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936horn

By 936horn
in Business and Markets

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Pescado_Rojo
Pescado_Rojo

I bet you could score a Lafayette 10 for a mani/pedi gift card and a pound of boudin right now.  I was sitting in a Starbucks by the med center in Laffy once, and a brand new white Escalade, lift

Rimbo
Rimbo

If you're Trump right now, you're watching Fox News, eating a cheeseburger, and getting mad about the lyin' media and preparing your next tweet about how some lupus treatment should be given to your s

fattyflattie
fattyflattie

My time finally came last Friday AM. I have survived around a dozen, give or take 1-2, since ‘08.  I was consulting for a project set to go in ‘22, but with all the uncertainty, it sounds like they’ve

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Patricio Swayze

Patricio Swayze 17058

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Looks like XOM takeover of Pioneer is coming to fruition. From WSJ:

Exxon Mobil [uS:XOM] is closing in on a deal to buy Pioneer Natural Resources, [uS:PXD] a blockbuster takeover that could be worth roughly $60 billion.

A deal could be sealed in the coming days, assuming the talks don’t hit a last-minute snag, people familiar with the matter said.

After posting record profits in 2022, Exxon has been flush with cash and exploring options that would push it deeper into West Texas shale.

An acquisition of Pioneer, with a market cap of around $50 billion, would likely be Exxon’s largest deal since its megamerger with Mobil in 1999. It would give Exxon a dominant position in the oil-rich Permian Basin of West Texas and New Mexico, a region the oil giant has said is integral to its growth plans.

The Wall Street Journal reported in April that the two companies were holding preliminary talks.

Exxon has a market value of $436 billion, so the deal, which would be the biggest takeover of the year, should be easily doable.

https://abc13.com/amp/david-scott-exxonmobil-sexual-assault-charge-man-charged/13879250/
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Patricio Swayze

Patricio Swayze 17058

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Relevant and insightful. 

Well, he is the vice president of the business unit that is part of the Exxon/Pioneer deal. I think that is interesting and relevant. I doubt that has any effect on the deal, but interesting nonetheless.

https://www.reuters.com/world/us/head-exxons-shale-oil-business-faces-sexual-assault-charge-texas-2023-10-08/
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tx 3 putt

tx 3 putt 76873

Posted
Posted (edited)
8 hours ago, T’Boo Ted Marshall said:

What's relevant is that a person in his position is at a La Quinta in Magnolia.  


he’s Australian, that explains a lot. Bro culture is strong over there, easy to see how he’s a vp 

guy has to be knocking down 1mil+. I’ll also assume Exxon doesn’t drug test their execs 

Edited by tx 3 putt
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billfromlaketravis

billfromlaketravis 11448

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4 hours ago, tx 3 putt said:


he’s Australian, that explains a lot. Bro culture is strong over there, easy to see how he’s a vp 

guy has to be knocking down 1mil+. I’ll also assume Exxon doesn’t drug test their execs 

I think it’s pretty rare at every major. I think they’d only test if there’s a workplace accident.

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Patricio Swayze

Patricio Swayze 17058

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I think it’s pretty rare at every major. I think they’d only test if there’s a workplace accident.

It’s company by company. Most EPC companies test for initial screening and only after a workplace accident. However, I think many operators/owners do random tests. I worked for a bit as a contractor for Motiva and the direct employees told me they did random hair tests. That is expensive, so it makes sense that operators would do that and not so much the engineering firms.
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Patricio Swayze

Patricio Swayze 17058

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I’m curious what he asked for / did to get one girl to tap out and go call the police. I really hope those women were Exxon employees or contractors. 
 

I’m sure this won’t be popular, but O&G is rife with toxic bro culture. This is my second career, but still have more than 15 years in it. While it seems to be improving, it is still very male oriented and many project directors and VP’s are piece of shit bros.
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bernorange

bernorange 8359

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Quote

Saudi Arabia and Russia, the world's top two oil exporters, on Wednesday discussed the situation on the oil market and prices amid the escalating conflict between Israel and Hamas, President Vladimir Putin's top oil official said.
...
Russian Deputy Prime Minister Alexander Novak greeted Saudi Arabia's Minister for Energy Prince Abdulaziz bin Salman in Moscow on Wednesday ahead of the "Russian energy week" conference in Moscow, which Putin will address.

Novak said he and Prince Abdulaziz discussed the oil market and cooperation within the OPEC+ group of oil producers.

"Of course, (cooperation within OPEC+) was (considered) at our internal meeting, one of the most important topics that we discussed today," Novak said, according to Interfax news agency.

"We are in constant contact and used this opportunity in our meeting to discuss the market situation," Novak said.

It was not immediately clear what, if any, concrete conclusions were reached. Novak said earlier that the oil price would be discussed.
...
Saudi Arabia and Russia have agreed to continue with voluntary oil supply cuts of a combined 1.3 million barrels of oil per day, or more than 1% of global demand, to the end of the year.

Saudi Arabia said on Tuesday it was working with regional and international partners to prevent the escalation of the situation in Gaza and neighbouring areas, and reaffirmed that it supports efforts to stabilise oil markets.

Israel produces very little crude oil, but markets are worried that the conflict could escalate and disrupt Middle East supplies, worsening an expected deficit for the rest of the year.

https://www.msn.com/en-gb/news/world/russia-saudi-arabia-discuss-oil-market-prices-amid-israel-hamas-war/ar-AA1i1YOa

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LonghornJones

LonghornJones 837

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We have ~6 months at PXD until closing. Up to 2 yrs in the LCO office for transitional procedures. Either we take the job offer at XOM (we have been told at least 90% will get an offer), or take the package.

Btw, we find surprises in the Land dept almost every day. Our brokers know more abt our actual footprint and we do. 

Edited by LonghornJones
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Fudge Nuggets

Fudge Nuggets 19189

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7 minutes ago, LonghornJones said:

We have 6 months at PXD until closing. Either take the job offer at XOM (we have been told at least 90% will get an offer), or take the package.

Btw, we find surprises in the Land dept almost every day. Our brokers know more abt our actual footprint and we do. 

Take the package and run.

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Storm the Field

Storm the Field 5294

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1 hour ago, LonghornJones said:

We have ~6 months at PXD until closing. Up to 2 yrs in the LCO office for transitional procedures. Either we take the job offer at XOM (we have been told at least 90% will get an offer), or take the package.

Btw, we find surprises in the Land dept almost every day. Our brokers know more abt our actual footprint and we do. 

They keeping the PXD office complex in Las Colinas? In other words, are PXD employees that accept a position with XOM staying put or moving to Spring?

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LonghornJones

LonghornJones 837

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XOM plans to offer 90% of Pioneer a position at XOM including field employees. From what I’ve heard, maybe 30% make the move.

Most decisions not to go have been culture based. Pioneer was the greatest place to work on earth, and for those who signed on right after college are abt to see what the real world is like.

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billfromlaketravis

billfromlaketravis 11448

Posted
Posted (edited)
1 hour ago, LonghornJones said:

XOM plans to offer 90% of Pioneer a position at XOM including field employees. From what I’ve heard, maybe 30% make the move.

Most decisions not to go have been culture based. Pioneer was the greatest place to work on earth, and for those who signed on right after college are abt to see what the real world is like.

I know a handful of folks that fled XOM for Pioneer a few years back. Welp. 
 

Help me understand the deal. Pioneer’s acreage is primarily in the Midland Basin. Why does XOM want to double down on Midland and not Delaware? 

Edited by billfromlaketravis
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Mdhorn

Mdhorn 5947

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Posted
On 10/9/2023 at 10:14 PM, tx 3 putt said:

I’m curious what he asked for / did to get one girl to tap out and go call the police. I really hope those women were Exxon employees or contractors. 
 

Well, La Quinta is pet friendly.  Guess that became a different thing.  

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LonghornJones

LonghornJones 837

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1 hour ago, billfromlaketravis said:

Help me understand the deal. Pioneer’s acreage is primarily in the Midland Basin. Why does XOM want to double down on Midland and not Delaware? 

Pioneers footprint is largely contiguous and in a great location. Infrastructure is already in place. Water issues were addressed ~5 years ago.  The development plan was so solid as Pioneer wasn't drilling its best rock. Most peers/other operators' best wells were being popped in the near-term to appease the shareholder (even though that paradigm was shifting at PXD). XOM is getting a lot of inventory.

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Eastwood

Eastwood 4394

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Posted
9 hours ago, LonghornJones said:

XOM plans to offer 90% of Pioneer a position at XOM including field employees. From what I’ve heard, maybe 30% make the move.

Most decisions not to go have been culture based. Pioneer was the greatest place to work on earth, and for those who signed on right after college are abt to see what the real world is like.

So, is my LinkedIn about to be flooded with XOM job openings, then?

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billfromlaketravis

billfromlaketravis 11448

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3 hours ago, Patricio Swayze said:

Landmen, fill me in. At my last job, drilling two years in the Eagle Ford, landmen were very, very touchy and angry. I know y’all have to interface with landowners and promises from the E&P get broken often, but is that the usual mood? Just pissed off at everything?

The older guys all hate their f***ing lives. I don’t get it, but they’ve seen some shit. I haven’t met one that isn’t cynical. The business has changed a great deal. It’s much more administrative now. F*** ton of meetings they don’t want to be in.
 

The old guys tell funny war stories, but the underlying rage is there. 
 

Eagle Ford leases back in 2012-2018 were very complex with pretty tough continuous development clauses. And the documents were written by regarded South Texas personal injury attorneys. Random paragraphs that shouldn’t be in an O&G lease. References to irrelevant Texas Supreme Court cases.

I’m pretty fortunate in that I deal with state and federal agencies, and other O&G companies 95% of the time. Everybody is a professional. There are some Biden Administration shenanigans, but that they’re manageable and can be planned around. 

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