Aren’t they spinning off the big oil fields up by Bakersfield and that area? Isn’t this where fracking is just starting up? There will be a lot of $ there. Hmm.
Perhaps they know a bit more about the Monterey Shale than they wish they did.
Shell and Mobil set up a company that owns all of their California properties. But they have not divested themselves of it, years later they still own it. They let it operate independently but my impression is that as of recently they are starting to take increased interest.
I do get the impression that, despite purported public opposition to frac’ing, they are about to go forward.
I’m wondering about Oxy, if they are planning to divest themselves, or if there is a legal reason to insulate the company from their California operations. Too hard for my brain to figure out.