#oilandgas

Q3 was not good, heads will roll. Add in Champion X and the other new purchase. The need more cost savings to keep free cash high.

What is about to happen is part of a global strategy to reduced headcount and move our Canadian jobs to Houston and the BTC. ExxonMobil still wants our oil and has plans to increase production and develop Aspen plus other assets. If they want our oil, the jobs should be here. We may not be able to do much, but we can make it harder. Write to Smith, Carney, even Brian Jean and APEGA. It may not stop them, but it could make them think twice or slow them down, which is worth a try.

Are we just watching the clock count down? Putting forth our all for an end date in sight? Stiff upper lip and hoping Mama might want us again?

https://www.reuters.com/business/energy/occidental-talks-sell-oxychem-unit-least-10-billion-ft-reports-2025-09-28/

Some dufus started this rumor after seeing IOL LT at EMHC but honestly there is NO credible source that anything will be happening tomorrow. Its going to be a normal day at work FFS.

Check out the Imperial board this weekend. Those poor guys are worried. Looks like consolidation of employee in either Sarina or Edmonton. Calgary shutting down.

And next week huge layoffs in Europe except London where they released puff piece about doubling jobs there ahead of this.

Why is BP trading treated like royalty when there returns on trading are abysmal. Can AI and a pack of Indians improve profit margins? The majority of trading staff appear to have a superiority complex that is not warranted. Could leadership pressure staff with performance results tied to salary?

Train people in India/Engine.” Translation…”here’s your rope, now, go make your noose and when training is complete we’ll meet you at the gallows to hang you.”

This company and its current CEO has NO MORALS. If you’re fooled by the old days when Chevron was a reputable and excellent company to work for listen up! Us old guys can alert you young guys to the dangers that lie ahead. They will cut you off before your official retirement.

Use Chevron to job hop. If you don’t know what that is, learn on TikTok. Use them just long enough (2 or 3 years) to make starter money and get experience, then use that to land your next best job with higher pay….and do that 2 or three times to get your salary up so you can make really good money during your most productive years. Do this while you’re still young enough to get enough years in at a good company that has a history of allowing people to retire and collect a full pension. Chevron now has a pattern of eliminating the old guys once they’ve properly trained their replacements. I know, I was eliminated in their last round of layoffs and now in this latest round I’m watching really good people get eliminated, while they’re too old in a really bad job market in the US, to get rehired. They did it to me and I never got rehired. Retirement doesn’t look for me anything like I had envisioned. DO NOT believe for ONE SECOND that that pension will be paid out to you for a “full retirement.” It’s a carrot dangling on a stick to keep you hopping. Do not give them your best income-producing years believing in that pension!!!!! It’s as disgusting as a man who divorces his wife after their last child turns 18 so he can avoid paying child-support and only have to pay alimony. This is NO DIFFERENT. Don’t be their bi--h.

If you quit by 35 or 40 you can still get part of your pension and you’re young enough to use your Fortune 500 experience to launch into a company that has a better history of allowing it’s pensioners to retire with dignity. Chevron now has a trend of “restructuring/reorganization” every five years to hire cheaper workers and cut off pensions. If you’re over 50 at Chevron you are “in scope” for elimination. One way or another you will be ELIMINATED just like a cockroach.

The rumours swirling here mostly don’t seem to discuss major sale of assets, but I don’t see why they would be meeting with federal ministers if there wasn’t something bigger than an office relocation in the works.

https://finance.yahoo.com/news/halliburton-hal-exceeds-market-returns-221503861.html

I dont cate how much they say it to the employees. They dont care about us. When it's the employees that make them money.

Upstream to Edmonton. Downstream to Sarnia. Corporate functions unknown. By end of 2026. QP being divested.

Newfoundland boy doing a webcast Monday afternoon.

Discuss mobility with your family. Update your resumes and LinkedIn. Fill up at PetroCan this weekend.

Would be hard to believe there is a sale of a 145 year old company. But a Polaris project employee reorganization (reduction) is more likely. My guess, if you don’t need to physically turn the pipe. Your job will be sent elsewhere.

Good luck everyone.

By Steve Gelsi

Domestic oil and gas production takes center stage in Exxon's latest capital project list

Exxon Mobil Corp. has announced plans to spend $140 billion in the Permian Basin region as part of a plan by the oil and gas giant to ramp up its earnings and return cash to shareholders with a focus on U.S. production.

The move comes after Exxon (XOM) topped upstream production expectations in the third quarter, after spending $60 billion to buy Pioneer Natural Resources, an acreage holder in the Permian Basin of West Texas.

Its cost savings for the Pioneer deal will total $3 billion, which is 50% more than its previous projections, the company said.

The oil major said its big spend in the Permian Basin will generate returns of more than 30% by 2030, which will drive cash returns to shareholders.

Exxon said it will buy back $20 billion in stock in 2026 after spending the same big sum in 2025 to repurchase its stock.

Exxon Mobil's stock was down 0.3% in premarket trading on Wednesday. The stock has risen 12.7% so far in 2024, while the S&P 500 SPX is up by 26.5%.

"The company's capital allocation approach prioritizes competitively advantaged, high-return, low-cost-of-supply investments," the company said.

It'll spend $27 billion to $29 billion on capital projects in 2025, which will be the first first full year of Pioneer in its portfolio.

Looking ahead, Exxon Mobil expects to earn an additional $20 billion and $30 billion in cash flow, with a compound annual earnings growth rate of 10%.

It's also targeting $7 billion in cost savings. Its cost savings for the Pioneer deal will total $3 billion, which is 50% more than its previous projections.

Some other major capital projects underway include:

-- A boost in production from Guyana by developing two additional projects called Longtail and Hammerhead. The oil major expects total production capacity of 1.7 million barrels per day by 2030 in Guyana.

-- Liquid natural gas (LNG) production investment including first LNG sales from the Golden Pass development in the U.S and from the Qatar North Field East expansion project in 2025. In 2026, it's planning to make final investment decisions at the Rovuma development in Mozambique and the Papua project in Papua New Guinea in 2026.

-- The world's first large-scale carbon capture and storage system for carbon dioxide for permanent subsurface storage capacity throughout the U.S. Gulf Coast.

-- ExxonMobil is targeting 2029 to start operations on what it bills as the world's largest low-carbon hydrogen facility in Baytown. It'll produce uip to 1 billion cubic feet of "virtually" carbon-free hydrogen per day with about 98% of the carbon dioxide captured and stored.

• Steve Gelsi

https://www.morningstar.com/news/marketwatch/20241211219/exxon-pouring-140-billion-into-the-permian-basin-after-rise-in-third-quarter-production

Happening now - firings and layoffs in Lloydminster area, more coming in the near future. Meanwhile the unqualified 3rd floor people at CPL keep their jobs.

Will Kaskida field development be a technical and commercial success?
Why does Kaskida not have other co-owners to differ cost and risk…

Notice the drop off of posts here? Nothing left to inappropriately brag about I guess. That and, Nobody cares.

We are all assuming Sept 29 is big announcement day. I haven’t gotten mine yet. Maybe other business units got theirs.

CL28 with CL29 potential, been at company for 20 years. Is it worth leaving or should I ride it out?

U.S. employees should brace for next week’s layoffs. I advise you to get any files you want to keep off of your computer by printing or emailing. Watch for discrimination among the jobs being eliminated by October 1st. Do not sign any documents at the time of layoff until you see an attorney/labor lawyer. I know many of you that will be laid off likely have grounds for a lawsuit based on ageism, gender (females young and old) retaliation, etc. Hold Cenovus accountable for their massive double standards for male vs female employee, and treatment of such during a company downsizing.

Your perspective on this project…Does Apache remain profitable till first oil or Total takes the whole project

I’d be gone in a heartbeat. But the job market is a nightmare, and that’s the only reason so many of us are losing sleep over the threat of layoffs at a company hardly anyone actually wants to work for. In any other circumstances, leaving this company in the rearview mirror would only be a good thing.

From Christine Guerrero's twitter: Check on your friends in oil & gas. Many aren’t doing well. This from a friend at BP today. https://x.com/SheDrills/status/1969053712514494535

Total us covering for a less then stellar operator.. Any doubts…google Alpine High. If Apache goes bankrupt before 1st oil Total stands to gain significant reserves.

Brilliant current outlook attribution APA insider.
Apache is stuck with the North Sea and the abandonment liability is going to make the GoA look like a picnic. There are wells in the North Sea that haven't had interventions in decades so good luck with those. The acreage in Permian is dying and they should have been ahead of the curve there but they were behind again trying to use AI instead of actual hard science. As far as Surinam goes ... good luck making it long enough to see first oil. Total knows how bad off APA is and if you think it takes this long to get an FPSO on station then you haven't been paying attention to Guyana. They are just waiting for the demise and the forfeiture of the $5bln carry.

Simply the executive team and APA is a joke.

Please share your perspective on the Bumerangue discovery. The timing could not have been more coincidentally suspicious. Does the field have high CO2? That would jeopardize development? Estimated development cost and what would a Shell or Exxon think in the event of BP acquisition?

From Christine Guerrero's twitter: Check on your friends in oil & gas. Many aren’t doing well. This from a friend at BP today.

https://x.com/SheDrills/status/1969053712514494535

The stricter RTO is just part of it. Eternal reorganization, months of uncertainty about what’s coming for each of us - that’s another layer. Teams are in chaos, handling workloads meant for far more people. Managers seem completely oblivious to anxious, restless, overworked, burnt-out employees. It’s all either by design or sheer disregard for the workforce. Either way, it might come back to bite them, as the best people are always the first to leave.

CVE is run by arrogant corporate snakes. They are making money hand over fist. They don’t need to layoff. Employees are a necessary evil until they’ve used you for what they need. Everyone is out for themselves at CVE - they don’t trust you and you can’t trust them. Laying off a bunch of hard working people and arrogantly saying you will just “do less”. I’ve never seen such id--tic things. Is this company real or a nightmare? #USW #Strike #2026

There have been few to any Chevron layoffs since announcing…is the objective to farm fear from staff? In Houston not seeing housing price decreases yet…

For the last 3 years Phillips 66 has been undergoing what Go Go calls Business Transformation. "Transformation" has basically consisted of laying off a few employees at a time once or twice a year and vague promise that things are going to improve in some future year.
The objective of this transformation was to unlock value in the stock price to bring it more in line with our 2 main peers. It has failed miserably at this goal, as of today our stock price is $30 dollars and $50 dollars lower than our 2 main peers stock price.

What’s with the rumours of upcoming announcements on either Sept 29 or Oct 1? The amount of layoffs, sell off, rumours is nuts.

Exxon Mobil on Tuesday is selling more of its assets in the North Dakota Williston Basin to oil and gas producer Chord Energy for $550 million, as the major continues to high-grade its unconventional asset portfolio.

https://www.energyintel.com/00000199-53be-d51a-a79d-5bfe58b30000

The world needs to spend some $540 billion a year looking for oil and gas to maintain current output by 2050 as the pace of declines in existing fields increases, according to the International Energy Agency.

https://www.rigzone.com/news/wire/iea_says_world_must_spend_540b_a_year_looking_for_oil_gas-16-sep-2025-181814-article/

Is CRC an oil company or an investment bank? CRC only acquires reserves. I never see CRC making large oil discoveries like traditional upstream oil and gas companies. It appears there is an acquisition arm, and then there is an arm that squeezes every dime out of the process. But there is no traditional growth through exploration.

When is quarry park to be sold?

The number of U.S. rigs in operation has fallen this year, by around 69 to 414, according to Baker Hughes. Kirk Edwards, the president of Texas-based Latigo Petroleum, said, “We've gone from ‘drill, baby, drill' to 'wait, baby wait’ here in the Permian.” Many U.S. producers are waiting for oil prices to increase before they raise production, requiring between $70 and $75 a barrel to put rigs back into operation.

The decision to cut spending by many U.S. oil and gas majors, which follows a post-pandemic era of megamergers and high spending, has resulted in widespread job cuts. As OPEC+ looks to increase production in the coming months, we can expect the low oil price trend to continue, likely resulting in low profits for several U.S. companies, and cautious spending plans are expected for the coming months.

https://oilprice.com/Energy/Crude-Oil/US-Oil-Majors-Slash-Jobs-Despite-Trumps-Fossil-Fuel-Push.html