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Posted
  On 7/10/2020 at 7:46 PM, torre said:

https://www.cnet.com/news/the-roughneck-us-cowboys-who-drilled-britains-secret-wwii-oil-wells/

 

Above is a lengthy, but interesting article when the oil barons have time to read.

 

Wars aren't fought only on battlefields. Here's the little-known story of the gang of Americans who searched for black gold in the heart of besieged Britain.

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That was a cool story.  I bet someone could make a good movie out of that.

Posted

Seems like $40 has become the magnet price for WTI. For close to a full month of trading, every time the price climbs to $41 or drops to $38, you see an almost immediate return to $40.

Closing Prices 6/16-7/13:

Low $37.96

High $40.90

 

Posted

Well, we all wanted a stable oil price. We were just hoping that would be around $60 or $70. The longer it sits at $40, the longer the investment money stays out.

Posted

My observations based solely on a domestic onshore perspective:

I believe Noble is largely a non-op in Delaware Basin, so Chevron saw a distressed asset and a way to increase their working interest/net acres/kick Noble out of their wells. Chevron really didn't have to do this, they own plenty of company fee acreage, but the deal was too good to walk away from. 

Noble's assets in DJ Basin are pretty good. 

Noble has finished rounds of deep layoffs, so Chevron gets the assets without many of the personnel headaches. 

It was a really smart buy, but that's what Chevron does. 

Posted (edited)

Anybody tailgating for Trump in Odessa on Wednesday?  

IOGCC & PFA are making an important stand, glad to see it.  

Edited by Lobo
Posted

Looks like Sec. Brouilette wants to make some overtures to independent operators and address their concerns over the dumping on Gulf refineries by Saudi Arabia.  At least it beings a dialogue.  

Posted
  On 7/28/2020 at 2:29 AM, Dr. Beeper said:

Non-entities for the oil industry.  Double Eagle will be hosting them. Go troll somewhere else, weirdo. 

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His roundtable/reception in Odessa is being hosted by Double Eagle?  It appears to be being hosted by his Odessa bundlers that are independent operators, not Double Eagle.  But hey "i'm a weirdo."  Not a troll, it's an important day for the industry.  Rex and I see it that way at least, you should too.  

Posted

I know they're an independent operator, I didn't say they weren't.  I was merely pointing out they're not hosting all the President's events in Midland-Odessa today.  You don't have to be rude about it.  I don't know that these are no-name guys, they bundled $5mm together.  Wasn't trolling, wanted to see if you were gonna be there.  Rex and I are.  

Posted

Where did I denigrate him on here?  I mentioned he and the sec. of Energy are visiting the PB, I think that qualifies as "Energy News."  I didn't make you defend him on here, at all....that was your choice.   I just mentioned his visit. 

But you make a valid point, the mods have enough political stuff to wade through, they don't these Oil Baron thread search results clogging up their day.  Besides, there'll be plenty of news and links 'n shit later today/tomorrow about their comments in the PB.  Have a great day and some rep.  

Posted

EIA reported biggest crude draw of the year, -10.6M barrels, but sizeable increases in gasoline and petroleum products. Overall pretty neutral report. WTI continuing its nearly month long trend of not straying far from $41.

Posted
  On 7/30/2020 at 2:33 PM, tx 3 putt said:

I thought the US was already exporting oil to Mexico ?

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I think what he signed was for approval for specific infrastructure.  Like pipeline right-of-ways, construction of railroad bridges across the border, etc... I assume it requires his approval because of crossing international borders, but not sure.

Posted
  Quote

Exxon Mobil Corp is preparing deep spending and job cuts, according to people familiar with the matter, as it fights to preserve a 8% shareholder dividend with a multi-billion-dollar quarterly loss looming.

It was unclear how extensive the cuts will be. The largest U.S. oil company slashed this year's budget by 30% in April, but Chief Executive Darren Woods's turnaround through rebounding demand and increased asset sales have not panned out and losses are climbing.

On Friday, Exxon is expected to report a $2.63 billion second-quarter loss, according to Refinitiv Eikon data, on sharply lower prices and weaker production, the first back-to-back quarterly losses in at least 36 years. Shares are down 35% so far this year as the coronavirus pandemic has crushed fuel demand.

The latest cost cuts are needed to preserve the company's nearly $15 billion annual payout to shareholders in the face of rising losses, the people said. Exxon will not generate enough cash from production operations to cover this year's dividend, analysts have said. It borrowed $18 billion earlier this year to bolster cash.

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Cutting that fat 8%  dividend would hurt the stock price and the executive bonuses, so we cant be doing that. I guess Exxon can always hire back employees later  on if needed so fuck em. 

  • Like 1
Posted (edited)
  On 7/30/2020 at 4:25 PM, Blotto said:

I guess Exxon can always hire back employees later  on if needed so fuck em. 

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they could cut 20% and rehire those positions over the rest of 2020 at much lower salaries and benefits. Much hungrier employees too 

Edited by tx 3 putt
Posted
  On 8/3/2020 at 6:00 PM, Moby Ric said:

NatGas spiking hard today.  Anyone know why?

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No idea, all I could find:

https://www.fxempire.com/forecasts/article/natural-gas-price-forecast-natural-gas-markets-shoot-through-200-ema-664772

  Reveal hidden contents

 

Posted
  On 8/3/2020 at 6:00 PM, Moby Ric said:

NatGas spiking hard today.  Anyone know why?

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Weather flipped to hotter in South and East, LNG exports increasing faster than expected, 914 for May came back showing the hard numbers of how much production has declined, etc.  

Posted
  On 8/3/2020 at 10:28 PM, Dr. Beeper said:

Gas or oil?  Oil’s been steadily going up since April 20th but has met with resistance at $41 over the last 45 days. As of last Friday it had averaged $40.67 over the preceding 30 days with no high or low 3% away from the mean. That is a market waiting to see what happens with Covid demand and global supply.

I haven’t been focused on gas and would be surprised if it’s even somewhat related to weather but I defer to Trey a lot. 

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Gas is what I am looking at.

Posted
  On 8/3/2020 at 10:16 PM, Moby Ric said:

I'm just curious if this is going o be a trend for the foreseeable future.  I have not seen or heard anything about prices going up.

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Most analysts selling info have been predicting prices going up since April. The prices haven’t actually gone up yet. Supposed to be over 2 now. We’ll see if the magic happens in a couple months 

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