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Posted on 3/9/20 at 8:12 am to supatigah
The industry cannnot sustain below $30 in the US
This post was edited on 3/9/20 at 8:13 am
Posted on 3/9/20 at 8:16 am to GumboPot
He saw that shell algae commerci6
Posted on 3/9/20 at 8:16 am to Parmen
quote:
Not a pretend economist like many people on this board. What’s bad about the price of oil dropping?
Well it's bad if you work in the US oil and gas extraction business. And the less the US produces the more we have to import from those crazy countries. In the interim, enjoy the low prices.
Posted on 3/9/20 at 8:21 am to Nado Jenkins83
BWAHAHAHA how true. Just another PR ad to satisfy the Eurowhackos
Posted on 3/9/20 at 8:23 am to TunaTrip
Not as much natural gas but wet gas with NGL's extracted for petrochemical feedstock as opposed to everywhere else where naphtha from refineries is used.
So yes, all those mega projects like Sasol (which had huge cost overruns) in Lake Chuck are going to be far less profitable for the short term.
So yes, all those mega projects like Sasol (which had huge cost overruns) in Lake Chuck are going to be far less profitable for the short term.
Posted on 3/9/20 at 8:24 am to Parmen
quote:Exxon, Whiting, PNR, and other shale players are getting squeezed.
What’s bad about the price of oil dropping?
Posted on 3/9/20 at 8:25 am to Tiger Prawn
That depends on whether a company is making and selling for buildout of field processing units or supplying for actual drilling. It's already way slow.
Posted on 3/9/20 at 8:31 am to TurkeyBaconLeg
What the public has zero understanding of is that all this tight shale oil is not the main feedstock for refineries. It has to many light ends which decreases crude unit capacity by top loading the crude tower with gases. It has to be blended with heavier crude to make an oil cocktail first.
New offshore fields like off of Guyana will be invested in due the assay of that oil is fricking ideal to refine most efficiently.
Offshore is actually doing well across the globe but the GoM due that has mostly already been drilled. Also, lots of seismic surveys and exploratory drilling off East Coast during late 70's showed that development wasn't possible then.
New offshore fields like off of Guyana will be invested in due the assay of that oil is fricking ideal to refine most efficiently.
Offshore is actually doing well across the globe but the GoM due that has mostly already been drilled. Also, lots of seismic surveys and exploratory drilling off East Coast during late 70's showed that development wasn't possible then.
Posted on 3/9/20 at 8:35 am to mostbesttigerfanever
quote:
The industry cannnot sustain below $30 in the US
Specifically upstream, the exploration industry.
Midstream always does okay. They are not boom or bust like upstream and downstream. Midstream is mostly processing, storing, transporting and marketing of O&G. Theses O&G businesses generally don't own the product they process, store, transport and market. They perform these services for the upstream companies that own the product. Midstream is consistent because their margins are based on volume. The demand for energy in terms of volume fluctuates very little compared to price and is on a steady slow rise.
This is boom time for downstream which is mostly refining. They benefit the most simply because the costs goods will decrease thus increasing margins.
Posted on 3/9/20 at 8:49 am to Little Trump
quote:
Private sector thrives with low oil prices, always has
It depends on the business.
Posted on 3/9/20 at 9:06 am to Gcockboi
What a pathetic statement. I don’t work on a rig but I can tell you are a big pussy.
Posted on 3/9/20 at 9:24 am to Parmen
its bad if you own oil stock.
its terrible for 20 countries who depend on oil for their income.
many of those countries will fall into uproar similar to Venezuela, whose good times were based on oil.
in usa corporate socialism will be the norm for oil and gas.
state of louisiana income will be less. new state budget, and quick.
its terrible for 20 countries who depend on oil for their income.
many of those countries will fall into uproar similar to Venezuela, whose good times were based on oil.
in usa corporate socialism will be the norm for oil and gas.
state of louisiana income will be less. new state budget, and quick.
Posted on 3/9/20 at 9:31 am to CitizenK
quote:
What the public has zero understanding of is that all this tight shale oil is not the main feedstock for refineries. It has to many light ends which decreases crude unit capacity by top loading the crude tower with gases. It has to be blended with heavier crude to make an oil cocktail first.
You work in the refining business? You are into the weeds a bit. I worked in the extraction business so I have that understanding down pretty well. In our business you took what you could get out of the ground whether light crude or not.
Posted on 3/9/20 at 9:35 am to mostbesttigerfanever
quote:
The industry cannnot sustain below $30 in the US
Just talked to a partner at one of the larger PE energy funds in Dallas. He’s not the numbers guy, way more of the face and the people person, but he expects below $30 til the end of the year. I pressed for specifics, asking why Russia would be able to sustain this month over month, and he didn’t have an answer, I think it was more just feel, but take it for what it’s worth.
Posted on 3/9/20 at 9:39 am to TeLeFaWx
Bankruptcies coming to shale and fracking companies. That's what Putin wants kill, and he might.
Dang glad I sold my Exxon three months ago.
Dang glad I sold my Exxon three months ago.
Posted on 3/9/20 at 9:42 am to Parmen
I wonder how much longer the senior leadership team at Occidental Petroleum (OXY) is feeling today.
Their stock price was climbing up in the 80s in 2018 until they purchased an extremely overpriced Anadarko. Today they are sitting at 14 a share. Their acquisition might be in the Top 10 of worst acquisitions in the history of the New York Stock Exchange. I can't believe every single Director and Exec hasn't been terminated yet.
Their stock price was climbing up in the 80s in 2018 until they purchased an extremely overpriced Anadarko. Today they are sitting at 14 a share. Their acquisition might be in the Top 10 of worst acquisitions in the history of the New York Stock Exchange. I can't believe every single Director and Exec hasn't been terminated yet.
Posted on 3/9/20 at 9:43 am to Parmen
If you make your living in the oil patch, then low oil prices mean less work. Less work = less money or lay offs.
Posted on 3/9/20 at 9:44 am to aTmTexas Dillo
Reading these threads you can definitely tell who the O&G management types are and who the hands and reactionary idiots are
Thanks for bringing some clear info
Thanks for bringing some clear info
Posted on 3/9/20 at 9:45 am to OBReb6
quote:
Budgets are made annually and spending of the entire budget must be done or else they risk an automatically decreased budget the following year.
Uh, bruh? This ain’t the government.
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