Tuesday, June 11, 2013 11:58:35 AM
I must say their ops in Texas and Califirnia are very well operated, but in other areas....dismal at best. ME is a prime example and its widely believed they have cultural issues that really need to be addressed.
They are supposed to be the technical guru's in the oil industry, turning dusters into $$. Outside their US operatoins, its not widely seen.
I have a friend in Oxy that told me aobut their little test in Uzhen field in Kazakhstan, near Aktau. They drilled successfully, but their proposal was....lets say less than adequate and the Kazaks ate them up. They didn't like the way the project (s) including the drilling and work overs would have been managed. When the Kazaks are saying this......need to take a stronger look at how you deliver.
Dont get me wrong, I want to see this one go and take off. But I dont see the price the analysts are saying this one could reach is realistic. Oil companies thrive on new ventures and projects. Oxy only has US based projects in the fold and with them spinning off ME assets to buy back stock, I think the writing is on the wall. This company is short on capital and the ME projects are draining it, along with the stock salvage attempt with the increased div for this year.
No new projects = disaster for oil companies and really makes them vulnerable....if you dont believe that, take a look at other once successful oil and gas companies.....now gone!
Cheers,
DT
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