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OXY buying APC for 57B
Posted on 4/12/19 at 6:00 am
Posted on 4/12/19 at 6:00 am
There has been a lot of rumblings in the rumor mill about APC wanting out of offshore but didn't see this coming. This this is a big move in the industry and not necessarily a good one from a workers/employee position.
This post was edited on 5/15/19 at 12:17 pm
10
Posted on 4/12/19 at 7:11 am to GREENHEAD22
Why would you say that?
Not good for which employees?
Not good for which employees?
Posted on 4/12/19 at 7:36 am to mikie421
I knew my buddy was into something when he said buy 20 million in Anadarko yesterday 
:DreamBubblePops:
Anywho, that gives Chevron like 15 platforms in the Gulf of Mexico now.
:DreamBubblePops:
Anywho, that gives Chevron like 15 platforms in the Gulf of Mexico now.
Posted on 4/12/19 at 7:42 am to mikie421
It's good for APC employees, it's bad for the overall workforce due to Chevron being difficult to get on with and funny about who they hire.
But my APC stock is up 33%.
But my APC stock is up 33%.
Posted on 4/12/19 at 7:48 am to GREENHEAD22
So not necessarily bad for cvx employees?
Posted on 4/12/19 at 7:51 am to mikie421
I wouldn't think so, at least not initially. There may be some combining and trimming of office personnel down the road but I can't see a whole lot being done with any field guys. At least not in the deep water arena, on land maybe a different story.
Posted on 4/12/19 at 7:56 am to GREENHEAD22
quote:
I wouldn't think so, at least not initially. There may be some combining and trimming of office personnel down the road but I can't see a whole lot being done with any field guys. At least not in the deep water arena, on land maybe a different story
This.
The field ops personnel are safe. The Anadarko office managers and engineers may need to brush up their resume or be prepared to move.
When Anadarko bought Freeport MacMoRan Oil and Gas , the FMOG engineers where given two options: take a package or move to BFE for your job.
Posted on 4/12/19 at 8:11 am to crazycubes
it will be good for some and bad for others, i would expect 10-20% reduction of some sort over the next year. Field personnel are usually ok unless they are manager, but office personnel will likely take a hit. Having friends at both companies, I would say that this is worse for the Anadarko group as it was a better company to work for in general, but it will be stressful for both for a few years and they work to integrate.
Posted on 4/12/19 at 8:13 am to GREENHEAD22
There’s been rumors in Houston about CVX making a big Permian acquisition - but never did I think it would be APC or a company of that size. Very exciting.
Posted on 4/12/19 at 8:23 am to Enfuego
this is nuts, huge acquisition
Posted on 4/12/19 at 8:27 am to Enfuego
This combines for 30 rigs in the Permian alone, after clearing up my research. Jumping EOG.
This post was edited on 4/12/19 at 4:12 pm
Posted on 4/12/19 at 8:32 am to GREENHEAD22
That's a big bet on the Delaware basin
Posted on 4/12/19 at 8:39 am to castorinho
If the service side thought they were getting squeezed before just wait.
This goes hand-in-hand with an article I read a couple weeks ago saying that slowly but surely you will see a smaller midsize players forced out as oil stays and the lower ranges.
If you read between the lines on Exxon's talk about how they're going to reduce uplift cost it pretty much said it will come at the expense of the service industries and hostile takeovers of prime acreage.
This goes hand-in-hand with an article I read a couple weeks ago saying that slowly but surely you will see a smaller midsize players forced out as oil stays and the lower ranges.
If you read between the lines on Exxon's talk about how they're going to reduce uplift cost it pretty much said it will come at the expense of the service industries and hostile takeovers of prime acreage.
This post was edited on 4/12/19 at 8:42 am
Posted on 4/12/19 at 8:58 am to GREENHEAD22
I’m guessing the combined company will sell some of the old and less strategic platforms in the Gulf. CVX currently has 6 and APC has 10. I’d expect to see maybe 10-12 total by 2022.
Posted on 4/12/19 at 9:13 am to waiting4saturday
They are already in the process of P&Aing and decommissioning 3 of the older APC facilities.
Posted on 4/12/19 at 11:07 am to GREENHEAD22
Will be interesting to see how they operate up here in the DJ. Noble and them are the two biggest up here.
Posted on 4/12/19 at 11:43 am to 8thyearsenior
quote:
Will be interesting to see how they operate up here in the DJ. Noble and them are the two biggest up here.
Agreed. BTW we live in the same city
Posted on 4/12/19 at 11:53 am to cwarr14
I was hoping to move up there with APC once my boy was a little older in a yr or two. That's out the window.
Posted on 4/12/19 at 12:08 pm to cwarr14
quote:
BTW we live in the same city
Love it here but I am out of the Greeley office now so we have been talking of moving up to FoCo or Lyons.
I'm with Noble and the rumor has been swirling around about BP buying us since they moved to Denver last year. Really don't think it'll work with the political climate here and how much folks hate BP but who knows...
Posted on 4/12/19 at 1:07 pm to 8thyearsenior
Huge acquisition. The is just the first domino to fall as I believe a shift to majors taking primary control over the Permian is incoming. I expect to see several more majors come in a acquire mid size companies such as Pioneer, Concho,Parsley
This post was edited on 4/12/19 at 1:11 pm
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