Oil and gas consolidation 2021

[suntan]

How many heads fit in a barrel?

[riander5]

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Sorry. Top notch and Suncor just don’t compute for me.

Next you are going to tell me the city of Calgary has top minds working on the green line.

They might have *their* top minds on it

[pheoxs]

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The quality of the personnel I'm seeing let go now is absolutely top notch. Yes, they've shed some bark but this is a political numbers game at this stage.
Heavy Hitter technical SME's being let go and shit that just makes zero sense.

That's what we've seen too. None of the cuts have considered performance or even continuity of projects. The sole goal is to hit the head count reduction target.

[ExtraSlow]

You guys new to layoffs?

[killramos]

Cheap new meat graduates every 12 months. They will be fine.

[msommers]

The people first on the chopping block should be the old fucks at 70 still clinging to their jobs somehow.

[riander5]

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Cheap new meat graduates every 12 months. They will be fine.

Are there still new grads that come to O&G?

[ExtraSlow]

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The people first on the chopping block should be the old fucks at 70 still clinging to their jobs somehow.

Everyone over 65 including executives.

[msommers]

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Are there still new grads that come to O&G?

There's still enough VP moms and dads to give their kids a job if they have the piece of paper.

[ExtraSlow]

There's "about the right number" of people entering the industry, since the industry headcount per barrel is going to continue to shrink.

[davidI]

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The people first on the chopping block should be the old fucks at 70 still clinging to their jobs somehow.

They're the ones wielding the axe.

[ExtraSlow]

Who bought the TVE west-central cardium and leduc assets? Killy was that you.....?
https://boereport.com/2023/10/19/tam...ardium-assets/

Rubilite bought more clearwater. Folks seem to like the clearwater. I guess these zero geologic risk plays are easier to get funding on.

[killramos]

Sent you the answer to that question privately

[lasimmon]

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Sent you the answer to that question privately

We were discussing this in the office this morning. Couldn’t settle on who it would have been.

[Euro_Trash]

Heard it was Mancal

[ExtraSlow]

Not local, but Chevron buys Hess for $53 billy.
https://www.reuters.com/markets/deal...ck-2023-10-23/

[ExtraSlow]

Guyana could be a key part of all this. Really compelling area.

[ThePenIsMightier]

How could so many Swedish teenage girls be so wrong?

[ExtraSlow]

From Novi Labs:

Lots to chew on for this Chevon-Hess deal. Let's compare it with the Exxon-Pioneer deal- the purchase price was similar ($60B including debts) but everything else is pretty different!

CVX-HES: International/offshore focus (GUYANA)
XOM-PXD: Permian

CVX-HES: Non-op driven (Guyana is non-op! Maybe Chevron's existing huge amount of non-op in Permian made them more comfortable)
XOM-PXD: Operated

CVX-HES: No real operational synergies (just some G&A svings).
XOM-PXD: Big time savings, significant acreage overlap, etc.

CVX-HES: ~$136k per boepd
XOM-PXD: ~$84k per boepd

Interesting deal, and a nice contrast to standard shale consolidation.

[ThePenIsMightier]

Cenovus Superior kind of sort of finally back online! It has been down since a fire in fuckin 2018!!
Can't wait for fuel prices to plummet.