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I'm one of 5 board operators on a 4 shift crew.  The next guy doesn't certify until at least March.  2 of them are over 65 but there is a really uneasy feeling across the board with everything.  Went fishing with a buddy this morning.  Same feeling

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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

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Work downstream in plastics here. They've already cut operations down to the bare bones, and our company is fairly conservative fiscally, so no real worries here.

I’m week to week right now. My boss is working on getting me to part time, at 24 hours a week, but even that is an issue right now. My saving grace is that no one wants to do my job, it takes 6 - 8 months to get decent at it and I’m the SME for North America. You’d think I’d be safe, but I’m betting on a month leave of absence.

I hadn't really worked on anything billable since I had 2 straight opinions cancelled in late March/early April. Fortunately, all the work I did in March got paid at end of April and then my firm got PPP money to pay us in May and June. Finally picked up a new project on Monday that should keep me busy for maybe a month or so. Feels good man.

16 hours ago, Dr. Beeper said:

PDP only. At today’s prices paying PV20, if you trust the engineer that evaluated for me. Which I do, because the guy can ruin some shit. 

I don’t follow. Maybe you meant if I’m scared there’s not enough meat on the bone?

Getting PDP at PV20 in this price environment is obviously a no-brainer. Nice find. 

Damn.  Are there enough DUCs out there to turn this around anywhere near as quickly as it did in '17 or '19?

 

 

 

Edited by The Royal We

37 minutes ago, The Royal We said:

Damn.  Are there enough DUCs out there to turn this around anywhere near as quickly as it did in '17 or '19?

 

 

 

I think the bigger problem is frac crews. There is a large inventory of DUCs and it's going to take a while, with the amount of crews still intact, to get to them.  So doubt it will turn around as fast.

3 hours ago, T’Boo Ted Marshall said:

Back to $40.
Is it happening?

You fool. You flew too close to the sun.

Boat sales people better be ready for the incoming rush !


Boat sales rush already happened, check the boat thread. You can’t find a used wakeboard boat right now.

Houston Sugar Babies getting their rent paid this month !

god bless $40 / barrel 

22 minutes ago, Horns99 said:

 


Boat sales rush already happened, check the boat thread. You can’t find a used wakeboard boat right now.

 

just checked and Amazon has truck nuts on back order.  Full fledged recovery!

Thank goodness we’re all rich again. Oil companies gonna be handing out sign on bonuses next month as they have to replace all the people they just let go. 

I’m ready to listen if someone has a $150k sign up bonus 

100% serious 

Edited by tx 3 putt

Rig count drops yet another 13. Down to 266. Turns out the bottom is lower than I expected. Where it stops, nobody knows. 250?

US daily production is already down a whopping 2.6M barrels/day since the week ending March 13. 13.1M--->10.5M. We're back to March 2018 production levels.

Edited by Storm the Field

4 hours ago, tx 3 putt said:

I’m ready to listen if someone has a $150k sign up bonus 

100% serious 

You don’t have enough spin on your curveball to ask for that much sign on bonus.  Pace yourself and be happy with $50k.

11 minutes ago, Fudge Nuggets said:

You don’t have enough spin on your curveball to ask for that much sign on bonus.  Pace yourself and be happy with $50k.

You’d be surprised. My resume and experience speak for itself. I’m targeting 3 companies and I’m known within all 3 for the right reasons 

 

Back to $40.
Is it happening?

At some point in 7 years it will be $140. In that same time it may also be $30. Markets.
13 minutes ago, HouTex said:


At some point in 7 years it will be $140. In that same time it may also be $30. Markets.

I’m going to take credit for a lot of this bounce in oil prices because it’s pretty much gone up four out of every five days since I bought the inverse leveraged oil ETF back when oil was breaking through $20.  Considering that position is, well it was, about 1% the size of my oil stocks at the time I’m willing to let it go to zero if my stocks keep going up.  It’s about 0.3% of my oil stocks as of today and I don’t  care.  Make bank, get ass.

3 hours ago, Dr. Beeper said:

Any suggestions for an accounting package for a small investment LLC?  Entity is for non-operated oil and gas assets. There won’t be much ins and outs

Will there be many whathaveyous?

Have touched $40 a few times recently, but price always retreats back into the $30s.  Today was the first day to actually close above $40 since 3/6.

More of that rapier’s wit sarcasm from the administration, guys are downright hilarious

Total shot in the dark, but I'm looking for dry gas wells if anyone knows of anything.  Preferably Midland Basin, but Eastern Shelf and Central Basin Platform work too.  Trying to stay away from the Delaware for now and New Mexico can go fuck itself.

Thanks in advance.

Edited by BTW

Rig count basically unchanged this week. Down just 1 to 265. Maybe a little more room to drop, but this feels bottom-ish, barring another dip into $20 prices.

Big question now is when does that number start heading in the opposite direction?

Double post

Edited by Rip76

34 minutes ago, Neonmoon said:

Anyone think they make it out of CH 11?

I vote no

 

Amazing race to the bottom for Oxy. I remember just about a year or so ago when they were planning to move over to my neck of the woods into the old COP campus and thinking they might be a good company to work for if I started looking around.

On 6/28/2020 at 5:22 PM, longhornmatt said:

Chesapeake should have been done 6 or 7 years ago.   In fact, there should probably be a new chapter in the bankruptcy code just for them and their creditors where the statute simply says, “Why the fuck did you lend them money?  Everyone just go away.”

I was listening to somebody on CNBC today talking about CHK's finances after Aubrey left. Supposedly the company was netjets #1 customer in the world, they were the NBA's largest season ticket holder and there was a secret door somewhere on their sprawling campus that led to a massive wine cellar that had a massive wine collection, all paid for with shareholder's money. No doubt a decade of low nat gas prices crushed them, but Aubrey didn't do them any favors with his spending. 

Ha CHK still gonna CHK

“The company said in its bankruptcy petition that it has $16.2 billion in assets and $11.8 billion in debt.”

16.2 Billion in assets? 

Last I saw CHK's assets being valued, it was shown at $9 billion and that was early this year before the shit hit the fan. Hard to see how that number could almost double between now and then.

1 hour ago, Eastwood said:

Last I saw CHK's assets being valued, it was shown at $9 billion and that was early this year before the shit hit the fan. Hard to see how that number could almost double between now and then.

Yeah, 9 Billion was generous before crash. 

On 6/28/2020 at 6:13 PM, Neonmoon said:

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Occidental Petroleum is warning investors that it expects to reduce the value of its assets by $6 billion to $9 billion in the second quarter after crude prices sank to historic lows during the past six months. Oxy wrote down $580 million on its oil-related assets and lost $2.2 billion in the first quarter, so the company's warning could foreshadow horrendous second quarter results when the company releases its earnings report July 29.

I know I have mentioned Sanchez Energy on here before, I got this notification.

 

June 30 (Reuters) - Sanchez Energy Corp ( SNECQ 😞

* SANCHEZ ENERGY SUCCESSFULLY COMPLETES FINANCIAL RESTRUCTURING; EMERGES AS MESQUITE ENERGY, INC.

* COMPANY ELIMINATED SUBSTANTIALLY ALL OF DEBT FROM ITS BALANCE SHEET, WHICH TOTALED APPROXIMATELY $2.3 BILLION

* CAMERON GEORGE WILL SERVE AS INTERIM CEO, EXECUTIVE VICE PRESIDENT AND CFO OF MESQUITE ENERGY Source text for Eikon: Further company coverage:

 

What are your thoughts? They were able to shed all of their debt and restructure under a new name. Stock is up like 20% over the past couple days. What typical happens in these kind of situations for the stock to continue to rise? Acquire wells? Contracts? 

On 6/30/2020 at 7:01 PM, Neonmoon said:

Ha CHK still gonna CHK

“The company said in its bankruptcy petition that it has $16.2 billion in assets and $11.8 billion in debt.”

16.2 Billion in assets? 

The bankruptcy court is about to get a spiel on net effective acreage from CHK landmen. 

Maybe they used La Salle County's tax appraisers. They valued a lot of my clients' wells for this year's taxes with an oil price of $195/BBL.

Another small handful of rigs dropped this week. That's the 18th straight weekly drop, though the rate of decline has slowed to a crawl. Just 8 rigs over the past 3 reports. So much fat trimmed that there's really nothing but bone to cut at this point. 

Various milestones to compare against the current active rig count of 258:

146 less than the previous all-time low heading into June 2016 (404). 

534 less than the beginning of COVID shutdowns in mid-March (792).

700 less than the same week last year (958).

On 7/8/2020 at 7:57 PM, Bookman said:

Maybe they used La Salle County's tax appraisers. They valued a lot of my clients' wells for this year's taxes with an oil price of $195/BBL.

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