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9 hours ago, tx 3 putt said:

Might rhyme with h-Exxon 

H-Exxon CEO said they wanted undeveloped average not PDP in the Delaware, I’m not sure Devon fits that description. 

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Exxon wouldn’t merge with Devon, they’d acquire Devon. Exxon is a major. It doesn’t merge. 

Devon would merge with someone like Marathon or Conoco 

Speaking of Oil Barons, Dallas seasons 2-14 are available on some app called IMDB Freedive. I'm watching it now. Highly recommended. 

I've heard about Jock's bad assery for years, it's nice to finally see it. 

I’d enjoy reading any shit talk about Parsley anybody wanted to post.

Any non op investors on here?  We are looking at a deal and trying to raise the funds to acquire, quick close, operated assets, ~200 bbls per day, easy low capital upside.  Buying on pdp only, PM me for more details and a CA if you are interested.  Timing is tight as we are trying to get capital commitment by May 31. 

7 hours ago, MAUFRAIS said:

I’d enjoy reading any shit talk about Parsley anybody wanted to post.

Why pray tell?

Any non op investors on here?  We are looking at a deal and trying to raise the funds to acquire, quick close, operated assets, ~200 bbls per day, easy low capital upside.  Buying on pdp only, PM me for more details and a CA if you are interested.  Timing is tight as we are trying to get capital commitment by May 31. 

Valuing PDP on PV12? Just curious.
23 hours ago, Archer said:

H-Exxon CEO said they wanted undeveloped average not PDP in the Delaware, I’m not sure Devon fits that description. 

Cross Cimarex, Diamondback, and Concho off the list. 

3 minutes ago, Dr. Beeper said:

All of those companies have significant amounts of undeveloped acreage. 

Yeah, but it is enough for the XOM?

Shell buying Endeavor seems inevitable at this point. 

Edited by billfromlaketravis

1 hour ago, Dr. Beeper said:

This downtick better be a blip. 

It's almost as if the price keeps getting trumped by something larger. 

We were lucky that our Bakken crude sold for $59/bbl this month before the dip. Guess the royalty check will be a bit smaller next month..... if they actually cut one.

Baseless prediction time:

Pioneer and Parsley merge.  Daddy Sheffield just took the reigns back at Pioneer, but with the Jr. Sheffield out of the way at Parsley and dad having stepped aside, it looked like it was clearing the way for a merger that wouldn't be based wholly and completely on nepotism (even though that's exactly what it would be).  

Remember when Oil prices were at $65 and everyone was happy and stable. Then Trump happened...again. I member 

Finally my business idea of corn-fracking will take off.  

You see, instead of planting corn vertically, we'll plant it horizontally.  

Edited by Lobo

4 minutes ago, tx 3 putt said:

Win for farmers 

I guess given the circumstances MAGA had to give them something, but numerous studies have shown that 100% petroleum gasoline is better for your engine. 

Win for farmers 


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more of a trade off for tanking ethanol credits during his presidency than anything else I’d say. the 2016 dip correlates to him winning the presidency and campaigning on the premise that he’d dismantle the whole ethanol credit program. the subsequent rally was the hope that Grassley/Ernst would reign him in - you can see how effective that was.

don’t see how it’ll create any appreciable more demand for ethanol though.

I'm more frustrated with the proposed coal and nuclear subsidies. You can't push "Freedom Gas" out of one side of your mouth and coal/nuclear subsidies out the other side. Either it's profitable or it's not. Don't prop up dying industries. If you need a back up for the grid, just throw a bunch of already produced coal in cave.

I'm an oil and gas guy, but I guess I'm cool with solar. It's not an eyesore and doesn't kill birds like wind. If we can figure out a way to not buy so many solar panels from China, it could be a good thing some day. I hate paying electric bills too. 

Edited by billfromlaketravis

4 minutes ago, Storm the Field said:

Freefall from $63 down to $51 in the span of only 2 weeks. Yeesh.

Yep.  Got some stocks trading at 2 P/E right now.  Unreal how WTI and the stocks have been battered this last month.  

I was thinking we found some support at $53. That's gone.

I haven't seen the refinery throughput for the last few weeks.  This looks like one of those crazy months long setups where the weekly reports are horribly skewed and we're on the precipice of a run of massive drawdowns because of refinery throughput variance.  

Yep.  Got some stocks trading at 2 P/E right now.  Unreal how WTI and the stocks have been battered this last month.  


carrizo at 1.75 and DNR at 2.2.

You gotta buy, right? Right? RIGHT?

Apparently I should have sold my ESV prior to it dropping to $8 from my (post-split) $35 cost basis.  Kee-rist.  I gotta pay more attention.  That one was in the long term bucket.

20 minutes ago, jimmyjazz said:

Apparently I should have sold my ESV prior to it dropping to $8 from my (post-split) $35 cost basis.  Kee-rist.  I gotta pay more attention.  That one was in the long term bucket.

I had a bunch as well.   I sold it at about 15.75 post split after a lot of extreme volatility the days following the split.   Glad I did.   Not so happy about watching CHK trading in the $1.90’s again.   I’m at about 2.88 average on it.  Was there a mere 3 weeks ago 

At some point these HAVE to be good buys on plays like ESV, though . . . right?

10 minutes ago, jimmyjazz said:

At some point these HAVE to be good buys on plays like ESV, though . . . right?

Im at a loss, literally and figuratively.   I’d like to think so   But fuck.   It’s a never ending shit show.  

Just now, Dr. Beeper said:

What is the allure of a relatively small British offshore producer?

Just the offshore play going forward.

What is the allure of a relatively small British offshore producer?
Well it's a driller not producer but yeah that's not a great market going forward.
Anyone have any Mid-Cush basis forecast insight now that that has calmed down?
It's pretty much back to par.

Anyone know anything about CGS Operating, LLC.  Appears to be a brokerage bunch out of Decatur or possibly Tyler.  They are leasing a large block of acreage in far northern Midland Basin in an area that I foolishly thought was out of the unconventional plays.  I'm curious who they are leasing for.  Looks like they just busted up a small conventional drilling deal we were in the process of putting together. Lovely...

I'm seeing pain everywhere from my clients, especially in OK and GOM shelf/state waters.  If we go into a recession and commodity prices continue to fall it's going to be a f'n bloodbath.

30 minutes ago, The Royal We said:

I'm seeing pain everywhere from my clients, especially in OK and GOM shelf/state waters.  If we go into a recession and commodity prices continue to fall it's going to be a f'n bloodbath.

Correct 

there’s a shit ton of petro chem / refinery / lng expansion in the pipeline and China is the main market 

I think commodities could actually be the lead into a recession this go round 

I've been through a few cycles but this one feels different because of all the changes to the PE model in the E&P space.  In past slowdowns there seemed to always be a pile of PE money that was ready to jump in and scoop up deals at depressed prices.  But those off-ramps are few and far between - especially in the water.  There's going to be a lot of junk that ends up in the state's lap for both LA and TX.  It's depressing to think about how many abandoned well bores and facilities are going to be left out there with no operator and no state funds available to P&A/decommission.

30 minutes ago, The Royal We said:

I've been through a few cycles but this one feels different because of all the changes to the PE model in the E&P space.  In past slowdowns there seemed to always be a pile of PE money that was ready to jump in and scoop up deals at depressed prices.  But those off-ramps are few and far between - especially in the water.  There's going to be a lot of junk that ends up in the state's lap for both LA and TX.  It's depressing to think about how many abandoned well bores and facilities are going to be left out there with no operator and no state funds available to P&A/decommission.

Well, we are relatively fresh off the last downturn. Everyone who kept their powder dry in '14 and '15 unloaded it all in '16 and '17. I'd be surprised if there was much capital left for M&A in the event of another downturn so quickly after the last one.

Great point.  I do think there is still a decent amount of dry powder in the PE funds, but the lack of available exit strategies has them gun shy.  They are going to have to actually build sustainable operating companies instead of drilling a couple dozen wells and flipping it out to someone else.

2 hours ago, Dr. Beeper said:

I’m bullish on buying conventional PDP because of the valuations (PV15-18). To The Royal We’s point, I wouldn’t be doing it to flip. I’d be building a small operating company. 

There are assets that cash flow available for 2.5x, 3.0x cash flow. That intrigues me. I’m concerned about price, but, would hedge the hell out of my volume. Y’all poke holes in the strategy. 

My biggest concern as a small operator would be regulatory changes after 2020 on fugitive methane emissions causing expensive retrofits on existing facilities. 

30 minutes ago, Dr. Beeper said:

I’m looking at a deal now - about to make offer - that literally produces no gas. 

How volatile is the oil? I see more problems with flash off the Oil tanks than from produced gas. 

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