California city's 45 day moratorium on drilling will turn out to be a big non-event
They have stated that they won't allow fracking in their county but OXY informed them in writing that they do not plan to use fracking on these wells. CA is an important source of oil/natural gas for the western US and JOBS for the state and county/state officials are well aware of this
OXY shoudl be buying back stock hand over fist at these prices
Exactly like I said, Carson's 90-day drilling ban expired on Friday allowing OXY to go ahead with the 200 well drilling project as planned. Expect the same thing to happen in other CA cities, especially as the cost for pump gas approaches $5/gallon.
Guys, I am really not trying to bash this stock, but there is NO WAY OXY will ever get any oil out of Carson. That much I am sure of. Even if they ever were allowed to drill (Which the won't be), they would face huge class action lawsuits for the next 100 years for sure with everyone in the area suing their tails off.
I happen to work not only in Carson, but next door to where they plan to "hide" their drilling in a warehouse. Carson will never agree to allow them to drill. These are 99% liberal areas that HATE oil, money, U.S. energy, anyone from Texas, etc. They HATE business people and HATE progress of any kind. The only hope for OXY would be to buy out about 50,000 houses, businesses, etc. at a cost of probably $1 Trillion+++.
I really think OXY needs to focus on other drilling - again - there is NO chance - 0% that OXY will EVER get rights to drill in the city of Carson, OK? I understand how this area works. There is no chance OXY will ever drill in the city of Carson (well, not in the next 50 years anyway).
let's be conservative and say they don't get any MORE or NEW oil out of carson city (existing wells are still allowed, right?).
how material is this, is the question. and will other CA cities follow suit?
to me, having done hw on the CA situation, the carson city council isn't 100% concerned with the environment, they're maybe 40% playing the role of the jilted lover. is it really a surprise to them that OXY is relocated to houston, TX?
4x avg volume on Carson City council hearing. Way Oversold. This will be resolved. Been to many hearings like this - the negotiations are next. Not sure how Oxy didn't see it coming; but maybe they did.