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Message
Big baws move to dominate Permian
Posted on 8/6/19 at 4:04 pm
Posted on 8/6/19 at 4:04 pm
LINK
quote:
The Big Oil companies Exxon Mobil and Chevron are keeping their promises to dominate the Permian Basin, rapidly ramping up production as smaller companies contend with declining drilling activity, muted oil prices and a skeptical Wall Street unwilling to finance their growth. Exxon Mobil has, by far, become the Permian’s most active driller with more than 50 rigs operating in the West Texas oil field, increasing production there by nearly 90 percent in 12 months. Chevron, along with Occidental Petroleum of Houston, is one of just two companies producing more than 420,000 barrels of oil equivalent per day from the region, the companies said Friday in their quarterly earnings reports.
quote:
Small and midsize oil firms led the so-called shale revolution, proving horizontal drilling and hydraulic fracturing techniques. Exxon and Chevron — and energy majors generally — came to shale slowly, but now they are using their deep pockets, size and diversified income to continue to invest in drilling projects in the Permian and drive growth there. To a lesser extent, the European energy majors Royal Dutch Shell and BP also are focusing on Permian growth.
13
Posted on 8/6/19 at 4:06 pm to RedRifle
I'm disappointed this isn't about Friday Night Lights.
Posted on 8/6/19 at 4:07 pm to RedRifle
Better late than never I guess.
Posted on 8/6/19 at 4:18 pm to RedRifle
Concho and Pioneer falling behind.
Posted on 8/6/19 at 5:16 pm to RedRifle
Im guessing when they say XOM they really mean XTO? XTO & CVX were some of the only larger players that never left the Permian in the early 2000s, which is why they have such great acreage positions.
ETA: this is one of the reasons the GOM hasn’t come back to pre-2014 levels. More and more majors are putting capital in the Permian with the quick ROI rather than larger mega projects in the gulf. Projects in the gulf have gotten leaner and meaner to compete though.
ETA: this is one of the reasons the GOM hasn’t come back to pre-2014 levels. More and more majors are putting capital in the Permian with the quick ROI rather than larger mega projects in the gulf. Projects in the gulf have gotten leaner and meaner to compete though.
This post was edited on 8/6/19 at 5:18 pm
Posted on 8/6/19 at 6:03 pm to RedRifle
Wonder how this will affect small service companies.
I have a stake in a flowback equipment rental company in the area, we've been a little slow the last three to four months and I'm starting to feel it.
I have a stake in a flowback equipment rental company in the area, we've been a little slow the last three to four months and I'm starting to feel it.
This post was edited on 8/6/19 at 6:07 pm
Posted on 8/6/19 at 6:42 pm to RedRifle
After they buy up everything they’ll sort out what they like and sell the rest to new startups.
Posted on 8/6/19 at 6:55 pm to RedRifle
I just need the jobs and drilling in the area t hold on for a few for months. My wife inherited a minority stake in 2 sections around the area on the outskirts of Odessa.
Posted on 8/6/19 at 6:58 pm to RedRifle
We are Sandbox bitch
Posted on 8/6/19 at 7:34 pm to RedRifle
Big baws of the Permian.
Posted on 8/6/19 at 7:42 pm to RedRifle
Drill, baby, drill. 
Posted on 8/7/19 at 5:30 am to RedRifle
They bought xto the first time because they were too slow and stifling to make money, how is it going to work this time?
Posted on 8/7/19 at 9:59 am to RedRifle
Zane Tankel, made money in Applebee's, now serves on Aly Energy Services board (surface equipment, solids control) was on Fox w/Varney this a.m. Basically said that the worldwide recession means the oil glut will not be absorbed for a year.
That kind of gloom has got to signal a turn around of some kind...
If I was deep pockets majors, I'd be rubbing my hands with glee if his attitude is the prevailing one among indy oil investors.
That kind of gloom has got to signal a turn around of some kind...
If I was deep pockets majors, I'd be rubbing my hands with glee if his attitude is the prevailing one among indy oil investors.
Posted on 1/14/20 at 1:24 pm to RedRifle
Boomtown is a 10-part podcast about the Permian by Texas Monthly. The narrator is a local who worked in the patch in college.
It's pretty interesting. Covers markets, history, directional drilling, and even regular folks who work in cafes and driver trucks and such in the region.
They're up to part 5 now, with 5 and 6 called Boob-town, about strippers and sex workers.
It's pretty interesting. Covers markets, history, directional drilling, and even regular folks who work in cafes and driver trucks and such in the region.
They're up to part 5 now, with 5 and 6 called Boob-town, about strippers and sex workers.
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