Hey Oil Barons.......

[Storm the Field 5274]

25 minutes ago, Ted Dantzler said:

Thanks for the input, definitely looks like we should be looking for more. My dad's going out there next week to talk to some neighbors etc to see if he can get any details of what is standard out there. For reference its 620 acres of pasture/cropland. 

Own the minerals on all 620?

[Rex Kramer 1311]

2 hours ago, Ted Dantzler said:

Thanks for the input, definitely looks like we should be looking for more. My dad's going out there next week to talk to some neighbors etc to see if he can get any details of what is standard out there. For reference its 620 acres of pasture/cropland. 

Comparing your offer to @Armybrat’s Bakken stuff is not productive because he’s been in a historically hot area and you are not. @billfromlaketravis20% seems odd. Maybe that’s just an average. 25% must be the standard in Weld Co.

My thoughts are:

1) 1/8th sounds like a 1920s lease. 1/4 is the standard for active areas. But you’re area is the antithesis of a hotbed of activity.

2) Same comment with $20/acre. 

3) For $12,400, I’d tactfully tell them to eat a bag of dicks. 

4) whatever you do, try and get a short term lease, and negotiate a tough surface agreement. This won’t be life changing money either way, don’t let them fuck up your land. 

[Armybrat 40759]

Well, the land our lease(s) is under is situated 50’ - 60’ below the surface of Lake Sakakawea and has been since the 1950s.

 

 

[Ted Dantzler 144]

Own the minerals on all 620?

Yes. We also have a windmill lease on our land, they ended up building the windmills a mile north and a mile south of our land so no actual windmills but they did bury a power line through our land next to the road. Since they didn't build any on our land they gave us an extra "good neighbor" bonus for having to look at them....I don't mind though. As far as I know the only condition is we can't build any structures over a certain height.

From looking at neighbors land some of them have windmills and oil wells on the same section so I don't think that would be an issue.

Token windmill sunset pic

[Armybrat 40759]

19 hours ago, Rex Kramer said:

Comparing your offer to @Armybrat’s Bakken stuff is not productive because he’s been in a historically hot area and you are not. @billfromlaketravis20% seems odd. Maybe that’s just an average. 25% must be the standard in Weld Co.

My thoughts are:

1) 1/8th sounds like a 1920s lease. 1/4 is the standard for active areas. But you’re area is the antithesis of a hotbed of activity.

2) Same comment with $20/acre. 

3) For $12,400, I’d tactfully tell them to eat a bag of dicks. 

4) whatever you do, try and get a short term lease, and negotiate a tough surface agreement. This won’t be life changing money either way, don’t let them fuck up your land. 

That’s why I qualified my reply with this…

Quote

But that’s on the higher end in the Bakken’s better play areas.
 

 

[Rex Kramer 1311]

Just voted Craddick. Sorry to the dipshit duo of Dunlap and Stogner

[Storm the Field 5274]

On 10/31/2024 at 2:00 PM, Rex Kramer said:

Just voted Craddick. Sorry to the dipshit duo of Dunlap and Stogner

Just saw that Stogner won the DA race for the combined office that encompasses Loving, Reeves, and Ward. Didn't even realize she was running for something this time around. Also didn't realize that those counties have shared personnel. 

[Rex Kramer 1311]

2 hours ago, Storm the Field said:

Just saw that Stogner won the DA race for the combined office that encompasses Loving, Reeves, and Ward. Didn't even realize she was running for something this time around. Also didn't realize that those counties have shared personnel. 

She’s such a cunt. I find her repulsive in all aspects. Largely because of her, I happily voted Craddick and noted Hawk Dunlap got 2.5% of the vote. 

[StassneyHorn 6563]

Feels like this situation is begging for a reality show to follow her around.

[CycleTex87 2958]

Is Hawk Dunlap related to Hawk Tuah?

[Armybrat 40759]

On 11/7/2024 at 4:57 PM, CycleTex87 said:

Is Hawk Dunlap related to Hawk Tuah?

Tuah hawked on Dun’s lap?

[Wilcox Cummingtonite 2911]

Hilcorp buys Exxon’s conventional Permian assets. 

https://www.reuters.com/markets/deals/exxon-sell-older-permian-assets-hilcorp-1-billion-deal-sources-say-2024-11-12/
 

Quote

NEW YORK, Nov 12 (Reuters) - Top U.S. oil producer Exxon Mobil Corp (XOM.N), has agreed to sell conventional oil drilling assets in the Permian Basin of Texas and New Mexico to privately-owned Hilcorp Energy for around $1 billion, four sources familiar with the matter told Reuters.

The deal follows a trend of U.S. oil and gas companies culling older properties following a record-breaking wave of acquisitions. Private operators like Hilcorp have been among the most active buyers of such assets.

Exxon confirmed the sale of the assets but declined to name the buyer or valuation, using terms that signify the properties were conventional vertical wells, not the horizontal wells used to pump shale.

"The sale is consistent with our strategy to focus investments on advantaged assets in our industry-leading portfolio," the Exxon spokesperson said, adding the deal is expected to close in the first quarter of 2025.

Reuters reported in June that Exxon was auctioning the assets to focus on higher growth shale drilling properties, following the completion of its $60 billion takeover of Pioneer Natural Resources in May.

Hilcorp, which specializes in buying mature oilfields, emerged as the winner of this auction, the sources said, requesting anonymity as the auction was confidential.

Hilcorp did not respond to requests for comment.

Like other companies which took advantage of sharply elevated commodity prices to pursue recent megamergers, Exxon has been reviewing its portfolio to focus on its most profitable assets while raising cash from selling so-called non-core assets to shore up its balance sheet.

The Exxon assets which Hilcorp is buying are estimated to have net production of about 26,000 barrels of oil equivalent per day, one of the sources said. The sale does not include assets acquired from Pioneer, they added.

Hilcorp, founded by billionaire Jeffery Hildebrand, has been among the most active buyers of assets being divested by public rivals. The company this month finalized a $1 billion takeover of Italian group Eni's offshore Alaska assets.

It was also the undisclosed buyer in APA Corp's $950 million sale of conventional Permian properties agreed in September, sources told Reuters.

APA Corp did not immediately respond to requests for comment.

 

Edited Thursday at 02:25 PM by Wilcox Cummingtonite

[Storm the Field 5274]

Looks like a total of 400 out of roughly 2000 PXD folks are getting let go by XOM.

Edited Thursday at 04:28 PM by Storm the Field

[billfromlaketravis 11375]

9 hours ago, Storm the Field said:

Looks like a total of 400 out of roughly 2000 PXD folks are getting let go by XOM.

How many on the dreaded Performance Improvement Plan? That’s a death sentence at XOM. 

[tx 3 putt 76560]

13 minutes ago, billfromlaketravis said:

How many on the dreaded Performance Improvement Plan? That’s a death sentence at XOM. 

 

i had a PIP twice 

quit after I earned a rather large bonus check, while on PIP #2

[billfromlaketravis 11375]

4 minutes ago, tx 3 putt said:

 

i had a PIP twice 

quit after I earned a rather large bonus check, while on PIP #2

Haha good for you buddy. I haven’t heard of anybody coming back from it in land.

My company is a little different. I know a couple fellas that received a 1 and a 0 on their performance review are pushing 10 years of service. 

[billfromlaketravis 11375]

The guy that got a 0 year was told he was moving into a new group, but they forgot to give him any work to do for the better part of a year. Some real Seinfeld Penske File type shit. His old manager conducted his performance review and buried him. He didn’t take a bonus for 3 years. 
 

The guy that got a 1 is pretty good is pretty well known for watching Netflix all day. 
 

When landmen bitch about making less than engineers I look at them like they’re insane because they are. Some of us have no idea how good we have it. We only have to go the field if we want to wear a hard hat and take pictures. When I describe what I do to people in other industries, they are mouth agape shocked. Most of the stereotypes are true. 

[Hook1997 5331]

Was just notified by my broker our client is not selling…  I didn’t even know that was possibly happening since I was just finishing up work on them buying a bunch of producing Units.  Depending on the broker to a point I guess, the days of a landman drinking beer and playing golf half the day are long gone.  Most of those guys are not in the business anymore unless they have deep connections.  A lot more work getting done with way less landmen compared to ten years ago. 

[billfromlaketravis 11375]

4 hours ago, Hook1997 said:

Was just notified by my broker our client is not selling…  I didn’t even know that was possibly happening since I was just finishing up work on them buying a bunch of producing Units.  Depending on the broker to a point I guess, the days of a landman drinking beer and playing golf half the day are long gone.  Most of those guys are not in the business anymore unless they have deep connections.  A lot more work getting done with way less landmen compared to ten years ago. 

Also this. Everything going digital and Quorum have helped immensely. Disappearing after lunch everyday isn’t a thing anymore, but some of the best golfers I know are landmen. 
 

I miss the old guys. It’s very buttoned down now. A lot of people don’t even leave for lunch. They knock out 7 to 4 and go home. Unless you’re running several rigs, it’s a very laid back workday.