https://www.reuters.com/business/energy/diamondback-energy-ceo-stice-step-down-2025-02-20/

A year on the board, and then riding off into the sunset. Seems Stice wanted to leave his lasting legacy by acquiring EER.

Will be interesting to see where Kaes takes it from here.

Anyone know who Civitas bought this from?

Civitas Resources is buying Midland Basin locations in a $300 million bolt-on acquisition from an undisclosed seller, deepening its Permian inventory by about a year.

The transaction adds 19,000 net acres and approximately 130 future Midland Basin development locations, based on 2-mile average laterals,
Civitas said the deal adds future drilling locations in primary zones like the Wolfcamp A, B and D.

I believe it was Oxy.

It was part of the OXY/Crownrock stuff in glasscock/howard

CIVI close to selling their DJ assets too I hear

Anybody know who's demethanizer tower got folding up like aluminum foil in the Pecos Train Collision?

More good news for Chevron, although I fully expect this gets reversed in the coming days.

https://www.politico.com/news/2025/02/26/trump-reverses-biden-era-concessions-allowing-venezuela-oil-exports-00206273

Weird, you'd think Trump would love Chevron offshoring 20% of their staff.

BP CEO wants to double the size of the company. Slashing green spending from 5B down to 1B but Elliott Management wants them to cut all green spending. This will be interesting to see play out.

Furlock Bones said:

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BP CEO wants to double the size of the company. Slashing green spending from 5B down to 1B but Elliott Management wants them to cut all green spending. This will be interesting to see play out.

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Merging BP and Shell would pretty much do it...

Caliber said:

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Furlock Bones said:

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BP CEO wants to double the size of the company. Slashing green spending from 5B down to 1B but Elliott Management wants them to cut all green spending. This will be interesting to see play out.

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Merging BP and Shell would pretty much do it...

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As a SHEL employee, I've been hit up about 10 times on this rumor in the last month

Caliber said:

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Furlock Bones said:

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BP CEO wants to double the size of the company. Slashing green spending from 5B down to 1B but Elliott Management wants them to cut all green spending. This will be interesting to see play out.

---

Merging BP and Shell would pretty much do it...

---

Without giving up any personal details, I know a person at BP that has moved up the ranks quite a bit. Said this is the first time he feels like there is real possibility this happens. This is about the only combo that would be palatable to UK regulators and position the new company up there with Chevron/Exxon.

Shell CEO is in New York in late March so I'd expect to hear something there if it would happen

OPEC+ says they are going through with production increases in April.

damn it. we're running out of people to lay off

cajunaggie08 said:

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damn it. we're running out of people to lay off

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sad truth. industry is taking body blow after body blow.

cajunaggie08 said:

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damn it. we're running out of people to lay off

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As I've been on record as saying... If OPEC+ adds a material amount of bbls, it's hard not to see more layoffs and pain on the horizon. Throw in a Federal induced recession, and it's not looking pretty over the next year for the industry IMO.

I think it depends . I can see that for sure on the service side. On the operator side, I'm not sure. Depends on the operator but most are already stretched thin and at critical mass. Any less and there will be balls dropped. I can understand technical folks if rigs will be dropped. It would take the consolidation or elimination of operators to see a dressing headcount reduction, which is already happening or has happened. The entire industry can't all move to minerals or Nonop companies. Someone has to operate.

Furlock Bones said:

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Caliber said:

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Furlock Bones said:

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BP CEO wants to double the size of the company. Slashing green spending from 5B down to 1B but Elliott Management wants them to cut all green spending. This will be interesting to see play out.

---

Merging BP and Shell would pretty much do it...

---

Without giving up any personal details, I know a person at BP that has moved up the ranks quite a bit. Said this is the first time he feels like there is real possibility this happens. This is about the only combo that would be palatable to UK regulators and position the new company up there with Chevron/Exxon.

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Been hearing about the Shell/bp merger for 12 years, including someone on this thread guaranteeing it would be completed last year.

Charlie Murphy said:

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Furlock Bones said:

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Caliber said:

---

Furlock Bones said:

---

BP CEO wants to double the size of the company. Slashing green spending from 5B down to 1B but Elliott Management wants them to cut all green spending. This will be interesting to see play out.

---

Merging BP and Shell would pretty much do it...

---

Without giving up any personal details, I know a person at BP that has moved up the ranks quite a bit. Said this is the first time he feels like there is real possibility this happens. This is about the only combo that would be palatable to UK regulators and position the new company up there with Chevron/Exxon.

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Been hearing about the Shell/bp merger for 12 years, including someone on this thread guaranteeing it would be completed last year.

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oh i am well aware. i was just relaying that this was the first time a particular individual there at the company thought it could happen. the likelihood that it doesn't happen is greater than it does.

We have people now in the gov't who think a refinery/wellhead/plant is like a server farm and that we just need like 5 people running it offsite. So we can probably go ahead cut more from the staff.

And if something comes up, we just spool up a contractor. We can on-board them in a few days, right? The plant/wellhead/refinery can wait a few days if there is an emergency, right? Or we can waive the training, right?

(/s if you can't quit tell)

~egon

Or, they believe that a refinery and a production facility are basically the same. For instance, they mirrored the flare and leak standards from refineries onto upstream in their latest run at the industry. Just absolute winners in DC.

Holy cow Nat gas is approaching $5

Inventory levels below average. More LNG exports coming. Less drilling with oil in 60s I guess are factors

https://ir.eia.gov/ngs/ngs.html

Dan Scott said:

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Holy cow Nat gas is approaching $5

Inventory levels below average. More LNG exports coming. Less drilling with oil in 60s I guess are factors

https://ir.eia.gov/ngs/ngs.html

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Electricity prices have already skyrocketed in Texas. This won't help.

Anyone know what is going on with Enterprise facility (Marshall unit?) over near Cheapside? Looks to be on fire...

Sheffield loves talking about that inventory

He's not wrong in my experience. That's what I'm seeing in my travels/meetings, especially when compared to overseas inventory. Many opec countries/companies aren't event frac'ing yet. You perf and here it comes. I feel like we are squeezing blood out of a turnip here, to some extent and technology going forward can only get so much more out of the ground.

Annonced today - Continental Resources has signed a joint venture (JV) deal with Trkiye Petroleum and TransAtlantic Petroleum to explore tight rock in Turkey.

The JV will explore Turkey's unconventional oil and gas resources in the Diyarbakir Basin and Thrace Basin, Turkiye Petroleum said. Deal terms were not disclosed.

Continental Resources' President and CEO Doug Lawler said the deal makes technical and commercial sense.



Wow - interesting news today from CLR

The future is overseas. Chris Wright was just in Africa talking about working a deal to help them explore their resources.

Comeby! said:

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He's not wrong in my experience. That's what I'm seeing in my travels/meetings, especially when compared to overseas inventory. Many opec countries/companies aren't event frac'ing yet. You perf and here it comes. I feel like we are squeezing blood out of a turnip here, to some extent and technology going forward can only get so much more out of the ground.

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The rest of the world has a huge problem on its hands because all of the fracing experts are American and you have to be able to swing equipment and money around at the drop of a hat, which is something the rest of the world struggles immensely at doing.

I'm convinced most of the rest of the world is not going to be able to utilize fracing the way we do. Their economies and company structures are simply not setup to do it. They are so hierarchical with everything always going to the top that the field level decisions necessary to operate a fracing operation won't be able to get completed in time to make it profitable.

And this is only if they don't outright ban it.

They do have a knowledge problem but are finding ways around it. Additionally, nearly all you need to do is spend time on SPE's website and technical papers to know how to do it. I have first hand knowledge of both.

Comeby! said:

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They do have a knowledge problem but are finding ways around it. Additionally, nearly all you need to do is spend time on SPE's website and technical papers to know how to do it. I have first hand knowledge of both.

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Knowledge is not the actual issue. They can do the technology. The issue is the hierarchical nature of their companies wherein field level personnel are not allowed to make split second million dollar decisions necessary to operate a field that is being actively fraced. In many other cultures all decision-making goes to the top constantly and you cannot operate like that and make a profit. It's why the majors here even struggle with it while the independents are the best at it.

These companies are actively recruiting VP level American SME's from companies like EOG and cutting them lose.