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Featured Replies

4 hours ago, Storm the Field said:

WTI closes out the day with a nearly 24% increase to $25.28. 

 

Agj8K3.mp4

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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

  • 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

Posted Images

sentimental 5280 time.  through the last 2 downturns i was young and gave no fucks, out of a combination of naivete, arrogance, and sociopathy. 

now that aging has morphed those into intuition, pragmatism, and empathy..... and im seeing people/colleagues drop around me, it like triply sucks... the office got hit this week and more is to come

Edited by 52-80

Shell just sold it’s Marcellus/Utica assets to National Fuel Co

 

I don't know if this goes here or the #stonks thread ...

But I bought some SCO calls yesterday, this price climb can't continue much further

3 minutes ago, Trey3216 said:

Natgas, damn. 

The daily swings are nuts.  

20 minutes ago, Neonmoon said:

Concho having layoffs

This will hit close to home, I have prob two dozen friends that work there.

Where did you hear about it?

23 minutes ago, BTW said:

This will hit close to home, I have prob two dozen friends that work there.

Where did you hear about it?

no surprises

 

2020 Outlook Update

  • Further reducing planned capital expenditures to $1.6 billion, representing a 40% decrease from the Company’s initial capital spending expectations for the year.
  • Targeting $100 million in operating and G&A cost reductions.
1 hour ago, BTW said:

This will hit close to home, I have prob two dozen friends that work there.

Where did you hear about it?

Looks like its just offering early retirements now but some thinks layoffs coming next

FYI I own a really nice rental home in Sugar land. I have tenants under contract thru March of 2021. If anyone wants to buy that house, I might sell it so I can redeploy the money to hill country rental houses.

Final total of people cut at HAL in Houston reported at ~1k, per my news ticker on thinkorswim.

2 hours ago, Eastwood said:

Final total of people cut at HAL in Houston reported at ~1k, per my news ticker on thinkorswim.

I was forwarded an email from a buddy that works at HAL that made it sound like their bloodletting is over for now.  A thousand people cut is a lot.

On 5/6/2020 at 8:26 AM, BTW said:

I don't know if this goes here or the #stonks thread ...

But I bought some SCO calls yesterday, this price climb can't continue much further

This has worked the last two days.  Buy SCO (triple levered oil bear ETF) in the morning when oil is up, sell in the afternoon when it goes back down. 

There doesn't seem to be anything fundamental about why prices are where they are.  Is this speculation, manipulation, irrationality, something else?  Is the idea that too much has been shut-in or curtailed, or just investors thinking the demand side is looking better?

Dropped 33 oil rigs and 1 gas rig this week. Down to 374 total. 614 less than the same week last year. 419 less than when shit started hitting the fan the first weekend of March 2020. 

We've officially reached the lowest level of drilling activity in the 33 year history of the rig count and still have more room to drop. Just totally unprecedented situation here.

Saw yesterday that Apache started the year with 21 rigs active in the Permian, they're currently down to 1 and are laying it down after finishing its current well. No plans to do any further drilling or completions in the Permian for the rest of 2020. 

Why should we defend their oil supply while they intentionally flood the market? All that oil is worthless now anyway. Don’t need Patriot missiles to defend something with the value of a ‘92 Oldsmobile.

Yup, I'm good with it.

Good luck with Iran fellas!

Rigs down to 374 

292 oil

80 gas 

2 misc 

What’s the record again?

Rigs down to 374 
292 oil
80 gas 
2 misc 
What’s the record again?


0. Sometime in the 1800’s.
10 hours ago, Dr. Beeper said:

I don’t think our removal of troops from Saudi’s facilities tells much at this time. They were moved there about a year or nine months ago specifically after Iran did what they did.  It’s not like it was a longtime installation. I think trying to show Saudi who’s boss right now would be foolish as they’re apparently complying with the cuts. But of course Trump makes some murky comments that are idiotic. 

Saudis are late with their payment or the price went up, that's how I'm reading this 

I think gas is still oversupplied and will be for a while. Idiots see that $3 and start chasing that bump with wells 

Unfortunately we don’t have the right people currently in place to handle this mess 

It’s going to be a shitty summer in o/g 

I only hope to be employed until the Fall 

 

Quote

Chesapeake Energy Corp said it would prepay a total of $25 million in incentive compensation to 21 top executives to ensure they are motivated, even as it prepares to file for bankruptcy protection to tackle its nearly $9 billion debt pile.

The Oklahoma City-based company, co-founded by late wildcatter and outspoken natural gas proponent Aubrey McClendon, has been struggling with an unprecedented rout in oil and gas prices, as the coronavirus-driven economic downturn saps energy demand. Reuters reported last month that Chesapeake was in discussions to line up bankruptcy financing.

The move comes as investors are closely monitoring executive pay at struggling energy firms after Whiting Petroleum Corp and Diamond Offshore Drilling changed incentive programs for their senior management teams in the days before filing for Chapter 11 last month to award them cash sums.

"The board and compensation committee, with the advice of their independent compensation consultant and legal advisors, determined that the historic compensation structure and performance metrics would not be effective in motivating and incentivizing the company's workforce," Chesapeake said in a regulatory filing published on Friday.

Seems par for the course for the executive team that got them into this mess in the first place. Wouldn't want to risk losing that crack staff. No fucks given. 

3 hours ago, Fudge Nuggets said:

Cool, KSA vows to cut 1 MMbpd in June.  I guess we should believe them this time.

UAE (100K) and Kuwait (80K) also announced extra June cuts.

33 minutes ago, Parliament said:

Stuff like that makes me think Bernie Sanders might be right (no CR).

Seeing stuff like that makes a lotta folks think that Bernie is a half-measure, and guillotines should be constructed in short order.  Amazing stuff to watch.  And I mean, you need bonuses to retain those folks?  Where are they gonna go?  Other petroleum companies out there on a hiring binge?  Come on.

Apparently Iran hit one of their own warships with a launched missiles.  19 dead.

 

wasthatwrong.gif 

29 minutes ago, Trey3216 said:

Apparently Iran hit one of their own warships with a launched missiles.  19 dead.

 

wasthatwrong.gif 

So they have one left now?

9 hours ago, tx 3 putt said:

shale drillers are already opening up wells  lulz im sure the russians and opec will also find this funny

https://finance.yahoo.com/news/shale-drillers-already-reopening-oil-222844182.html

Headline doesn't really match the actual quote from Energy Transfer's CEO.

However, how it's impacting our assets in a couple of ways is we-for example, in our G&P assets, we have had some volumes shut in. However, just to give an example, in the Midland Basin, we've had about 8% of the volumes shut in. That was beginning of May.

And as of today, we've seen about 25% of that turn back on.

≠ "shut-in oil wells being turned back on."

 

Had this exact conversation with a friend in the gathering business late last week.  He said customers that had "shut everything in" were already calling last week asking if they can nominate some barrels mid-month.

On 5/11/2020 at 11:41 AM, Trey3216 said:

Apparently Iran hit one of their own warships with a launched missiles.  19 dead.

 

wasthatwrong.gif 

lob-suic.gif?resize=426,224&ssl=1

Edited by Cajun

Comm. Craddick just laid it on a little thick in her statewide interview over lunch with the, "We looked at proration, we knew it happened 50 years ago, we wanted to see if it was a viable option...but we couldn't find anybody that was involved the last time we did it.  We didn't know what it would actually look like if we did it"  She said some version of this 5x during the interview.  She reminded me of Mrs. Seinfeld at Del Boca Vista when Elaine pleads with her over and over again to turn on the A/C, "What?  You're cold?  I'd turn it on, but I don't even know how to work it." But yeah, I'm donating to her again, she was a little too over the top in her explanation.  /rant.

Edited by Lobo

27 minutes ago, Dr. Beeper said:

I had heard the inverse of this, I think.  That marketing companies that cancelled May contracts were now coming back for June with favorable terms because storage is not nearly as dire as feared.

I think the confusion is the difference between gatherer and marketer.

Gatherer, my friend's company, takes barrels directly from the E&P and pipes them to a sales point in either Midland or Ft. Stockton or similar.  The Marketer, Plains, et al, takes it from there to the ultimate sales point. I believe the marketers are indeed 'paying up' for barrels to meet their contractual obligations downstream for the month.

When I clearly said "gatherer" in my earlier post, then you replied talking about a marketer.  I just needed to make sure we were on the same page ;) 

43 minutes ago, Dr. Beeper said:

Name dropping a fucking commissioner.  Man you are important.

One of the two commissioners who did the right thing. Proration was retarded. 

It was a digital statewide interview you fucking child, didn't say she called me directly.  I said it twice in my short post.  I agreed with her position, it was a little curious how she laid on how they considered it but had no idea to implement it, had they chosen to do it.  I thought we agreed you'd put me on ignore.  Seriously take a step back and realize you wanted to accuse me of name dropping, but I referenced a Texas Tribune call that a huge chunk of the industry listened in on today.  I know you weren't on it because of your own bullshit.  But honestly man, pick your fucking battles.  You have great insight on this thread, but I was a guy who posted an anecdote tied to a Seinfeld reference about an interview that the little clicker thing on the side said like 5000 people were listening to.  I'll get help for the weird shit I post if you get help for whatever it is you're working through.  If that was a namedrop to you, then I get it---you're working on some other shit

Edited by Lobo

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