nativehoustonion Posted January 14, 2015 Share Posted January 14, 2015 I friend of mine that works for Chevron had to move here last year. He was looking to buy a high rise, but know is freaking out. He has 8 months to retire and said the Chevron Tower is just a dream. 800 Bell might have something to do with it. He will rent at 2929 Weslayan and then return to San Francisco, but loves Houston. Quote Link to comment Share on other sites More sharing options...
swtsig Posted January 14, 2015 Share Posted January 14, 2015 I friend of mine that works for Chevron had to move here last year. He was looking to buy a high rise, but know is freaking out. He has 8 months to retire and said the Chevron Tower is just a dream. 800 Bell might have something to do with it. He will rent at 2929 Weslayan and then return to San Francisco, but loves Houston. 800 bell isn't going to move along any furher - they're committed to installing the new curtain wall but will essentially shelve it afterwards. could it be an option for Chevron in lieu of the new tower? it's possible but definitely isnt probable. look... oil will rebound eventually. chevron isn't going anywhere. they own the land. at some point they WILL build there. stop freaking out over this stuff. 5 Quote Link to comment Share on other sites More sharing options...
Houston19514 Posted January 14, 2015 Share Posted January 14, 2015 800 bell isn't going to move along any furher - they're committed to installing the new curtain wall but will essentially shelve it afterwards. could it be an option for Chevron in lieu of the new tower? it's possible but definitely isnt probable. look... oil will rebound eventually. chevron isn't going anywhere. they own the land. at some point they WILL build there. stop freaking out over this stuff. Doesn't the 800 Bell project involve a lot more than just hanging a new curtain wall on the building? Quote Link to comment Share on other sites More sharing options...
nativehoustonion Posted January 14, 2015 Share Posted January 14, 2015 Cool swtsig, he is one freaking out. I believe his 401K took a beating and afraid of getting laid off. It kinds of remind me of 5 Allen Center, nothing. Quote Link to comment Share on other sites More sharing options...
Purdueenginerd Posted January 14, 2015 Share Posted January 14, 2015 Tell him if his 401k took a beating in 2014, he needs to re-evaluate where his shares are at and diversify (or stop investing in the Russian Stock Market). Oil is too volatile to hedge your retirement assets against it. /off topic 4 Quote Link to comment Share on other sites More sharing options...
Montrose1100 Posted January 14, 2015 Share Posted January 14, 2015 800 bell isn't going to move along any furher - they're committed to installing the new curtain wall but will essentially shelve it afterwards. could it be an option for Chevron in lieu of the new tower? it's possible but definitely isnt probable. look... oil will rebound eventually. chevron isn't going anywhere. they own the land. at some point they WILL build there. stop freaking out over this stuff.By shelving it do you mean selling the building or scrapping the sunken lobby/interior design? Quote Link to comment Share on other sites More sharing options...
swtsig Posted January 14, 2015 Share Posted January 14, 2015 By shelving it do you mean selling the building or scrapping the sunken lobby/interior design? my understanding is neither - just putting the whole thing on hold. they won't commit to any large capital expenditures outside of the ones they are already committed to until the market rebounds. Quote Link to comment Share on other sites More sharing options...
BigFootsSocks Posted January 14, 2015 Share Posted January 14, 2015 So what would they do with the tower? Let it sit empty until they're ready to redevelop? Quote Link to comment Share on other sites More sharing options...
nativehoustonion Posted January 14, 2015 Share Posted January 14, 2015 http://zieglercooper.com/800-bell/ Looks nice, but I will get back to the subject. Quote Link to comment Share on other sites More sharing options...
Subdude Posted January 14, 2015 Share Posted January 14, 2015 800 bell isn't going to move along any furher - they're committed to installing the new curtain wall but will essentially shelve it afterwards. could it be an option for Chevron in lieu of the new tower? it's possible but definitely isnt probable. look... oil will rebound eventually. chevron isn't going anywhere. they own the land. at some point they WILL build there. stop freaking out over this stuff. Thank you for this. Oil crashed even more after it peaked in 2008, and eventually bounced back. It's a commodity business and a degree of volatility is to be expected. The world seems awfully quick to assume that the reduction in prices will somehow be permanent. 5 Quote Link to comment Share on other sites More sharing options...
fernz Posted January 14, 2015 Share Posted January 14, 2015 I agree, I seem to remember people saying a few years ago that oil would never go back under $100 again. Quote Link to comment Share on other sites More sharing options...
Luminare Posted January 14, 2015 Share Posted January 14, 2015 (edited) For once this actually makes sense especially sense we are talking about Oil companies themselves! The market will go up and down. Right now Saudi Arabia is trying to play a game of chicken with every oil producer in the world and they will win, but they are imploding OPEC while they are doing so. This will be the last time they have this kind of power, and I think they know that. North American Shale, Russian Oil, and African Oil is the future of the industry and they are going drive the price into the ground hurting everyone as much as possible to postpone the inevitable. Edited January 14, 2015 by Luminare 2 Quote Link to comment Share on other sites More sharing options...
Sparrow Posted January 14, 2015 Share Posted January 14, 2015 For once this actually makes sense especially sense we are talking about Oil companies themselves! The market will go up and do. Right now Saudi Arabia is trying to play a game of chicken with every oil producer in the world and they will win, but they are imploding OPEC while they are doing so. This will be the last time they have this kind of power, and I think they know that. North American Shale, Russian Oil, and African Oil is the future of the industry and they are going drive the price into the ground hurting everyone as much as possible to postpone the inevitable. Buy low, sell high. Perhaps we will see a great deal of consolidation in the industry. The little guy who can't make it will be bought out by the big guys who can play the long game. Breaking even for now gets rid of all the small fries trying to play the big boy's game. Also, a short duration plunge in the price of oil is beneficial long term for the industry's outlook as consumers' knee jerk return to consumption boom times will ensure much higher demand than otherwise would be had once prices return to normal. Joe Plumber is going to go out and buy a big ol' SUV and a McMansion out in the 'burbs seeing $2 gas at the pump and think all is well and dandy. Well, by the time gas jumps back to $3.50 in a year, or two, or maybe even three, Joe is stuck with a gas guzzling SUV with a 40 mile one-way commute to work and big oil will once again be posting hefty profits. 4 Quote Link to comment Share on other sites More sharing options...
Luminare Posted January 14, 2015 Share Posted January 14, 2015 (edited) Buy low, sell high. Perhaps we will see a great deal of consolidation in the industry. The little guy who can't make it will be bought out by the big guys who can play the long game. Breaking even for now gets rid of all the small fries trying to play the big boy's game. Also, a short duration plunge in the price of oil is beneficial long term for the industry's outlook as consumers' knee jerk return to consumption boom times will ensure much higher demand than otherwise would be had once prices return to normal. Joe Plumber is going to go out and buy a big ol' SUV and a McMansion out in the 'burbs seeing $2 gas at the pump and think all is well and dandy. Well, by the time gas jumps back to $3.50 in a year, or two, or maybe even three, Joe is stuck with a gas guzzling SUV with a 40 mile one-way commute to work and big oil will once again be posting hefty profits. That's probably the most depressing optimistic/pessimistic future ever, but I agree with your main point lol Edited January 14, 2015 by Luminare 3 Quote Link to comment Share on other sites More sharing options...
wxman Posted January 15, 2015 Share Posted January 15, 2015 This is supposively going to be a 58-story building. That'll take every bit of 2 years to complete...if not longer. So why not start construction when costs are going down in the anticipation that prices will stabalize in the 80 to 100 dollars a barrel relm by then? Quote Link to comment Share on other sites More sharing options...
BigFootsSocks Posted January 15, 2015 Share Posted January 15, 2015 With all the recent reports of other oil companies going through layoffs and hiring freezes, I'm sure the employees of Chevron would much rather stay at their outdated towers and keep their jobs than have Chevron divide money to this.That's not a good answer to a good question though. I tried. 1 Quote Link to comment Share on other sites More sharing options...
Avossos Posted January 15, 2015 Share Posted January 15, 2015 (edited) This is supposively going to be a 58-story building. That'll take every bit of 2 years to complete...if not longer. So why not start construction when costs are going down in the anticipation that prices will stabalize in the 80 to 100 dollars a barrel relm by then? Too many uncertains, budget concerns, and unlikely they want to tie up their liquid capital during this time because it might have better use somewhere else. Also, there are no guarantees that oil will be back up in that 2 year timeframe, so safer planning serves big companies well. That said, I wouldnt complain if they did go ahead and start Edited January 15, 2015 by Avossos Quote Link to comment Share on other sites More sharing options...
monarch Posted January 15, 2015 Share Posted January 15, 2015 this is a good day. indeed! Quote Link to comment Share on other sites More sharing options...
fernz Posted January 15, 2015 Share Posted January 15, 2015 ?? Sometimes I just don't understand what Winston is talking about... Quote Link to comment Share on other sites More sharing options...
monarch Posted January 15, 2015 Share Posted January 15, 2015 ?? Sometimes I just don't understand what Winston is talking about...aaaaahh, but sure you do... Quote Link to comment Share on other sites More sharing options...
nate4l1f3 Posted January 15, 2015 Share Posted January 15, 2015 Do you know something we don't ?? Quote Link to comment Share on other sites More sharing options...
LTAWACS Posted January 15, 2015 Share Posted January 15, 2015 ok spill the beans. Quote Link to comment Share on other sites More sharing options...
toxtethogrady Posted January 17, 2015 Share Posted January 17, 2015 I agree, I seem to remember people saying a few years ago that oil would never go back under $100 again. There's been an interesting move in the market in the last couple of days. Oil appeared to move up slightly in reaction to news that the number of rigs drilling for oil dropped by 50 in the past week, according to Baker Hughes. I have this ugly suspicion that the Saudis are and the rest of the OPECers are going to wait for the count to go down sufficiently, then arrange to cut their production by a million or 2 million barrels. Then watch prices go up. And the cycle begins all over again. Quote Link to comment Share on other sites More sharing options...
LTAWACS Posted January 17, 2015 Share Posted January 17, 2015 How much will the Russians suffer? Quote Link to comment Share on other sites More sharing options...
UtterlyUrban Posted January 17, 2015 Share Posted January 17, 2015 For once this actually makes sense especially sense we are talking about Oil companies themselves! The market will go up and down. Right now Saudi Arabia is trying to play a game of chicken with every oil producer in the world and they will win, but they are imploding OPEC while they are doing so. This will be the last time they have this kind of power, and I think they know that. North American Shale, Russian Oil, and African Oil is the future of the industry and they are going drive the price into the ground hurting everyone as much as possible to postpone the inevitable.I agree with this. An interesting casualty of this bust cycle may well be OPEC itself. It has been dis-functional for a long time and this cycle may well be the thing that kills it. 1 Quote Link to comment Share on other sites More sharing options...
ArchFan Posted January 17, 2015 Share Posted January 17, 2015 As recently as 11/17/2003 Chris Helman wrote in Forbes magazine: "Back in 2003 motorists were shocked when gasoline prices hit an all time high of $1.75 a gallon. We wondered how Americans could maintain their way of life with crude oil so “expensive” at $30 a barrel." I quote that to demonstrate how much we, collectively, have such short memories and are thereby (even more) subject to being controlled by emotions that to a large extent just mirror those of the people around us. Those around us may be blissfully ignorant about a given topic, which just makes the matter worse. Oil company decision makers are not exempt from those influences, which probably has had something to do with delaying construction of the new Chevron tower here. However, my guess is that the major reason is that the people making those decisions are being conservative in order to protect themselves from criticism if the building were to be completed and wind up being seen as unnecessary at the time. There is a CYA attitude amongst management in such large companies that are run by people who have clawed their way up through the ranks, rather than by visionary people who actually started the company in the first place. 7 Quote Link to comment Share on other sites More sharing options...
Fortune Posted January 24, 2015 Share Posted January 24, 2015 Chevron buildingLocation: Downtown block bounded by Louisiana, Smith, Pease and LeelandOriginal plan: A new 50-story office tower for San Ramon, Calif.-based Chevron was announced in the summer of 2013, but the project was put on hold less than six months later, at which time the company said it would decide when to resume the project "after 2014."Update: At this stage, "no update," Cam Van Ast, media adviser for Chevron North America Exploration and Production, said in an email.http://www.houstonchronicle.com/business/real-estate/article/Cracks-forming-in-commercial-real-estate-market-6037038.php#/0 1 Quote Link to comment Share on other sites More sharing options...
UtterlyUrban Posted January 25, 2015 Share Posted January 25, 2015 (edited) 30 pages for a building that doesn't exist yet? Edited January 25, 2015 by UtterlyUrban Quote Link to comment Share on other sites More sharing options...
LTAWACS Posted January 25, 2015 Share Posted January 25, 2015 I'm positive that we analyze tgis document with statistical tools, we'll find that this project is statistically dead. Quote Link to comment Share on other sites More sharing options...
nativehoustonion Posted March 11, 2015 Share Posted March 11, 2015 I hope I'm wrong, but this building may be dead for years. Quote Link to comment Share on other sites More sharing options...
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