Hey Oil Barons.......

[Armybrat 41319]

22 minutes ago, Dr Fear said:

So, now we have Chevron moving to Houston on a very short end of the year timeline.  Do they already have offices figured out?

Yep, ready to move in….

 

 

[Dr Fear 1286]

Just now, Armybrat said:

Yep, ready to move in….

 

 

Plenty of open space in the middle for windowless cubicles!!!!

[hornmpa96 2652]

Chevron already has 7,000 employees in Houston and 2,000 in San Ramon. No idea how much excess space they have in downtown as they have offices in the old Enron building. Also, I think the corporate employees may work from home either 2 or 3 days per week.

[billfromlaketravis 11784]

9 hours ago, hornmpa96 said:

Chevron already has 7,000 employees in Houston and 2,000 in San Ramon. No idea how much excess space they have in downtown as they have offices in the old Enron building. Also, I think the corporate employees may work from home either 2 or 3 days per week.

I’ve heard they’re maxed out in the old Enron building. I’m trying to remember the last rumor I heard. Allegedly, they bought a lot of land on 99 near Bridgeland.

Thank God we’re just moving across the street. Greenway is an easy commute and there are a ton of good restaurants nearby. I need my lunches. 

Edited August 3 by billfromlaketravis

[billfromlaketravis 11784]

Great day to be a realtor or truck salesman in Midland. The CrownRock people got their checks yesterday. I know an engineer that got $300k. Mid 20’s. 

[Hate 20232]

30 minutes ago, billfromlaketravis said:

Great day to be a realtor or truck salesman in Midland. The CrownRock people got their checks yesterday. I know an engineer that got $300k. Mid 20’s. 

For what? 

[billfromlaketravis 11784]

4 minutes ago, Hate said:

For what? 

Oxy paid out every CrownRock equity owner yesterday.

[StassneyHorn 6755]

As someone new to the industry, can an expert explain how this happened with this hostile admin?

US oil production just hit a record high

• US oil production hit a record of 13.4 million barrels per day last week.

https://markets.businessinsider.com/news/commodities/us-oil-production-record-high-wti-crude-prices-energy-gas-2024-8#:~:text=US oil production notched an,for an 800%2C000-barrel increase.

[Hefeweizen 5416]

Tempted to neg for posting business insider links.  Fucking trash site.

[Blotto 23974]

2 hours ago, Hefeweizen said:

Tempted to neg for posting business insider links.  Fucking trash site.

They have some of the dumbest fucking "journalists" on the planet. One of the few sites where using AI 100% across the board would improve the content today.

[Hefeweizen 5416]

Plus Henry Blodget has always been a piece of shit.

[Hate 20232]

5 hours ago, Hefeweizen said:

Tempted to neg for posting business insider links.  Fucking trash site.

Go ahead and neg because he’s already been told several times what parts of the industry this administration is hostile towards. 

Edited August 9 by Hate

[Rex Kramer 1522]

This admin had been very hostile to energy. Granholm calmed down tremendously because she smartly realized her early attitude had been antagonistic and unhelpful. But they still did stupid shit like slow down future LNG projects. Any records we are setting aren’t records in fact, because the EIA changed the way they account for bopd. It’s also irrelevant to the Biden admin and has everything to do technology, drilling best wells and price environment to do so.

The hostilities will rear their heads when inability to explore in other areas result in higher commodity prices. I’m fine with this, and it will not likely occur into well into the next admin, where they will get blamed for it. It is a matter of time before the apples-to-oranges “records” we are setting from a domestic production standpoint stop and go down month after month. This will be apparent in the next 12 months I would bet. 

[Rex Kramer 1522]

Laugh all you want pal. If you post incendiary political bullshit I’ll just keep repeating myself. 

[StassneyHorn 6755]

Please, experts only

[StassneyHorn 6755]

2 hours ago, Hate said:

Go ahead and neg because he’s already been told several times what parts of the industry this administration is hostile towards. 

Their fee-fee’s?

[Rex Kramer 1522]

When this guy wades in here, his irrelevant political bait is akin to some idiot discussing his locale’s freezing weather in a global warming argument. 

[StassneyHorn 6755]

Literally none of your guesses are right, and you give yourself over a year timeframe to be graded.

Use freezing temps to argue for global warming? Swing and a fucking embarrassing, drop-to-your ankles miss.

Edited August 9 by StassneyHorn

[Rex Kramer 1522]

24 minutes ago, StassneyHorn said:

Literally none of your guesses are right, and you give yourself over a year timeframe to be graded.

Use freezing temps to argue for global warming? Swing and a fucking embarrassing, drop-to-your ankles miss.

Most of what I have posted is correct or turns out to be correct.  You’re just too simple to pay attention over time.  

I don’t understand your second paragraph and am not gonna try. You clearly didn’t understand the comparison I was drawing between you and cold weather in Dallas means global warming is a myth guy. To make it really simple, that’s you in this thread. I agree you are fucking embarrassing. 

[StassneyHorn 6755]

Yea I’m gonna argue cold weather means global warming, JC just listen to the dumb shit you put out.
You’ve been wrong countless times, you hedge every guess, then you expand the timeline you can be judged on. It’s embarrassing. Your false start on Nat Gas was the latest. You and your industry are as soft as the paper cups you spit in.

[Dutchrudder 11228]

On 8/2/2024 at 7:36 PM, billfromlaketravis said:

I’ve heard they’re maxed out in the old Enron building. I’m trying to remember the last rumor I heard. Allegedly, they bought a lot of land on 99 near Bridgeland.

Thank God we’re just moving across the street. Greenway is an easy commute and there are a ton of good restaurants nearby. I need my lunches. 

Current buildings are mostly maxed out, but there is a lot of redesign going on that will add more space by simply being more efficient. A lot of the spaces are now hybrid with 2 teams sharing it on a 2/3 basis. That's for the worker bees though, the C suite guys are getting some premium spots in the towers soonish. If the Hess merger ever closes, there is a giant tower next to Discovery Green that they will inherit too and I'm told it has an exceptionally long lease. 

Other options for space that make sense would be the old Continental Building, which CVX had leased about 25 floors for years until COVID hit. Now it's mostly empty, and just a garage for CVX and HPD. It's a nice building though, and it was the Omni HQ building in RoboCop 2 which is pretty cool. The old Exxon HQ is 2 blocks away and has been empty for years, which could also work with some significant buildout. There's also the empty green space from the old YMCA that they never developed, but I don't see them spending 100m+ to do that. That's going to be a decision for the next CEO, which will probably happen next year. The Bridgeland building is currently on hold until some other things are settled, it has not broken ground yet. 

I think the "move" is a bit overstated by people looking to shit on California though. The San Ramon campus was sold years ago and just exited officially in June. There is a new building with a 5 year lease nearby that will be the offices for those in California for the next several years. No one is being forced to move right now, and no relocation or early retirement packages are being offered to anyone outside the executive support staff. In the past those were the norm to encourage migration, but for now there is no urgency. I do however, know several people on SR that are actively looking for a new job elsewhere, because they don't want to move to Houston and they know it's coming. I can't blame them, but I think it's a bit early to panic. This is going to be more of a slow transition that ends around 2030. 

[Dr Fear 1286]

Current buildings are mostly maxed out, but there is a lot of redesign going on that will add more space by simply being more efficient. A lot of the spaces are now hybrid with 2 teams sharing it on a 2/3 basis. That's for the worker bees though, the C suite guys are getting some premium spots in the towers soonish. If the Hess merger ever closes, there is a giant tower next to Discovery Green that they will inherit too and I'm told it has an exceptionally long lease. 
Other options for space that make sense would be the old Continental Building, which CVX had leased about 25 floors for years until COVID hit. Now it's mostly empty, and just a garage for CVX and HPD. It's a nice building though, and it was the Omni HQ building in RoboCop 2 which is pretty cool. The old Exxon HQ is 2 blocks away and has been empty for years, which could also work with some significant buildout. There's also the empty green space from the old YMCA that they never developed, but I don't see them spending 100m+ to do that. That's going to be a decision for the next CEO, which will probably happen next year. The Bridgeland building is currently on hold until some other things are settled, it has not broken ground yet. 
I think the "move" is a bit overstated by people looking to shit on California though. The San Ramon campus was sold years ago and just exited officially in June. There is a new building with a 5 year lease nearby that will be the offices for those in California for the next several years. No one is being forced to move right now, and no relocation or early retirement packages are being offered to anyone outside the executive support staff. In the past those were the norm to encourage migration, but for now there is no urgency. I do however, know several people on SR that are actively looking for a new job elsewhere, because they don't want to move to Houston and they know it's coming. I can't blame them, but I think it's a bit early to panic. This is going to be more of a slow transition that ends around 2030. 

Negged for being knowledgeable, informative and non-political.

[Rex Kramer 1522]

18 hours ago, StassneyHorn said:

Yea I’m gonna argue cold weather means global warming, JC just listen to the dumb shit you put out.
You’ve been wrong countless times, you hedge every guess, then you expand the timeline you can be judged on. It’s embarrassing. Your false start on Nat Gas was the latest. You and your industry are as soft as the paper cups you spit in.

Provide links. You’re about to be on ignore by everyone in here. 

[StassneyHorn 6755]

Have literally already done that, in this thread, pages ago. Having me on ignore is another lie by you.

[Rex Kramer 1522]

23 minutes ago, StassneyHorn said:

Have literally already done that, in this thread, pages ago. Having me on ignore is another lie by you.

You copied posts by “Guest”. I had one major whiff in 2014 when I said oil would be back at $75 by Q3’15. On the old site. I challenge you to find just one incorrect thing I’ve said. One. 

[StassneyHorn 6755]

We all know who “Guest” was, and Beeper and the other usernames you’ve had in the in between. You have been wrong and late on Nat Gas this entire year and then managed to bungle beating your chest about the fundamentals changing.

Edited August 10 by StassneyHorn

[Rex Kramer 1522]

11 minutes ago, StassneyHorn said:

We all know who “Guest” was, and Beeper and the other usernames you’ve had in the in between. You have been wrong and late on Nat Gas this entire year and then managed to bungle beating your chest about the fundamentals changing.

I was early on natural gas but also said it probably wouldn’t start until winter which is why I gave myself a range of time that you’re so critical of. Do you not remember when I was openly questioning the thread on whether I should hedge?  I didn’t.  So I was early on gas and not late. I mean all you have to do is read my posts. I suspect you do not understand them. 

The fundamentals have and will continue to change. I’ve also said repeatedly it won’t be evident to the market, much less idiots like you, for awhile. I’ve been saying since I returned to the board (a year ago?) the fundamentals changing will be evident in ‘24 or ‘25. Gas will start before oil. The fundamental I study most is (domestic) supply. Marcellus and Haynesville have peaked. Bakken and Eagle Ford have peaked. Permian will probably in ‘25. 

[StassneyHorn 6755]

You absolutely missed the trough and the buildup, thumped your chest at the ytd high mark and we have seen you be silent since. Shouting fundamental change then saying fundamentals are constantly changing is legit lol

[Rex Kramer 1522]

3 hours ago, StassneyHorn said:

You absolutely missed the trough and the buildup, thumped your chest at the ytd high mark and we have seen you be silent since. Shouting fundamental change then saying fundamentals are constantly changing is legit lol

Been silent because been pretty busy. The bolded shows your comprehension is lacking sorely. First, of course these can both happen at the same time. “Fundamental” change is a trend. We’re going through one now. Even though I’ve stated what it is dozens of times, you probably have no idea what I’m talking about. Conflating any “fundamental change” usage with the obvious comment that fundamentals are always changing in some sort of gotcha moment is…special. Unless you change your tone and are interested in discussing/learning, this’ll be the last post of yours I respond to.  

[StassneyHorn 6755]

I literally read none of that. You’re not good at this.You are a bitch. Please feel free to extend this conversation in a DM. You are not qualified to talk on the topic, expert.

[Angry Gorilla 1771]

Can you guys just get a room already?

[YGIFS 19456]

On 8/2/2024 at 9:25 AM, Armybrat said:

Yep, ready to move in….

 

 

Is that the giant arc replica they built in Kentucky or Arkansas?  

[Armybrat 41319]

Kentucky, I think.

[Hefeweizen 5416]

9 hours ago, Angry Gorilla said:

Can you guys just get a room already?

I kind of think they want to fuck.

[Hefeweizen 5416]

9 hours ago, Angry Gorilla said:

Can you guys just get a room already?

I kind of think they want to fuck.

[Armybrat 41319]

13 hours ago, Hefeweizen said:

I kind of think they want to fuck.

 

13 hours ago, Hefeweizen said:

I kind of think they want to fuck.

Sounds like an orgy.

[tx 3 putt 78470]

Hopefully we can avoid a ME war: what’s wrong with the Saudis  ?

 

BREAKING: US crude oil production has officially hit a record 13.4 million barrels per day.

Daily oil production has increased by 22% over the last 4 years.

Since 2008, production has skyrocketed 350% from ~3.8 million barrels per day.

The US is now the world’s largest oil producer exceeding  Russia's output by ~35% and Saudi Arabia by ~38%.

The US is dominating global oil production.

 

 

 

 

[tx 3 putt 78470]

 

[Rex Kramer 1522]

14 hours ago, tx 3 putt said:

what’s wrong with the Saudis  ?

Their fields are in decline particularly Ghawar. 

14 hours ago, tx 3 putt said:

Daily oil production has increased by 22% over the last 4 years.

It hasn’t. It’s increased tremendously, no doubt, off of Covid lows, which makes the statistic less impressive, but it has increased over 2019 levels.  But that percentage increase is minuscule and the only reason we are setting records is because daily oil in 2019 was just that, whereas now the figure includes oil and refined product. I do not understand why the market doesn’t even talk about this. 

[The Royal We 3090]

55 minutes ago, Rex Kramer said:

 But that percentage increase is minuscule and the only reason we are setting records is because daily oil in 2019 was just that, whereas now the figure includes oil and refined product. I do not understand why the market doesn’t even talk about this. 

Where did you get this information? I did a little bit of digging and can't see any mention of refined products being included in the daily production metrics or when this methodology changed. This is the only thing I can find about changes being made to the way they compile data.

https://www.argusmedia.com/en/news-and-insights/latest-market-news/1069355-eia-to-change-crude-production-report-method

 

[Rex Kramer 1522]

17 minutes ago, The Royal We said:

Where did you get this information? I did a little bit of digging and can't see any mention of refined products being included in the daily production metrics or when this methodology changed. This is the only thing I can find about changes being made to the way they compile data.

https://www.argusmedia.com/en/news-and-insights/latest-market-news/1069355-eia-to-change-crude-production-report-method

 

This was dated 9 years ago. The change occurred in the last 2. I’ll look for it. Didn’t mean to say refined product as in gasoline. Talking about condensate. It has the net effect of inflating our daily production by like 500-800k bopd. 

[Dutchrudder 11228]

11 minutes ago, Rex Kramer said:

This was dated 9 years ago. The change occurred in the last 2. I’ll look for it. Didn’t mean to say refined product as in gasoline. Talking about condensate. It has the net effect of inflating our daily production by like 500-800k bopd. 

The main production page says exactly that, but shows it going back a decade. Unless you are saying the older numbers don't include or calculate condensate correctly, the point is moot. 

https://www.eia.gov/todayinenergy/detail.php?id=61545

[The Royal We 3090]

29 minutes ago, Rex Kramer said:

This was dated 9 years ago. The change occurred in the last 2. I’ll look for it. Didn’t mean to say refined product as in gasoline. Talking about condensate. It has the net effect of inflating our daily production by like 500-800k bopd. 

No offense, but this sounds like some copium you heard from a luncheon speaker at the DPC...

Here's another article that specifically mentions the EIA including condensate in their data back in 2015:

"It is also important to note that EIA's published estimates include lease condensate, while some tables that TRRC provides tabulate crude oil and lease condensate separately. Condensate accounts for about 15% of the total crude oil and condensate volumes produced in the state of Texas."

https://www.eia.gov/todayinenergy/detail.php?id=22012

[Rex Kramer 1522]

Goddamnit you’re gonna make me work here, aren’t you?  Why don’t you take my word for it. 

[Fudge Nuggets 19407]

On 8/9/2024 at 7:31 PM, StassneyHorn said:

Yea I’m gonna argue cold weather means global warming, JC just listen to the dumb shit you put out.
You’ve been wrong countless times, you hedge every guess, then you expand the timeline you can be judged on. It’s embarrassing. Your false start on Nat Gas was the latest. You and your industry are as soft as the paper cups you spit in.

$100 oil is right around the corner now that we have record production. Maybe next year. 

[Rex Kramer 1522]

15 hours ago, Fudge Nuggets said:

$100 oil is right around the corner now that we have record production. Maybe next year. 

The current price of crude at $78-80 is reasonably valued based only on commercial inventories. It is no coincidence oil bottomed in June 2023 when US stopped buying SPR, and it promptly rallied 20%. It has been volatile due to recession fears but crude consumption doesn’t go down in a recession. Without SPR we’d have remained at $100 or more for the last 2 years, absent some OPEC removal of cuts (that I am not sure they could supply anyway). 

I’m adamant about oil being higher and significantly higher for awhile from where we are now. 

And we’re not at record production. @The Royal We I’ll find you material and post here. I’m looking. Wasn’t a DPC rando luncheon speaker. 

[Fudge Nuggets 19407]

1 minute ago, Rex Kramer said:

I’m adamant about oil being higher and significantly higher for awhile from where we are now. 

Well, at some point oil is going to find a floor and go up.  When you revise your timing every few months you will eventually be right and be able to spike the ball.

Congrats on your upcoming victory... when, who knows?

[The Royal We 3090]

3 minutes ago, Rex Kramer said:

The current price of crude at $78-80 is reasonably valued based only on commercial inventories. It is no coincidence oil bottomed in June 2023 when US stopped buying SPR, and it promptly rallied 20%. It has been volatile due to recession fears but crude consumption doesn’t go down in a recession. Without SPR we’d have remained at $100 or more for the last 2 years, absent some OPEC removal of cuts (that I am not sure they could supply anyway). 

I’m adamant about oil being higher and significantly higher for awhile from where we are now. 

And we’re not at record production. @The Royal We I’ll find you material and post here. I’m looking. Wasn’t a DPC rando luncheon speaker. 

 

I really enjoyed going to the DPC luncheons every month years ago, but looking back on some of the subject matter and speakers is a little cringy. The engineer who spent his  free time researching Global Warming as a hobby gave us a talk about how the climate wasn't really changing, the grizzled industry veteran who said something to the effect of "there's only ever been one Ghawar field, only one Prudhoe Bay, only one Spindletop, and there will only ever be one Barnett Shale (mic drop)", the engineer that said there's no chance that wind and solar will ever make a meaningful contribution to the electricity mix, etc.

"We're not at record production" when all of the data I've seen pretty clearly shows that we are, in fact, at record production sounds like something you heard there. But I'll take your word for it, wait patiently, and consider any information you have to the contrary with an open mind.

[Rex Kramer 1522]

13 minutes ago, Fudge Nuggets said:

Well, at some point oil is going to find a floor and go up.  When you revise your timing every few months you will eventually be right and be able to spike the ball.

Congrats on your upcoming victory... when, who knows?

Imminently with caveat for election and severe recession. I haven’t revised anything on crude price prediction since I was wrong on Shaggy on oil recovering to $75 by Q3’15. I was 3 years off. If I’m wrong, show me the post. 

2 minutes ago, The Royal We said:

 

I really enjoyed going to the DPC luncheons every month years ago, but looking back on some of the subject matter and speakers is a little cringy. The engineer who spent his  free time researching Global Warming as a hobby gave us a talk about how the climate wasn't really changing, the grizzled industry veteran who said something to the effect of "there's only ever been one Ghawar field, only one Prudhoe Bay, only one Spindletop, and there will only ever be one Barnett Shale (mic drop)", the engineer that said there's no chance that wind and solar will ever make a meaningful contribution to the electricity mix, etc.

"We're not at record production" when all of the data I've seen pretty clearly shows that we are, in fact, at record production sounds like something you heard there. But I'll take your word for it, wait patiently, and consider any information you have to the contrary with an open mind.

[Rex Kramer 1522]

8 minutes ago, The Royal We said:

 

I really enjoyed going to the DPC luncheons every month years ago, but looking back on some of the subject matter and speakers is a little cringy. The engineer who spent his  free time researching Global Warming as a hobby gave us a talk about how the climate wasn't really changing, the grizzled industry veteran who said something to the effect of "there's only ever been one Ghawar field, only one Prudhoe Bay, only one Spindletop, and there will only ever be one Barnett Shale (mic drop)", the engineer that said there's no chance that wind and solar will ever make a meaningful contribution to the electricity mix, etc.

"We're not at record production" when all of the data I've seen pretty clearly shows that we are, in fact, at record production sounds like something you heard there. But I'll take your word for it, wait patiently, and consider any information you have to the contrary with an open mind.

People say stupid shit. I get speakers for that deal now, and I think we have upgraded considerably. I got Sheffield and Double Eagle and Black Mountain and some high profile small/midcap investment bankers you’d know specializing in A&D just this year. Having said that, there is one Ghawar and I doubt it’ll ever be repeated. The Barnett comment was monumentally stupid. However, renewables have terrible energy returns on investment. All renewable streams. Terrible. There will likely be a walk back of their % of the mix. 

I found my research article. How do I upload PDFs here without taking 4 separate pics and uploading them?