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Hey Oil Barons.......

936horn

By 936horn
in Business and Markets

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Pescado_Rojo
Pescado_Rojo

I bet you could score a Lafayette 10 for a mani/pedi gift card and a pound of boudin right now.  I was sitting in a Starbucks by the med center in Laffy once, and a brand new white Escalade, lift

Rimbo
Rimbo

If you're Trump right now, you're watching Fox News, eating a cheeseburger, and getting mad about the lyin' media and preparing your next tweet about how some lupus treatment should be given to your s

fattyflattie
fattyflattie

My time finally came last Friday AM. I have survived around a dozen, give or take 1-2, since ‘08.  I was consulting for a project set to go in ‘22, but with all the uncertainty, it sounds like they’ve

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Eastwood

Eastwood 4394

Posted
Posted
1 minute ago, Archer said:

Best of luck. Any ideas what your next steps are? 

I already did a career "hedge" so to speak that will kick-off next year, so this will probably be my last rodeo at this level. If I can come back in a different capacity, the price is always right, but I won't be exclusively oil and gas ever again, if I can help it.

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Archer

Archer 474

Posted
Posted
16 minutes ago, PappyVanVinceYoung said:

Cash prices getting crushed right now. Going to be massive shut ins over the next two months. Talking negative prices in Wyoming. Close to that for all of the Bakken Canada. Midland realized pricing falling below $10 right now. 

Will be interesting to see how the SIs affect the rebound once we get back to some sort of normal after Corona. Will the reduced supply speed up price increases? I know refineries are taking capacity offline so some operators will be forced to SI. 

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Archer

Archer 474

Posted
Posted (edited)
6 minutes ago, Hate said:

As of today, I am officially out of the oil field. Good luck to all of you Barons. I hope oil returns to $100 a barrel and you all have jacked up F250s and bay boats in your future.

Well shit this thread is going to turn into LinkedIn for me where I stay away to avoid all of the lay-off notices. 
 

Sorry to hear hopefully your are as prepped as @Eastwood

Edited by Archer
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ChiTownDoc

ChiTownDoc 21098

Posted
Posted (edited)

Edit: Not the time for jokes yet.  When you bastards are back at $60 barrels I'll post my jokes.  And we know it's happening...hope as many of you can hang in as you can.  And to the ones that are forced to find something else...you're probably the blessed ones.  

Edited by ChiTownDoc
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ChiTownDoc

ChiTownDoc 21098

Posted
Posted
9 minutes ago, Hate said:

As of today, I am officially out of the oil field. Good luck to all of you Barons. I hope oil returns to $100 a barrel and you all have jacked up F250s and bay boats in your future.

Well shit.  I posted snark and missed this.  I will say the overall economy will be fine once we open shit up and you’ll be good to go.  Old man was in oil in the early 80’s before that big crash - never went back either.  And no ragrets. 

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Hate

Hate 20103

Posted
Posted

I got laid off last year. I just hadn’t found anything. I was trying to pivot away from IT manager stuff to Project Manager and it took a while to find something. I had applied at some O & G companies, but I started a new job with IT company here in The Woodlands today. I’m glad to be out of the oil field for good. I don’t know that I’ll ever take another job with an O & G company again.

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Fudge Nuggets

Fudge Nuggets 19149

Posted
Posted
1 hour ago, ChiTownDoc said:

Can we change the title to ‘Hey, Oil Serfs......’?

Fuck you.  There's a lot of hard working people and others like me that waste all their time on the internet that weren't lucky enough to cash in their 401k's at 2,850 (as you fucking remind us about constantly) and buy put options immediately after and cash those in at the absolute bottom like yourself.

Two words.

FUCK

YOU

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Fudge Nuggets

Fudge Nuggets 19149

Posted
Posted
1 hour ago, Hate said:

I got laid off last year. I just hadn’t found anything. I was trying to pivot away from IT manager stuff to Project Manager and it took a while to find something. I had applied at some O & G companies, but I started a new job with IT company here in The Woodlands today. I’m glad to be out of the oil field for good. I don’t know that I’ll ever take another job with an O & G company again.

Well done good man, well done.  I got dumped out of the oilfield back in the late 90's bust ('98? or so).  Vowed I would never go back, but hey 2003 until today I've been back.  This time when I get dumped I figure that will be it because over 40 and all.

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ChiTownDoc

ChiTownDoc 21098

Posted
Posted
9 minutes ago, Fudge Nuggets said:

Fuck you.  There's a lot of hard working people and others like me that waste all their time on the internet that weren't lucky enough to cash in their 401k's at 2,850 (as you fucking remind us about constantly) and buy put options immediately after and cash those in at the absolute bottom like yourself.

Two words.

FUCK

YOU

Calm the fuck down you dumb motherfucker. I already apologized to those affected .  And they don’t need your blessed ass sticking up for them.  I can assure you that.  I was wearing pink shoes to school after ‘86 so why don’t you stfu about the pains this industry can dish out.  Bitch. 

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Fudge Nuggets

Fudge Nuggets 19149

Posted
Posted
15 minutes ago, ChiTownDoc said:

Calm the fuck down you dumb motherfucker. I already apologized to those affected .  And they don’t need your blessed ass sticking up for them.  I can assure you that.  I was wearing pink shoes to school after ‘86 so why don’t you stfu about the pains this industry can dish out.  Bitch. 

My bad and apologies.  Eastwood's post was the last post on the previous page and when I saw your post I went into "ill advised rant" mode.  Not trying to suck up, because who gives a shit?  But I've liked your posts for years

Then lately it seems you come across as bragging about timing things so perfectly (but hell, it's the surl, right?) then you make a snarky comment about us 'serfs'.  I went after it before scrolling down to see your follow up. 

Again, my bad.

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Cacti

Cacti 191

Posted
Posted
8 hours ago, Dr. Beeper said:

They (Saudis) have hired these people with express intent of crushing our world.

 

3 hours ago, Armybrat said:

Fuck those goatherds and that Russian KGB thug.

Both Saudi Arabia and Russia are making an effort to gut U.S. oil companies. There aren’t many sanctions left with which to threaten Russia, but the Saudis only exist because of our protection. As far as I’m concerned, they can stop flooding the market or else they can deal with Iran by themselves.

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Eastwood

Eastwood 4394

Posted
Posted
27 minutes ago, Dr. Beeper said:

Where were you and what did you do?  I’m sorry to hear about it. 

Can't give specifics in order to protect the client, but I was on the land side of things. The first domino to fall, always.

Thanks for all the well wishes. As I mentioned, instead of using this "boom" to chase the dollar, I used this one to dump money into preparing for a future career elsewhere, if necessary. It's nerve wracking, but all I can do is remind myself that this was "priced in" when I signed back on. Good luck and God speed to the rest of you.

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ChiTownDoc

ChiTownDoc 21098

Posted
Posted
17 minutes ago, Fudge Nuggets said:

My bad and apologies.  Eastwood's post was the last post on the previous page and when I saw your post I went into "ill advised rant" mode.  Not trying to suck up, because who gives a shit?  But I've liked your posts for years

Then lately it seems you come across as bragging about timing things so perfectly (but hell, it's the surl, right?) then you make a snarky comment about us 'serfs'.  I went after it before scrolling down to see your follow up. 

Again, my bad.

All good - sorry it hit a sore spot with me and I immediately regretted posting the joke when I saw people were hurt.  I'll edit it now if I can.  But I definitely know pain in O&G.  I remember the very last time my dad took his boots off.  He swore he'd never put em on again...meaning he was done with the fields.  And he kept that promise. 

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Fudge Nuggets

Fudge Nuggets 19149

Posted
Posted
3 minutes ago, ChiTownDoc said:

All good - sorry it hit a sore spot with me and I immediately regretted posting the joke when I saw people were hurt.  I'll edit it now if I can.  But I definitely know pain in O&G.  I remember the very last time my dad took his boots off.  He swore he'd never put em on again...meaning he was done with the fields.  And he kept that promise. 

Good for him.  My dad was in the oilfield overseas on rotational assignments and told his best buddies no way in hell he would let his kid (me) get into this industry.  Welp, here I am waiting for my official notification.  Still hoping the "New phone, who dis?" ploy when the boss man calls can buy me at least one more pay check.

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Chewbacca

Chewbacca 7730

Posted
Posted
I'm not sure a company like that can cover interest nevermind principal. The banks cant really do much. They don't want to takeover the assets. They will kick the can and that's about it.
If you owe a million dollars, you have a problem. If you owe a billion dollars, the bank has a problem.
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Hate

Hate 20103

Posted
Posted
3 hours ago, Eastwood said:

Today was my last day, boys. See you next boom.

You must have posted this while I was typing my reply.  Damn, good luck to you Eastwood.  Once the dust settles, we should do a Houston area cocktail night to commiserate the last few months.  I wish nothing but the best for you and your family.  It sounds like you've planned for this for a while, so i hope you can use your downtime to recharge a but before you get back into it.  I was finally lucky to land a job before there are 10,000 other qualified applicants on the market.  Believe it or not, the job market was a lot tighter than anyone has been willing to admit. 

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Heisenberg

Heisenberg 162

Posted
Posted (edited)
11 hours ago, Hate said:

I’m glad to be out of the oil field for good. I don’t know that I’ll ever take another job with an O & G company again.

Don't take another job in E&P unless you want to get laid off again.  The older you get,  the harder it will be to find that next job, and/or the harder it will be to make a transition to another industry.

And parents: DO NOT allow your children to seek petroleum engineering degrees when the next boom occurs and enrollment surges because there is a shortage of petroleum engineers at that time and it once again becomes the highest paying BS degree.  People about to graduate this year entered during 2016 prices, there were jobs then, but now in 2020, it will be a rarity for any BSPE graduate to find a job in O&G.  It is no way to live, up and down at the whims of a market driven by scum like MBS and Putin, and living on savings between jobs.  BTDT, recently retired from it.  Fuck that noise.

Edited by Heisenberg
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PappyVanVinceYoung

PappyVanVinceYoung 85

Posted
Posted
12 hours ago, Archer said:

Will be interesting to see how the SIs affect the rebound once we get back to some sort of normal after Corona. Will the reduced supply speed up price increases? I know refineries are taking capacity offline so some operators will be forced to SI. 

I think it will ensure that the very bottom of this doesn’t last long. I’m thinking a one to two month bottom. I don’t think the rebound will be that great though. Say we bottom out at $10 for a month and then quickly rebound to $25.

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CHIEF

CHIEF 5072

Posted
Posted

I was chased out of the business in 2014-15, and went into Real Estate. As a landman, however, I can't remember ever writing up a contract that didn't allow you to pay a shut-in fee to the Lessors. It usually wasn't very significant. The idea being that the cheapest storage was to just leave the reserves in the ground.I would assume most contracts give this ability to the Operators. Does anyone know of any producers that don't have this clause?

 

CHIEF

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Archer

Archer 474

Posted
Posted
37 minutes ago, CHIEF said:

I was chased out of the business in 2014-15, and went into Real Estate. As a landman, however, I can't remember ever writing up a contract that didn't allow you to pay a shut-in fee to the Lessors. It usually wasn't very significant. The idea being that the cheapest storage was to just leave the reserves in the ground.I would assume most contracts give this ability to the Operators. Does anyone know of any producers that don't have this clause?

 

CHIEF

I  not sure if all BLM and state leases provide for SI payment clauses. 

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Dr Fear

Dr Fear 1265

Posted
Posted
34 minutes ago, Archer said:

I  not sure if all BLM and state leases provide for SI payment clauses. 

Any recent BLM Lease has a 10 year term, so they can just sit this out depending on the makeup on their drilling units. I just looked at a few older BLM leases that are in the secondary term and none of them provided for shut in except for re-work, maintenance etc.  The BLM owns the vast majority of Wolfcamp interests in southern Eddy and Lea County, NM.  

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Archer

Archer 474

Posted
Posted (edited)
26 minutes ago, Dr Fear said:

Any recent BLM Lease has a 10 year term, so they can just sit this out depending on the makeup on their drilling units. I just looked at a few older BLM leases that are in the secondary term and none of them provided for shut in except for re-work, maintenance etc.  The BLM owns the vast majority of Wolfcamp interests in southern Eddy and Lea County, NM.  

That’s what I was thinking on the SI. There are lots of old strippers holding BLM leases all over SENM. I think state of NM leases have a 60 day production cessation clause unless there are takeaway issues, maybe the refineries scaling back would fulfill that clause. 

Edited by Archer
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Dr Fear

Dr Fear 1265

Posted
Posted
That’s what I was thinking on the SI. There are lots of old strippers holding BLM leases all over SENM. I think state of NM leases have a 60 day production cessation clause unless there are takeaway issues, maybe the refineries scaling back would fulfill that clause. 
If I were negotiating leases right now, I would start putting in shut in clauses based on the price of oil.
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CHIEF

CHIEF 5072

Posted
Posted
1 hour ago, Dr Fear said:
2 hours ago, Archer said:
That’s what I was thinking on the SI. There are lots of old strippers holding BLM leases all over SENM. I think state of NM leases have a 60 day production cessation clause unless there are takeaway issues, maybe the refineries scaling back would fulfill that clause. 

If I were negotiating leases right now, I would start putting in shut in clauses based on the price of oil.

It would be easy to write, and after this crash, along with the virus issue, I would think Lessors would consider it.

Something along the lines of " if, at any time, crude prices drop below a level to operate the lease wells at a "profit", including transportation, marketing, and other associated costs. The Lessor agrees to take $$$$ in fee simple, to allow a cease in production, and consider the wells as "shut-in". The Lessee agrees to maintain all equipment in a "ready for production" state, so that production can resume as soon as market price dictates.

CHIEF

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tx 3 putt

tx 3 putt 76352

Posted
Posted
1 hour ago, Schulz2.0 said:

I work at a refinery. We're about to shut units down because demand is so low we're filling up all our finished products storage tanks. It's very possible that they start furloughing or laying folks off in the next few weeks. Shitty.

not good, if the refineries shut down - i slow down 

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FartingMonk

FartingMonk 3606

Posted
Posted

Well, Exxon Baytown looks like they just shutdown whether they liked it or not as of 20 minutes ago.  Substation blew a tranny.  It blipped our lights for a second.  But it looks like it rocked the shit out of them.  Their flares are lighting up the sky.  They might just decide that's it.  Leave the motherfucker down

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Johnny Chimpo

Johnny Chimpo 478

Posted
Posted

Damn. That’s crazy. Surly assholes reporting oil market moves in real time. 

7 minutes ago, FartingMonk said:

Well, Exxon Baytown looks like they just shutdown whether they liked it or not as of 20 minutes ago.  Substation blew a tranny.  It blipped our lights for a second.  But it looks like it rocked the shit out of them.  Their flares are lighting up the sky.  They might just decide that's it.  Leave the motherfucker down

 

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Planet Houston

Planet Houston 4923

Posted
Posted
9 minutes ago, FartingMonk said:

Well, Exxon Baytown looks like they just shutdown whether they liked it or not as of 20 minutes ago.  Substation blew a tranny.  It blipped our lights for a second.  But it looks like it rocked the shit out of them.  Their flares are lighting up the sky.  They might just decide that's it.  Leave the motherfucker down

Damn...paging @Jshep34, you good buddy?

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