If you go to slide 16 of COP's Credit Suisse Vertical Tour 2010, you will see that COP is re-allocating its Gulf of Mexico exploration capital to the "best shale plays": Eagle Ford (Texas), North Barnett (Texas), and Bakken (ND).
2010 exploration capital was $1.3 billion.
Sometime ago I opined that companies operating in the gulf would move their attention to the Bakken.
One other thought: in light of MRO's splitting off refinery operations from E&P, I wonder if COP, XOM, CVX could do the same?
- COP: huge refiner.
- XOM: huge in chemicals from oil.
- CVX: large NG exposure (I don't understand why it bought into the Marcellus last year)
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