudis way overproduced during the "12 Day War". but largely held it back from the market. then, they come out and tell everyone pre-OPEC that August and September is a good time to up production.
Anyone think the Saudis are FOS and already releasing all the oil they can? Seems like prices should have declined faster/already if they had so much more oil to release to the market. I don't trust that most of the other nations have the discipline or money to hold back production while the prices have been so good the last few years.
I'm admittedly a novice on this, but there was a note about an "OPEC+ head fake" in Pickering's monthly commentary that made sense to me (maybe I just really want it to be true).
I'm admittedly a novice on this, but there was a note about an "OPEC+ head fake" in Pickering's monthly commentary that made sense to me (maybe I just really want it to be true).
the crude market is showing an unexpected resiliency. Chinese are buying and storing crude. US refineries are running hard. Europe is doing slightly better than people thought.
Exxon halting crude oil purchases due to zinc contamination in the Mars pipeline system. Chevron the likely culprit. Could be their new Anchor or Ballymore projects.
https://www.reuters.com/business/energy/exxon-halt-mars-crude-purchases-until-zinc-contamination-fixed-sources-say-2025-07-10/
https://www.reuters.com/business/energy/exxon-halt-mars-crude-purchases-until-zinc-contamination-fixed-sources-say-2025-07-10/
Ezra Brooks said:
Anyone know about the work culture at Crescent Energy?
Lots of internal battles still to be settled with the Silverbow acquisition. More floaters than available spots out in the field and service company preferences still being fought over.
This week's API crude build has got to be a misprint???
Dreigh said:
This week's API crude build has got to be a misprint???
Yep. Originally reported an 18M build when it's actually just 800K.
MavsAg said:Dreigh said:
This week's API crude build has got to be a misprint???
Yep. Originally reported an 18M build when it's actually just 800K.
EIA reports a 3.9M draw
Chevron prevails in Exxon arbitration case.
Finally.
CHEN Ag 2019 said:
Finally.
Exactly, I work for Hess and I'm tired of this purgatory. Now we wait to see if we are retained or not.
maroonbleeder said:CHEN Ag 2019 said:
Finally.
Exactly, I work for Hess and I'm tired of this purgatory. Now we wait to see if we are retained or not.
It sucks waiting around forever.
Same here. Hoping we know soon. 2 year limbo has been miserable
maroonbleeder said:CHEN Ag 2019 said:
Finally.
Exactly, I work for Hess and I'm tired of this purgatory. Now we wait to see if we are retained or not.
I work for hess too. What group you in ?
I'm GoA
Supply chain for me.
Question for the Hess folks. Why would someone leave Hess recently?
A handful of folks have left my department for one of two reasons.
1. They didn't like the uncertainty of their long-term employment so wanted to find something else before risking a layoff.
2. They haven't been at Hess long enough to be really handcuffed by the severance package if they were to be severed. It's 3 weeks pay for every year so if you've been there 5 years or less then you might as well look around.
1. They didn't like the uncertainty of their long-term employment so wanted to find something else before risking a layoff.
2. They haven't been at Hess long enough to be really handcuffed by the severance package if they were to be severed. It's 3 weeks pay for every year so if you've been there 5 years or less then you might as well look around.
Hess employees will find out their fates on Monday via phone calls. The 575 layoff number published yesterday with the Texas Workforce Commission has the whole tower freaked out as that is way higher than anyone expected. There are around 840 FTE's in Hess tower, so that is around 68% of the workforce.
A few things.
1. 575 is the max number, but could be lower
2. That 575 includes employees who will be given temporary transition positions
3. While not confirmed, we think that number also includes Houston employees that requested to be severed
Monday is going to suck.
TWC Layoffs
A few things.
1. 575 is the max number, but could be lower
2. That 575 includes employees who will be given temporary transition positions
3. While not confirmed, we think that number also includes Houston employees that requested to be severed
Monday is going to suck.
TWC Layoffs
Could be worse. Could be the Christmas holidays.
The left cannot kill the Spirit of Charlie Kirk.
That severance package is total garbage for a deal this size. Abysmal effort on HESS's part to not increase the change of control severance package for its employees before signing the dotted line with Chevron.maroonbleeder said:
It's 3 weeks pay for every year so if you've been there 5 years or less then you might as well look around.
That was one of the things the Marathon Oil leadership team did as part of the COP deal. Not a soul left MRO with less than ~9 months severance and a full year of Cobra paid for.
RulesForTheeNotForMe said:That severance package is total garbage for a deal this size. Abysmal effort on HESS's part to not increase the change of control severance package for its employees before signing the dotted line with Chevron.maroonbleeder said:
It's 3 weeks pay for every year so if you've been there 5 years or less then you might as well look around.
That was one of the things the Marathon Oil leadership team did as part of the COP deal. Not a soul left MRO with less than ~9 months severance and a full year of Cobra paid for.
Believe me, that exact feeling is echoed by all Hess employees. Total shaft.
I guess some expected this, answering my prior question.
3 weeks per year employed is not enough severance? That seems like a lot to me, but I guess that is different for a large cap oil and gas
Newfield was a month pay for every year of working experience in or outside the company, for comparison. Hess could have done a whole lot better job. I don't know what their minimum is.
Hess folks should be happy with 3 weeks. Chevron employees are getting 2 weeks per year.
And if you're a Hess employee not in a direct field facing role, I hope this reality is not a shock to you. Chevron is undertaking their own massive reorg in which lots of strong performers are being let go. So the anticipation you would have a job once the merger is done would hopefully be fairly…pragmatic.
That's a not a dig at any Hess employee, nobody, and I mean nobody aside from a very select few, are safe in CVX during their selection process.
Not to say it's right, just perspective.
And if you're a Hess employee not in a direct field facing role, I hope this reality is not a shock to you. Chevron is undertaking their own massive reorg in which lots of strong performers are being let go. So the anticipation you would have a job once the merger is done would hopefully be fairly…pragmatic.
That's a not a dig at any Hess employee, nobody, and I mean nobody aside from a very select few, are safe in CVX during their selection process.
Not to say it's right, just perspective.
Holidays
Evenings
Saturdays
Sundays
Not sure why anyone thought that Hess brass would look out for them.
Evenings
Saturdays
Sundays
Not sure why anyone thought that Hess brass would look out for them.
If I remember right Noble employees got 2 weeks/year back in 2020
Most people and companies look at typical RIF severance and acquisition severance as separate things.
3 weeks / year is probably pretty standard for a RIF, my company was a little better to those let go this year. 3 weeks / year would be a big letdown if being let go post being acquired.....
3 weeks / year is probably pretty standard for a RIF, my company was a little better to those let go this year. 3 weeks / year would be a big letdown if being let go post being acquired.....
3 weeks may not be as generous as some of the E&P severance packages in the past but these moments remind me how jaded some on the operator side are.
Typical OFS major is one week per year and I have seen times where it was capped at 12 weeks - actually more times than not
Typical OFS major is one week per year and I have seen times where it was capped at 12 weeks - actually more times than not
Anadarko's sev was pretty sweet IIRC.
Featured Stories
See All
30:52
21h ago
3.1k
Defense in Review feat. Sean Porter: Texas A&M 16, Auburn 10
by Billy Liucci
TexAgs Internship Program
by TexAgs
26:24
3h ago
1.2k
McGee & Swope: Kyle Field at night represents 'daunting task' for State
by Ryan Brauninger
7:41
1h ago
690
17:13
2h ago
1.5k
Michael Earley & Co. return to Blue Bell Park for exhibition on Friday
by Ryan Brauninger