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GREENHEAD22
LSU Fan
LafayettebywayofBush
Member since Nov 2009
12802 posts

Chevron buying APC for 33B
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 4/12 at 6:16 am


mikie421
LSU Fan
continental shelf
Member since Nov 2008
366 posts

re: Chevron buying APC for 33B
Why would you say that?

Not good for which employees?


crazycubes
Member since Jan 2016
4503 posts

re: Chevron buying APC for 33B
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.



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GREENHEAD22
LSU Fan
LafayettebywayofBush
Member since Nov 2009
12802 posts

re: Chevron buying APC for 33B
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%.


mikie421
LSU Fan
continental shelf
Member since Nov 2008
366 posts

re: Chevron buying APC for 33B
So not necessarily bad for cvx employees?


GREENHEAD22
LSU Fan
LafayettebywayofBush
Member since Nov 2009
12802 posts

re: Chevron buying APC for 33B
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.


crazycubes
Member since Jan 2016
4503 posts

re: Chevron buying APC for 33B
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.


TigerV
Member since Feb 2007
1415 posts

re: Chevron buying APC for 33B
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.



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Enfuego
Tulane Fan
Houston
Member since Mar 2009
9309 posts

re: Chevron buying APC for 33B
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.


The Egg
LSU Fan
Houston, TX
Member since Dec 2004
72304 posts

re: Chevron buying APC for 33B
this is nuts, huge acquisition


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thegreatboudini
McNeese State Fan
Member since Oct 2008
4143 posts

re: Chevron buying APC for 33B
This combines for 30 rigs in the Permian alone, after clearing up my research. Jumping EOG.
This post was edited on 4/12 at 4:12 pm


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castorinho
Oklahoma Fan
13623 posts
Member since Nov 2010
57065 posts

re: Chevron buying APC for 33B
That's a big bet on the Delaware basin


GREENHEAD22
LSU Fan
LafayettebywayofBush
Member since Nov 2009
12802 posts

re: Chevron buying APC for 33B
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 post was edited on 4/12 at 8:42 am


waiting4saturday
LSU Fan
Covington, LA
Member since Sep 2005
5444 posts

re: Chevron buying APC for 33B
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.


GREENHEAD22
LSU Fan
LafayettebywayofBush
Member since Nov 2009
12802 posts

re: Chevron buying APC for 33B
They are already in the process of P&Aing and decommissioning 3 of the older APC facilities.


8thyearsenior
Houston Astros Fan
Centennial, CO
Member since Mar 2006
3862 posts

re: Chevron buying APC for 33B
Will be interesting to see how they operate up here in the DJ. Noble and them are the two biggest up here.


cwarr14
LSU Fan
Rocky Mtn High, CO
Member since Oct 2013
335 posts

re: Chevron buying APC for 33B
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


GREENHEAD22
LSU Fan
LafayettebywayofBush
Member since Nov 2009
12802 posts

re: Chevron buying APC for 33B
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.


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8thyearsenior
Houston Astros Fan
Centennial, CO
Member since Mar 2006
3862 posts

re: Chevron buying APC for 33B
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...


tigerbaiter1033
LSU Fan
Mitlan,Tejas
Member since Nov 2011
1563 posts

re: Chevron buying APC for 33B
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 at 1:11 pm


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