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Started By
Message
Oil not as bad as perceived
Posted on 3/20/20 at 8:06 am
Posted on 3/20/20 at 8:06 am
I was talking with an older friend who has been in the biz for 60 years, Texan who has been through many collapses. Never an operator but his company instead partners with bigger boys in fields around the world For instance, Marathon's extensive holdings in Libya was offered to him in 2012. He turned it down. He doesn't do offshore E&P. Though he put together some North Sea deals in the 70's.
Anyway, he began positioning himself 10 months ago for a collapse.
He's making money at anything about $22 per barrel and is presently looking at new exploration opportunities to invest in.
Anyway, he began positioning himself 10 months ago for a collapse.
He's making money at anything about $22 per barrel and is presently looking at new exploration opportunities to invest in.
9
Posted on 3/20/20 at 8:07 am to CitizenK
ok
Posted on 3/20/20 at 8:08 am to CitizenK
The body of your post in no way supports your thread title.
Posted on 3/20/20 at 8:13 am to CitizenK
Yet the Yoda of the oil biz began preparing for a collapse......
Posted on 3/20/20 at 8:13 am to CitizenK
Great context on why oil is not as bad as perceived. You know a human.
Posted on 3/20/20 at 8:26 am to CitizenK
Divining rods!
Posted on 3/20/20 at 8:28 am to CitizenK
Investing in truck nuts.
Posted on 3/20/20 at 8:30 am to CitizenK
quote:
He's making money at anything about $22 per barrel
Hate to tell you but it droped $5 bbl in 2 days. it's now at 25. He may not be making much in another week
Posted on 3/20/20 at 8:42 am to CitizenK
Lol dude are you high?
Posted on 3/20/20 at 8:46 am to CitizenK
The ole “I know a guy”
Posted on 3/20/20 at 9:12 am to TheAlmightySmash
quote:
it's now at 25. He may not be making much in another week
He's making money on anything that is producing from a well that is over 2 years old. Lift cost where I work is under $2/barrel. The issue will come into play in the next two years because drilling and exploration will come to a standstill. So expect a short term glut followed by a longer shortfall and rising prices.
OPEC will have a big impact again, they are trying really hard to impact Shale in the US in particular. The Saudis are trying to make Shale less profitable and impact the US as a world player in oil and gas production.
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