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Production cuts in jeopardy as Mexico walks out of OPEC talks
Posted on 4/9/20 at 11:15 pm
Posted on 4/9/20 at 11:15 pm
Truck nuts back in hock. LINK
7
Posted on 4/9/20 at 11:52 pm to Jim Rockford
8% of the US GDP is O&G.
I would assume that % is much higher in Louisiana.
This shite needs to end.
I would assume that % is much higher in Louisiana.
This shite needs to end.
Posted on 4/10/20 at 12:00 am to Jim Rockford
AMLO is a fool.
Posted on 4/10/20 at 12:13 am to Jim Rockford
Messican truck nuts better than Chinese bats
Posted on 4/10/20 at 12:58 am to Jim Rockford
I opened this thread because I couldn't figure out what Mexico had to do with the production costs for Jeopardy.
Posted on 4/10/20 at 1:01 am to Jim Rockford
Jim Rockford with a truck nuts post.
Some things never change.
Some things never change.
Posted on 4/10/20 at 1:08 am to Jim Rockford
Unless the world pulls more storage capacity out of thin air, productions cuts are coming whether mexico wants it or not
Posted on 4/10/20 at 6:38 am to Captain Crackysack
People in the business are saying this will be like the mid 80's for the O&G business.
If so you will see a lot of small businesses going out of business and larger companies reducing head count in a big way.
Many of the big guys are already cutting contractors which for someone like exxon is close to 40% of their workforce.
Spending on Exploration will come to a halt in many areas.
If so you will see a lot of small businesses going out of business and larger companies reducing head count in a big way.
Many of the big guys are already cutting contractors which for someone like exxon is close to 40% of their workforce.
Spending on Exploration will come to a halt in many areas.
Posted on 4/10/20 at 7:07 am to Tiger Roux
Does New Orleans even have a oil & gas company left with over 100 white collar workers? Shell has been quietly moving almost everyone to Houston.
Posted on 4/10/20 at 7:35 am to MrLSU
Shell still has a pretty good amount in Nola
Posted on 4/10/20 at 8:07 am to Tiger Roux
It’s not just “the big guys”. Service companies, supply companies, pipe mills, valve mfgs, are and will continue to follow suit with layoffs, reductions and closures.
Gonna be a big shite sandwich and everyone is fixin to eat. A lot.
Gonna be a big shite sandwich and everyone is fixin to eat. A lot.
Posted on 4/10/20 at 9:02 am to Captain Crackysack
quote:
Unless the world pulls more storage capacity out of thin air, productions cuts are coming whether mexico wants it or not
Very true, storage is gonna be a huge problem
Posted on 4/10/20 at 9:10 am to Jim Rockford
Even if there is a production cut agreement, it won’t change much. Gasoline usage is at a 50 year low.
Posted on 4/10/20 at 9:24 am to tigerinthebueche
Correct. It isn't just limited to energy and service companies though.
Energy is a very small component of the S&P. But it's a considerable portion of the high yield bond market. We're going to see what banks are exposed unless the government back-stops energy debt with short term, low interest loans.
The EIA and the IEA both had a global deficit modeled for Q4, 2020. That's likely pushed back due to covid demand lost. Supply responds to price as well. Some of the shut-in wells will never produce again.
If you can survive this significant downturn, things will look better when demand roars back, aided by unprecedented amounts of global fiscal and monetary stimuli.
Energy is a very small component of the S&P. But it's a considerable portion of the high yield bond market. We're going to see what banks are exposed unless the government back-stops energy debt with short term, low interest loans.
The EIA and the IEA both had a global deficit modeled for Q4, 2020. That's likely pushed back due to covid demand lost. Supply responds to price as well. Some of the shut-in wells will never produce again.
If you can survive this significant downturn, things will look better when demand roars back, aided by unprecedented amounts of global fiscal and monetary stimuli.
Posted on 4/10/20 at 9:36 am to Tiger Roux
quote:
People in the business are saying this will be like the mid 80's for the O&G business.
I think it could very possibly be the death blow for GOM drilling and exploration. Most of that knowledge will exit the industry and not return.
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