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2
Posted on 8/2/16 at 9:41 am to bmy
Enjoy it now, because you know we're coming back for those 60k bonuses and Jody will frick your wife when he's on his 2 weeks home.
Posted on 8/2/16 at 9:42 am to thegreatboudini
quote:
I work in the heart and soul of upstream oil and gas, and if you believe anyone but America caused this, you're oblivious to the facts and just want to point the finger at someone else.
US Unconventional production will have to grown within cash flow for the foreseeable future. There are differing schools of thought on which companies if any can accomplish this as the capital outspend in the oil shales has been well beyond cash flow over the last few years. I can't believe anyone buys what people like Scott Sheffield are saying about the Permian unconventional reservoirs being equal to anything Saudi Arabia has. Ghawar may be aging, but the huge conventional carbonate fields of the middle east are superior economically in practically every way to shale oil.
Posted on 8/2/16 at 9:42 am to Jim Rockford
My truck nuts are all shriveled up.
Posted on 8/2/16 at 9:43 am to bmy
quote:
Much rather put fuel in the tank for cheap
As much as I hate to say it, I agree. Between my wife and I we have 3 vehicles...a car, a 1/2 ton truck and a 3/4 ton diesel truck. Plus I own 3 work trucks for my business. I see more profit and can pay my workers more when gas prices are reasonable.
Posted on 8/2/16 at 9:44 am to chauncey1
I don't see how having more oil than we can consume is a bad thing.
Oil is a finite resource.
The more we have and the less we use is good for the sustainability of our energy system.
I could care less about our economy taking a hit if it's propped up by an industry that is volatile and unsustainable.
The world and it's needs change. Change with it.
Oil is a finite resource.
The more we have and the less we use is good for the sustainability of our energy system.
I could care less about our economy taking a hit if it's propped up by an industry that is volatile and unsustainable.
The world and it's needs change. Change with it.
Posted on 8/2/16 at 10:15 am to Salamander_Wilson
Sal, I understand your logic.
I would argue stability in prices allow for more consistent development of the resource and allows consumers to budget accordingly. When a supply glut is obtained, prices drop. Companies then cease investment into the resource. This enables large price swings to occur because it takes time to develop the resource. The shale plays have certainly increased response time to price fluctuations which should help stabilize the ceiling on the market.
These price swings can be good/bad for investors, but it can be tough on consumers with tight margins. Companies have continued to drill to maintain acreage positions which has helped bolster the oversupply.
I would argue stability in prices allow for more consistent development of the resource and allows consumers to budget accordingly. When a supply glut is obtained, prices drop. Companies then cease investment into the resource. This enables large price swings to occur because it takes time to develop the resource. The shale plays have certainly increased response time to price fluctuations which should help stabilize the ceiling on the market.
These price swings can be good/bad for investors, but it can be tough on consumers with tight margins. Companies have continued to drill to maintain acreage positions which has helped bolster the oversupply.
Posted on 8/2/16 at 10:55 am to chauncey1
It is unfortunate that there are structural issues with the American oil and gas business that end up forcing rapid production and eventually volatility. The leases and the way we structure oil and gas leases is one issue. In nearly every other country where the resource is under a government concession, the operator has more flexibility to delay/defer drilling.
Also the debt hungry independent who need cash flow to service their debt force them into aggressive development plans.
Also the debt hungry independent who need cash flow to service their debt force them into aggressive development plans.
Posted on 8/2/16 at 11:06 am to CorporateTiger
Don't forget Iran and Iraq ramping up production. Also some global mega projects will come online (NW Australia, Kashagan, deep water). Coupled with a more resilient shale market = more supply.
Fact is no one here can predict the future but the oil market is very much like a wave, up and down.
I've personally been out of work for 7 months, and am in good company. This downturn has been one of the worst but it won't last forever.
As it was previously mentioned, when the onshore independents go bust they will take down some banks with them. Apparently no one told these guys that micro Darcy permeability doesn't make money in sub 60$ oil
Just did a Kuala Lumpur, Perth, Houston trip and all my uber drivers were oil and gas. Hell my stripper at Treasures was a deep water drilling engineer recently let go from Shell, pretty depressing
Fact is no one here can predict the future but the oil market is very much like a wave, up and down.
I've personally been out of work for 7 months, and am in good company. This downturn has been one of the worst but it won't last forever.
As it was previously mentioned, when the onshore independents go bust they will take down some banks with them. Apparently no one told these guys that micro Darcy permeability doesn't make money in sub 60$ oil
Just did a Kuala Lumpur, Perth, Houston trip and all my uber drivers were oil and gas. Hell my stripper at Treasures was a deep water drilling engineer recently let go from Shell, pretty depressing
Posted on 8/2/16 at 11:12 am to lsuoilengr
quote:
Hell my stripper at Treasures was a deep water drilling engineer recently let go from Shell, pretty depressing
Your cred just went to nil for believing a stripper, that is for people actually believing any of your post
Posted on 8/2/16 at 11:14 am to lsuoilengr
quote:
Hell my stripper at Treasures was a deep water drilling engineer recently let go from Shell, pretty depressing
I don't believe you.
Posted on 8/2/16 at 11:18 am to lsuoilengr
quote:
Hell my stripper at Treasures was a deep water drilling engineer recently let go from Shell, pretty depressing
Gross, 98% of females in Ops are fricking disgusting
Posted on 8/2/16 at 11:23 am to ShaneTheLegLechler
That was obviously not true. Hyperbole to laugh at how bad oil and gas is right now.
As in all the majors are on their 3rd round of layoffs. Service companies have cut to the bone and then some. All my friends with families and mortgages are close to losing it all. As In shite is really bad right now
As in all the majors are on their 3rd round of layoffs. Service companies have cut to the bone and then some. All my friends with families and mortgages are close to losing it all. As In shite is really bad right now
Posted on 8/2/16 at 11:27 am to Scooba
quote:
Thanks Hillary Clinton
hopefully this will not become the new catch phrase next year
Posted on 8/2/16 at 11:30 am to patnuh
quote:
t is not a free market when it is being manipulated by foreign states. The saudi's are trying to bankrupt American companies by flooding the market with their reserves. How is this OK?
This is the most whiny post I've ever read on TD. Whaa not fair that they have a huge comparative advantage. Whaa. Whaa.
Posted on 8/2/16 at 11:31 am to El Segundo Guy
quote:
As much as I hate to say it, I agree. Between my wife and I we have 3 vehicles...a car, a 1/2 ton truck and a 3/4 ton diesel truck. Plus I own 3 work trucks for my business. I see more profit and can pay my workers more when gas prices are reasonable.
what kinda business?
Posted on 8/2/16 at 11:35 am to JohnnyBgood
quote:
Going check LA Sportsman classified for sweet deals on boats, RVs and ATVs.
And lifted F250's
Posted on 8/2/16 at 11:44 am to lsuoilengr
quote:
. This downturn has been one of the worst but it won't last forever.
How much longer are you gonna say this? Just lol
Posted on 8/2/16 at 11:45 am to Asgard Device
quote:
Asgard Device
Godddamn. You just carpet bombed us with real truth. Stop that.
Posted on 8/2/16 at 11:52 am to rocket31
Rocket can you display any actual knowledge of the economics or O&G? Because you certainly seem really smug about something you have demonstrated no actual knowledge of to this point.
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