“Chevron announced recently that it will pull its shale operations out of Poland, joining Exxon Mobile and Total (Toe-Tall), who have all recently done the same. Stating lower than expected reserves as the main reason, Chevron is also pulling the plug in the Ukraine and the Arctic.
During softer times like we’re in now, pullbacks of this nature are normal. Cash is king during slowdowns and smart operators will set their focus on safer bets. In Chevron’s case, they’re reducing their spending on new investments in drilling projects this year by 13-percent to $35 billion dollars, down from just over $40 billion dollars. That is still a vast amount of money Chevron will invest in new wells and projects around the globe. And that’s the point – the industry is only slowing down; it’s not by any means going away. The doomsday predictions that this will knock the U.S. oil industry down to nothing are JUST…PLAIN….WRONG. ”
Continue listening to the Podcast here or you can visit Crude.com to read the full transcript:
During softer times like we’re in now, pullbacks of this nature are normal. Cash is king during slowdowns and smart operators will set their focus on safer bets. In Chevron’s case, they’re reducing their spending on new investments in drilling projects this year by 13-percent to $35 billion dollars, down from just over $40 billion dollars. That is still a vast amount of money Chevron will invest in new wells and projects around the globe. And that’s the point – the industry is only slowing down; it’s not by any means going away. The doomsday predictions that this will knock the U.S. oil industry down to nothing are JUST…PLAIN….WRONG. ”
Continue listening to the Podcast here or you can visit Crude.com to read the full transcript:
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