Hey Oil Barons.......

[TexasCPA 102]

I worked there for a few years. Good people. RIP MRO.

[tx 3 putt 76,561]

1 hour ago, Rex Kramer said:

I’d have a huge chunk of them there. You know how many deals get cut at MCC or MPC? Edit: and I’d probably have the other half office in Horseshoe Bay  

Also, this work from home bullshit is bullshit. I wouldn’t hire anyone that demands it. 

Odessa cc for life !!!

[tx 3 putt 76,561]

1 hour ago, billfromlaketravis said:

 

I really like their new building in City Centre. Houston commercial real estate about to take another L. 

very nice building 

[jeevsie 3,725]

11 hours ago, Hate said:

I guy just left a nice position at my company for a similar position at Marathon about two weeks ago. Oops.

Gonna be more like a sprint, then?

[billfromlaketravis 11,376]

Well tip of the cap to COP. My friend at Marathon will receive 39 weeks of severance. Thats pretty generous. 

Edited May 30 by billfromlaketravis

[UT_OB1 2,202]

3 hours ago, billfromlaketravis said:

Well tip of the cap to COP. My friend at Marathon will receive 39 weeks of severance. Thats pretty generous. 

Is marathon still hiring?..

[billfromlaketravis 11,376]

3 putt, some of the Anadarko people received 2 years severance, 2 years full bonus, LTI, and they bought out their PTO back in 2018 and 2019. 
 

A lot of guys in their 50’s just hung it up. 

[Horns99 155]

Well tip of the cap to COP. My friend at Marathon will receive 39 weeks of severance. Thats pretty generous. 

Damn, they are already letting people go / notifying them ?

[tx 3 putt 76,561]

1 minute ago, Horns99 said:

Damn, they are already letting people go / notifying them ?

Sooner you start, the sooner you get them off the payroll 

[tx 3 putt 76,561]

7 minutes ago, Horns99 said:

Damn, they are already letting people go / notifying them ?

When Dow bought out Union carbide, they had a huge group of people report straight to the cafeteria day 1. They got the speech, then to hr people, then out the gate. All their stuff was boxed up and waiting for them as they left the plant 

[billfromlaketravis 11,376]

8 hours ago, Horns99 said:

Damn, they are already letting people go / notifying them ?

They’ve laid out severance packages for everyone in the event they’re not retained. I don’t have a percentage or number, but COP will keep a small number of Marathon employees. 

[tx 3 putt 76,561]

18 hours ago, billfromlaketravis said:

They’ve laid out severance packages for everyone in the event they’re not retained. I don’t have a percentage or number, but COP will keep a small number of Marathon employees. 

volunteers probably get a gift card or something on the way out 😂

[tx 3 putt 76,561]

 

[tx 3 putt 76,561]

[Rex Kramer 1,311]

11 hours ago, tx 3 putt said:

 

What idiotically political nonsense. 

9 hours ago, tx 3 putt said:

Now do ‘23

[tx 3 putt 76,561]

Is opec increasing production to help Russia raise money ?

Edited June 4 by tx 3 putt

[YGIFS 19,449]

"Now do '23"???  Is that how commodity futures  work?  Asking for a friend in 2022.  

[Storm the Field 5,274]

Got my luck charm on display in my office again.

[Rex Kramer 1,311]

8 hours ago, tx 3 putt said:

Is opec increasing production to help Russia raise money ?

No. That’s absurd - wtf are you thinking?  The market is selling for nothing. If we’re anywhere near $70 in October, OPEC will extend cuts. 

Also, data center electricity demand will be supplied by nat gas, and with LNG takeaway increasing by 67% over the next 18 months, I’m all of the sudden very and immediately bullish on natty. 

[txduck87 985]

They’ve laid out severance packages for everyone in the event they’re not retained. I don’t have a percentage or number, but COP will keep a small number of Marathon employees. 

Pretty generous package for MRO employees, particularly if you’ve been there awhile. What’s to stop COP from bringing them all over and then just laying them off in a couple of months? Is this negotiated as part of the buyout? Good faith? Just seems like they could get out of paying a ton of severance by bringing em all over and the whacking them in short order.

[hornmpa96 2,598]

34 minutes ago, txduck87 said:

Pretty generous package for MRO employees, particularly if you’ve been there awhile. What’s to stop COP from bringing them all over and then just laying them off in a couple of months? Is this negotiated as part of the buyout? Good faith? Just seems like they could get out of paying a ton of severance by bringing em all over and the whacking them in short order.

Most of the time the severance package has been set by the Target company prior to any transaction negotiations. The Buyer almost always accepts the existing terms. Additionally, the Severance plan will normally apply for a 1 or 2 year period after the change in control. So, the Buyer can’t avoid the severance payout.

[billfromlaketravis 11,376]

4 hours ago, txduck87 said:

Pretty generous package for MRO employees, particularly if you’ve been there awhile. What’s to stop COP from bringing them all over and then just laying them off in a couple of months? Is this negotiated as part of the buyout? Good faith? Just seems like they could get out of paying a ton of severance by bringing em all over and the whacking them in short order.

There’s usually something called a change of control in acquisitions. Basically if you’re retained, they can’t touch you for a certain amount of time. 
 

The Anadarko people benefitted greatly from the change of control protections after they were acquired. I believe they remained in place for 18 months after closing. Oxy couldn’t lay them off, transfer them, reduce their pay or benefits, or change their job titles. Vinson & Elkins has really good attorneys. 
 

Many older APC people took packages. The deal looked really bad for Oxy initially and they took the guaranteed money and got out. If you’re over 60, 2 year salary + full bonuses sounds pretty damned good. 

[billfromlaketravis 11,376]

I learned this morning some of the APC buyouts for managers with 15+ years at the company were 7 figures. Jesus, that’s a lot of money to go away. 
 

My friend at MRO is taking the severance package. Her department would office in Bartlesville. That’s a pretty easy decision. 

[txduck87 985]

I learned this morning some of the APC buyouts for managers with 15+ years at the company were 7 figures. Jesus, that’s a lot of money to go away. 
 
My friend at MRO is taking the severance package. Her department would office in Bartlesville. That’s a pretty easy decision. 

But how can she be sure she’s going to get the severance offer? Is it a choice? What if she doesn’t get the axe and becomes a COP employee? Can anyone offer to say they want the package?

[billfromlaketravis 11,376]

9 hours ago, txduck87 said:

But how can she be sure she’s going to get the severance offer? Is it a choice? What if she doesn’t get the axe and becomes a COP employee? Can anyone offer to say they want the package?

Long story short, she doesn’t have a choice and COP doesn’t want her.

When it’s companies of comparable sizes like Oxy and APC, it’s usually voluntary and headcount is reduced “organically”. I heard Oxy hit their desired headcount well before the 18 month mark. I don’t know how to explain it other than tribal. APC people acted like a conquered people and many of them left. Some assimilated. There were many false rumors and fear mongering on message boards like TheLayoff.com. I think many left based on bad information.

Oxy had a small cut of legacy Oxy employees at the beginning of 2019. That was it for layoffs from the acquisition in 2018 to present day. It was explained as cost savings/redundancies, but it was just an excuse to throw out the bad apples. They laid off 3 people in my department. 2 had frequent absences. And the 3rd guy had a really shitty attitude and publicly spoke against a big department initiative. 
 

With COP and MRO, COP is much, much larger. They just want the assets and have no use for the personnel. I suspect they’ll lay off north of 90% of MRO employees. The deal makes zero sense to me. The crown jewel is MRO’s Eagle Ford acreage acquired from Ensign. MRO paid $4 billion for it in 2022. MRO sold for $22.5 billion. That’s a great ROI. 
 

The best advice I can offer the thread is to stay at the same company a long time and get very expensive so they’ll want to buy you out in a consolidation. Or get real good at raising private equity money. 

Edited June 6 by billfromlaketravis

[Rex Kramer 1,311]

On 6/4/2024 at 5:44 PM, Rex Kramer said:

No. That’s absurd - wtf are you thinking?  The market is selling for nothing. If we’re anywhere near $70 in October, OPEC will extend cuts. 

Also, data center electricity demand will be supplied by nat gas, and with LNG takeaway increasing by 67% over the next 18 months, I’m all of the sudden very and immediately bullish on natty. 

What’s so funny @StassneyHorn

[StassneyHorn 6,563]

Your timeline(s)

Edited June 6 by StassneyHorn

[Rex Kramer 1,311]

I could be off on when gas will increase, but I never made a prediction. What I stated were just facts. I guess you find facts funny

[Rex Kramer 1,311]

Exactly as I suspected, you got nothing. 

[StassneyHorn 6,563]

Look, we only had to wait two months for another guess to be wrong

https://www.energy.gov/ceser/articles/biden-harris-administration-continues-secure-good-deal-taxpayers-replenishment-7

Today, the U.S. Department of Energy’s (DOE) Office of Petroleum Reserves announced that contracts have been awarded for the acquisition of 3.0 million barrels of U.S.-produced crude oil for the Strategic Petroleum Reserve (SPR). The contracts awarded today represent a fully subscribed solicitation for November delivery following the Request for Proposal (RFP) that was announced on May 17, 2024. The 3 million barrels are being purchased for an average price of $77.69, well below the average of about $95 per barrel that SPR crude was sold for in 2022, securing a good deal for taxpayers. To date, DOE has purchased a total of 38.60 million barrels of oil for the SPR for an average price of $77.24 

[Grimas 669]

15 hours ago, billfromlaketravis said:

The best advice I can offer the thread is to stay at the same company a long time and get very expensive so they’ll want to buy you out in a consolidation. 

Great strategy- assuming you can last for a long time somewhere - if you get bought out but the downside is that when prices drop (again) and the company looks to cut costs. Being expensive puts a target on your back by people like HR who have no clue what you actually do for the company but they do the math that they can cut you and keep more cheaper/younger people with you gone... Especially when you realize that you aren't one of those "cheap" guys anymore but rather one of the expensive "grey haired" ones...

Edited June 6 by Grimas

[Rex Kramer 1,311]

3 hours ago, StassneyHorn said:

Look, we only had to wait two months for another guess to be wrong

https://www.energy.gov/ceser/articles/biden-harris-administration-continues-secure-good-deal-taxpayers-replenishment-7

Today, the U.S. Department of Energy’s (DOE) Office of Petroleum Reserves announced that contracts have been awarded for the acquisition of 3.0 million barrels of U.S.-produced crude oil for the Strategic Petroleum Reserve (SPR). The contracts awarded today represent a fully subscribed solicitation for November delivery following the Request for Proposal (RFP) that was announced on May 17, 2024. The 3 million barrels are being purchased for an average price of $77.69, well below the average of about $95 per barrel that SPR crude was sold for in 2022, securing a good deal for taxpayers. To date, DOE has purchased a total of 38.60 million barrels of oil for the SPR for an average price of $77.24 

A guess?  Wrong?  Post it. 

Regardless, nice red herring to avoid addressing my statement. 

[StassneyHorn 6,563]

[Rex Kramer 1,311]

Disingenuous, smarmy and probably fat and poor is no way to go through life

[YGIFS 19,449]

18 minutes ago, StassneyHorn said:

To be fair, that is one way to find Tar Oil.  

[Fudge Nuggets 19,164]

18 hours ago, Rex Kramer said:

I could be off on when gas will increase, but I never made a prediction. What I stated were just facts. I guess you find facts funny

On 6/4/2024 at 6:44 PM, Rex Kramer said:

No. That’s absurd - wtf are you thinking?  The market is selling for nothing. If we’re anywhere near $70 in October, OPEC will extend cuts.

Speculation, not fact.

Quote

Also, data center electricity demand will be supplied by nat gas, and with LNG takeaway increasing by 67% over the next 18 months, I’m all of the sudden very and immediately bullish on natty. 

Speculation, not fact.

Fuck off, Rex, Dr. Beeper, Porterhouse.

[Fudge Nuggets 19,164]

4 hours ago, Grimas said:

Great strategy- assuming you can last for a long time somewhere - if you get bought out but the downside is that when prices drop (again) and the company looks to cut costs. Being expensive puts a target on your back by people like HR who have no clue what you actually do for the company but they do the math that they can cut you and keep more cheaper/younger people with you gone... Especially when you realize that you aren't one of those "cheap" guys anymore but rather one of the expensive "grey haired" ones...

Also, staying at one place for an extended time means you miss out on some significant salary bumps from jumping ship.

[StassneyHorn 6,563]

9 minutes ago, Rex Kramer said:

Disingenuous, smarmy and probably fat and poor is no way to go through life

I’ve already posted your guesses that were wrong under different names, and you doubled down. Expecting you to go back 2-3 pages to see your own words it seems is also too much. Being this sensitive to a laugh emoji is very fragile of you.

[Rex Kramer 1,311]

1 hour ago, Fudge Nuggets said:

Speculation, not fact.

Speculation, not fact.

Fuck off, Rex, Dr. Beeper, Porterhouse.

OPEC extending cuts at a $70 level is speculation, but ask any pundit. That’s the first thing any of them said when this announcement came out. 

The 67% increase in export capacity is absolutely a fact. 

[Fudge Nuggets 19,164]

41 minutes ago, Rex Kramer said:

OPEC extending cuts at a $70 level is speculation, but ask any pundit. That’s the first thing any of them said when this announcement came out. 

The 67% increase in export capacity is absolutely a fact. 

Nothing 18 months out is a fact. 

[Rex Kramer 1,311]

28 minutes ago, Fudge Nuggets said:

Nothing 18 months out is a fact. 

Yeah well you’re correct. Weather and disaster permitting. There’s too much money in these projects for them not to come online. The only thing that can change my “fact” is a delay. 

Edit to add all 4 Bcfd doesn’t come online in 18 months. It’s 3 distinct facilities coming on between this fall and 18 months. 

Edited June 6 by Rex Kramer

[MadTrapper 150]

On 6/4/2024 at 5:44 PM, Rex Kramer said:

I’m all of the sudden very and immediately bullish on natty.

I feel like you've been pounding this message for a while and, while I'd love it to become reality, I have a hard time seeing gas recover in any meaningful way in the near/medium term. The amount of uneconomic dry gas/associated gas we've discovered as an industry is truly amazing.  Would love to eat those words, though...

[Rex Kramer 1,311]

8 minutes ago, MadTrapper said:

I feel like you've been pounding this message for a while and, while I'd love it to become reality, I have a hard time seeing gas recover in any meaningful way in the near/medium term. The amount of uneconomic dry gas/associated gas we've discovered as an industry is truly amazing.  Would love to eat those words, though...

I don’t think I have. I’ve been much more bullish on crude. I’m now (after reading a bunch of data) more bullish on natty. 

Edited June 7 by Rex Kramer

[Hate 20,104]

54 minutes ago, Rex Kramer said:

Yeah well you’re correct. Weather and disaster permitting. There’s too much money in these projects for them not to come online. The only thing that can change my “fact” is a delay. 

Edit to add all 4 Bcfd doesn’t come online in 18 months. It’s 3 distinct facilities coming on between this fall and 18 months. 

Which facilities?

[Rex Kramer 1,311]

18 minutes ago, Hate said:

Which facilities?

Plaquemines in Q3’24 (1.3 bcfd); Corpus Christi later this year (1.3 bcfd); and Golden Pass in ‘25 (1.4 bcfd). 

[Storm the Field 5,274]

On 5/16/2024 at 11:19 AM, Storm the Field said:

Nat Gas has finally crawled out of the crapper a bit. Up to $2.50 today, which is its highest price since the last week of January. It has been sub-$2 since February 7th. Bottomed out at $1.57 on 3/26.

$3.05 this morning. 93% gain over the past 10 weeks.

[Rex Kramer 1,311]

26 minutes ago, Storm the Field said:

$3.05 this morning. 93% gain over the past 10 weeks.

@StassneyHorn

[Rex Kramer 1,311]

2 hours ago, Storm the Field said:

$3.05 this morning. 93% gain over the past 10 weeks.

Oil also has reversed earlier losses by OPEC’s toothless announced and has rebounded 7% since the start of June. 

Gas may not play out like this right away between between now and end of ‘25, we will at least double from where we are now, and oil will top $100 again. Gas could triple. 

[StassneyHorn 6,563]

Nothing I have ever said in this thread has been about Natural Gas prices. And you know that.

waiting on your oil predictions

 

 

 

[Rex Kramer 1,311]

Actually I didn’t know that. I’m summoning you because you were laughing at my timing. Which was in response to a post that was solely about natural gas. 

And I just went out on a limb and made predictions above. Perhaps you missed that post.