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Msg  305656 of 307121  at  1/12/2021 8:46:21 AM  by

WestTXGeo

The following message was updated on 1/12/2021 8:46:21 AM.

Apache Rant

Because of last night's blow out in the national championship & because I think John Christmann needs to go to jail (he maybe just in front of Scott Sheffield who bought his son's company that was heading to oblivion), I put the following together on Apache.
 
John Christmann
  • I'll never hate on someone making money, except when that money comes from laying of your entire company... Christmann has paid himself $57.3MM (doesn't even include 2020, that is just 2016-2019)

  •  And he has managed to make his fortune while managing to bet his entire company on a play (Alpine High) that everyone in the Permian new was crap & stranded crap with ZERO infrastructure to get the crap to market... But maybe he is honest & transparent to share holders (see Fig 2.)
 
 
 
Alpine High; the most expensive pet rock in history 
  • As of June there were 15 DUC's at Alpine High, in November they completed 3 of them and watch, it will be sold as a Tier-1 gas asset soon enough. However, it's going to be pretty hard to buy into the hype when your mgmt has already closed your Alpine High field office (complete with Alpine Trees & a For Sale or Lease sign)

  • When a company creates a logo for a discovery, know that this is peak insanity & this company has a stupid strong marketing/investor relations group because they magically get everyone to forget about....
 
 
 
Putting the "E" in E&P; other failed Apache "discoveries"
  • Before Alpine High there was the Granite Wash, I wonder how many of those 14,000 drilling locations they've used up the last 8 years? 

 
 
 
But they have so much other Permian acreage
  • Newtoboard's quote is my favorite;
"if you wanted to find the core of the Midland or Delaware, look at what APA doesn't own. That's the core."
*Note that most of the Delaware position in Loving county is shallow vertical fields & they don't own rights to the Bone Spring or Wolfcamp for unconventional development
 
 
Suriname will be different...
Perhaps... But when I hear 900' of pay in Suriname...
I also heard Steve Keenan, founding geologist Alpine High & Sr VP Worldwide Exploration, describe Alpine High as "5,500' of stacked pay across 13 intervals"
 
Lastly, don't forget about the new APA Corporation
  • APA Corporation is a new holding company that will own Suriname 
  • Apache Corp (different), will hold US, UK, & Egypt assets 
  • I assume they are taking the playbook of Oxy with CRC...load one of these with debt & set it on fire
 

End of rant.
I know a lot lives that were destroyed by this companies management... which sadly use to be respectable
 


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Replies
Msg # Subject Author Recs Date Posted
305658 Re: Apache Rant brookpe 6 1/12/2021 8:52:40 AM
305671 Re: Apache Rant GasGuy77 7 1/12/2021 9:29:11 AM
305691 Re: Apache Rant Maddy's Dad 3 1/12/2021 10:23:51 AM
305701 Re: Apache Rant jstratt 6 1/12/2021 10:56:32 AM
305708 Re: Apache Rant Petroeng 3 1/12/2021 11:27:50 AM
305872 Re: Apache Rant W 4 1/13/2021 7:22:39 AM








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