#oilandgas

I currently work at bp and was approached by a recruiter with XOM. Would that be a good move right now? I’m not happy with bp, for obvious reasons - poor strategy, poor company performance, poor leadership, limited career growth opportunity, etc. From my perspective ExxonMobil looks leaps and bounds better, but I would love to hear thoughts from y’all.

Continental needs real production uplift that does not have political risk such as Venezuela or Turkey. What’s next for Continental?
What happens when Hamm retires? Will the new team sell and/or move to Houston?

Sympathy goes out to this worker and family who has passed working for CVE. I guess all the safety programs and COIMS ect could not save him.

Excitement is brewing over the huge Venz Oil possibilities since it holds the worlds largest oil reserves. Temptation to move all assets there could be lucrative. Better make sure any new contract covers overseas relocation and exact wording in new contract for different laws for any country and not just in U, S.A. else that boat could leave without you on board in the near future.

So original this was scheduled for June July, but now March. What’s behind the rush?

Pipe in to share your opinions of current oil industry leadership both positive and negative attributes. It’s crystal clear that many companies are only after shiny and short term goals. Also crystal clear that drilling to prosperity is more challenging then ever.

It’s evident that several Shell GoA assets will pass the inflection threshold for divestment or continued production to abandonment.

It’s now common knowledge that 2028 the ELT will have to decide on non performing assets in the GoM before production and remaining reserves become unprofitable for divestment.

Lots of rumblings from both consulting firms and at higher levels in Houston that a significant amount of Shell’s GoA assets in 2028 reach an opex/profitability threshold that will require the ELT to decide whether to divest or commit to cradle to grave with P&A and decommissioning that may far exceed 10 Billion dollars.

Wisdom of crowds and insiders.
What assets get divested?
Can Shell do marginal production management?
Will Shell ride the Idol Iron Clock?

Other interpretations and ideas welcome

Another round of cuts incoming?

https://www.reuters.com/business/energy/chevron-plans-finalise-singapore-oil-assets-sale-q1-sources-say-2026-01-21/

Does anyone know where the Eagleford asset that is for sale is located in Texas?

Did y'all read the news?

The company’s SAP software is still down and many processes are being done manually, the people said. The company still cannot access system platforms on which accounting, payments and production data run.

https://www.bloomberg.com/news/articles/2026-01-15/venezuelan-oil-industry-is-running-on-whatsapp-after-cyberattack

What’s the scuttlebutt on Repsol pricing the veil on Apache to realize that the liabilities far outweigh the assets…Repsol assuming North Sea and gulf of America is committing to a blank check…JC needs to sweat in 2026

https://www.reuters.com/business/energy/shell-mitsubishi-exploring-sale-options-their-stakes-lng-canada-sources-say-2026-01-16/

Ok so you’ve got an asset with cost of supply advantage , so much so you want to double its throughput… what should you do with it ???
I know!! I know!! DILUTE your ownership to buy my shares!!!!!!

Valero Energy Corp. has announced plans to eliminate 237 positions at its Benicia refinery as it prepares to wind down operations at the facility, one of the last fuel-making plants in California. In a letter to state employment regulators and local officials, the company said it expects the closure to be permanent, with layoffs taking place from March 15 through July 1. The impacted employees are not represented by a union and make up most of the refinery’s 348-person workforce.

https://news.bloomberglaw.com/daily-labor-report/valero-to-cut-more-than-200-jobs-as-california-refinery-closes

Big report announced today by Emma Lewis for the Commercial team. Looks like a 46% headcount reduction. This is the first of a long and painful journey—to what? No one knows as they are not part of the natural family. Tired of this!!

Low oil prices and slower activity are starting to raise concerns about potential layoffs, but for now, major job cuts don’t appear likely unless market conditions continue to deteriorate after the first quarter.

https://www.beaumontenterprise.com/business/article/permian-basin-jobs-outlook-21293090.php

Jeff Miller went to the White House on friday to meet with Trump and other oil execs. Miller said Halliburton would love to go back to Venezuela. Trump responded “you’ll be back”.

https://www.politico.com/news/2026/01/11/trump-inclined-to-keep-exxonmobil-out-of-venezuela-after-ceo-response-at-white-house-meeting-00721688

Has anyone else’s group been informed about a meeting this coming meeting with no information on what it is about. The superintendents didn’t even let the foreman know what’s going on. This is in the Permian

By Sheila Dang and Jarrett Renshaw

Jan 9 (Reuters) - Exxon Mobil CEO Darren Woods said on Friday the U.S. oil major is ready to evaluate a potential return to Venezuela in what would be a stunning development after its assets in the South American country were nationalized nearly 20 years ago.

Woods, however, said Venezuela was currently "uninvestable" and significant legal changes are needed. The comments came during a White House meeting with U.S. President Donald Trump that was hastily arranged less than a week after U.S. forces captured and removed Venezuelan President Nicolas Maduro from power in a brazen overnight raid.

"It's absolutely critical in the short term that we get a technical team in place to assess the current state of the industry and the assets, understand what will be involved to help the people of Venezuela get production back on the market," Woods said, adding that the visit could happen once appropriate security guarantees were in place.

He told Trump that Exxon needed durable investment protections introduced and the country's hydrocarbons law also needed to be reformed.

"We've had our assets seized there twice. And so, you can imagine to re-enter a third time would require some pretty significant changes from what we've historically seen here and what is currently the state," the CEO said.

Chevron Vice Chairman Mark Nelson, who was seated next to Trump adviser Stephen Miller, highlighted the company's 100-year history in Venezuela and its current status as the only American oil major currently operating there. He said the company is ready to increase liftings at its joint ventures with state oil company PDVSA by 100% immediately.

"We are also able to increase our production within our own disciplined investment schemes by about 50% just in the next 18 to 24 months," Nelson said.

CONOCOPHILLIPS CALLS FOR BANK INVOLVEMENT

Exxon, ConocoPhillips and Chevron were for decades the most prominent partners of state company PDVSA, contributing to developing output at the vast Orinoco Belt, which is now the country's main oil region.

The government of late President Hugo Chavez nationalized the industry between 2004 and 2007, and while Chevron negotiated deals to partner with PDVSA, ConocoPhillips and Exxon left the country and filed for prominent arbitration cases shortly after.

Venezuela now owes over $13 billion collectively to Conoco and Exxon for the expropriations. Conoco has tried to seize PDVSA's foreign assets and is participating in the Delaware auction of Venezuela-owned Citgo Petroleum's parent to recover part of the money.

ConocoPhillips CEO Ryan Lance, who also attended the meeting, said that PDVSA may need to be restructured if he were to consider a possible return to the country.

He said banks - including Exim Bank - need to be involved in any discussions to deliver the financing and the billions of dollars needed to repair the energy infrastructure.

Lance told Trump that ConocoPhillips is one of the largest non-sovereign creditors of Venezuela.

"You'll get a lot of your money back," Trump told Lance, adding that he envisioned starting with an "even plate" and not look at what people lost in the past.

(Reporting by Bo Erickson and Jarrett Renshaw in Washington and Sheila Dang and Marianna Parraga in Houston, Editing by Nia Williams, Nathan Crooks and Bill Berkrot)

Once again I am seeing rumors we are buying Diamondback. Any truth to this rumor?

VH had the good judgement to stay away from this Venezuelan investment opportunity. This country is riskier than Libya and Iraq.

This just dropped and I have gifted this article (behind a paywall) to you. It’s on which E and P companies are expected to have layoffs in 2026 based on current domestic and international environment. Great read cause a certain OKC based company is mentioned so click here

So US companies will be "rebuilding" the Venezuela oilfields. Are we going to "Drill baby drill?" Will this save HAL?

On Face the Nation, Marco Rubio stated that Ryan Lance and Wirth from Chevron will visit Venezuela this week to determine what’s needed to increase production

So does Shell get any upside from the US seizure of Venezuela? We know the area and assets well. Maybe Shell, along with other majors, got a silent under-table tip from an Administration bent on a takeover of the Americas. But good for business?

It looks like Chevron will be the largest benefactor of the change in Venezuela. The only company that stayed after Chavez kicked out all the other companies. Will those companies lay claim to their stolen assets? Thoughts?

In 2007 Chavez nationalized all heavy oil. Two of which were Petrozuata and Corocoro that were ConocoPhillips. Venezuela was ordered to pay CP, call it $9 billion for damages. Do you think with the recent US will run Venezuela, CP will be looking to get back in? Then they can hire me again?

World's largest oil reserves are for grabs. Any bets on Exxon?

MOC CFO replaced after just 2 years! Atleast it’s nice to see our competitors actually keeping their leadership accountable!

Not looking good!

https://geoexpro.com/escaping-the-relentless-cycle-of-re-orgs/

Someone posted a while ago that ExxonMobil might sell Imperial Oil, and another post stated that Imperial Oil might see Kearl.

Now here is the interesting fact: Kearl alone is 19% of ExxonMobil’s total proven reserve. I can bet, no one will dare sell Kearl. The stock price of ExxonMobil and Imperial Oil will just drop to the bottom. So, no one will dare sell Kearl

Here is the calculation from Copilot:

Here’s a refined breakdown of how much of ExxonMobil’s proved reserves come from Imperial Oil and specifically from the Kearl project:

🌍 1. ExxonMobil’s Total Proved Reserves
• At the end of 2023, ExxonMobil reported about 16.93 billion barrels of oil equivalent (boe) in proved reserves 1.

🛢️ 2. Reserves From Imperial Oil
Imperial Oil is approximately 69.6% owned by ExxonMobil 23. Its operated reserves (which include bitumen) are included in Exxon’s broader totals. Notably:
• Exxon’s total bitumen reserves are reported at 2.414 billion barrels 1.
• Since Imperial operates the Kearl and other bitumen assets, it's reasonable to attribute most of that bitumen figure back to Imperial.
Calculation: 2.414 B bbl / 16.93 B bbl ≈ 14.3%
So, roughly 14% of ExxonMobil’s total proved reserves originate from Imperial Oil.

⛏️ 3. Reserves From the Kearl Oil Sands Project
• The Kearl project holds about 4.6 billion barrels of reserves 45.
• Exxon’s effective share of Kearl is through Imperial’s 69.6% ownership; therefore:
• 4.6 B × 0.696 ≈ 3.2 B barrels attributable to Exxon.
• As a percentage of Exxon’s total proved reserves:
• 3.2 B / 16.93 B ≈ 18.9%
Thus, approximately 19% of ExxonMobil's reserves stem from the Kearl oil sands project.

Rumors have it that very few people took the VSP. Do anyone knows if there might be layoffs coming in early 2026 with the low oil price environment? What are you hearing from your end?

Oil futures are pointing to lower prices. COP will be struggling financially given the downward pricing direction. How do you think senior leadership will lead us through these challenging times?

I guess I was wrong.

The Permian Basin is projected to sustain U.S. oil production through 2030. However, some experts believe that the basin could peak within the next twelve months, indicating a potential decline in production. Additionally, it has been noted that the Permian Basin is depleting faster than generally believed, with output possibly peaking as early as 2023. Thus, while the basin has significant production capabilities, its longevity may be shorter than previously anticipated.

The Permian Basin, a prolific oil-producing region in the United States, is projected to sustain U.S. oil production through 2030, according to Enverus Intelligence Research. This oil production prediction hinges on the Permian Basin's capacity to offset declines from mature basins like the Bakken and Eagle Ford Shale. The Permian Basin reserves' future growth will largely stem from more extensional, less-proven areas, where horizontal drilling continues to unlock new potential. While U.S. production growth is expected to remain flat due to inventory degradation and cautious capital expenditure by E&P companies, the Permian Basin's oil production output gains will play a crucial role in maintaining national levels.

Leading Indicators:

Permian Basin's Role:

• The Permian Basin will be the primary driver in maintaining U.S. oil production levels.

• The region's output is expected to offset declines in other mature basins.

Future Growth:

• Incremental gains will come from horizontals drilled in the fringier parts of the Permian.

• Enverus forecasts an additional 2 million barrels per day (MMbbl/d) from the Permian by 2030.

Industry Trends:

• U.S. E&P companies are operating in "maintenance mode," focusing on returning cash to shareholders rather than expanding production.
• This cautious approach contrasts with the aggressive production growth strategies of the past.

Global Supply Contributions:

• In addition to the Permian, other significant contributors to global oil supply by 2030 include Brazil's Búzios oil field and Guyana's developments led by Exxon Mobil, Hess Corp., and CNOOC.

Implications for the Energy Sector:

Sustained Production:

• The Permian Basin's ability to sustain U.S. oil production has broader implications for global energy markets, ensuring steady supply despite regional declines.

Economic Viability:

• The focus on less-proven areas indicates a shift towards maximizing existing resources, albeit at higher operational costs.

Strategic Investments:

• Energy companies might need to balance shareholder returns with strategic investments in new drilling technologies and exploration of less developed zones to maintain long-term production levels.

The continued development of oil production in the Permian Basin is critical for maintaining U.S. levels through 2030. While production growth might plateau, the basin's output will be pivotal in counterbalancing declines from other regions. This strategic focus on sustaining production highlights the evolving dynamics in the energy sector, emphasizing the importance of innovative exploration and efficient resource management to meet future energy demands.

https://fairfieldgeo.com/blog/permian-gains-will-sustain-u-s-oil-production-through-2030

Who has received notice?

Dec 11, 2025

ExxonMobil plans to cut its low-carbon spending by a third, the latest sign of a pullback on decarbonization across most big oil companies. In its latest corporate outlook, Exxon raised its 2030 targets for earnings and cash flow each by $5 billion. That should be possible without new capital spending, the company said. But it will require low-carbon spending to fall to $20 billion from $30 billion, following what CEO Darren Woods described as lower-than-expected customer demand and less supportive government policies.

Hydrogen is among the divisions on hold, a trend across the industry, which has put more than 60 hydrogen projects on ice this year. Overall, oil majors’ green ambitions have mostly failed to pan out: Shell and BP, which pushed ambitiously into lower-carbon business lines only to pull them back, have seen their share prices fall to a deep discount relative to their US competitors.

— Tim McDonnell

https://www.semafor.com/article/12/11/2025/exxon-plans-to-cut-low-carbon-spending-by-a-third