Garland and Maverick, where do you guys work? Pioneer?

Any idea why natural gas is up 5.5%? I assume its the facility closing in Yemen.

Exxon Kills it in Earnings

I'm not very well versed in all the inner workings of O&G, but have been watching and have been intrigued by this thread since it's inception. Does this mean good things or bad things for the industry, or is it too early to tell? Obviously, Exxon is a different animal with their diversity in workstreams, but it seems like others are coming in with similar results and beating analyst forecasts. Thoughts?

XOM had a loss on domestic upstream. Their Upstream earnings down about 50% our downstream killed it because over last quarter because last quarter we got screwed buying oil high and selling product low

Debt is up 10B and earnings down 4B, it's like Obama has taken over as CEO

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Did we just rub up against $60????

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Did CVX freeze their dividend? They're going 5 straight quarters with the same dividend. They already eliminated the share buyback.

CVX had only 2.3B in FCF and 8.6B in capex.

CVX lost 460M in United States upstream despite 10% increase in liquids production.

These prices better get back up cause CVX will be in big trouble. No cash for capex and dividend.

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CVX had only 2.3B in FCF and 8.6B in capex.

CVX lost 460M in United States upstream despite 10% increase in liquids production.

These prices better get back up cause CVX will be in big trouble. No cash for capex and dividend.

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What CVX needs is to finish the two Australian LNG projects.

Listened to Chevrons call today, you can tell the analysts are nervous about the dividend and working capital.

Curious what the mood will be like at OTC next week.

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Curious what the mood will be like at OTC next week.

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Everybody seems pretty damn happy so far, business as usual at the cookoffs and such

Hard to not be in a good mood with a week filled with good food, good alcohol and strippers

Dammit landmen get out of our show, Landmen go to Nape, everyone else goes to OTC there are rules!

Landmen go to both. If there's a party you will find a landman.

I tried to buy 420 shares of Chevron Friday when the stock was down 2%. No purchase as limit price wasn't hit.

A good buy now?

Same question with Schlumberger?

Why the open mouth?

http://seekingalpha.com/article/3139036-einhorn-slams-mother-frackers

!!!

60 this morning

Now that it has gone through $60 it wouldn't surprise me to see it move on up to $65-or so

I wonder how short einhorns hedge fund was in those companies. With the price of oil creeping up, his statements will certainly buy someone more time to unwind a short position.

He would probably hedge his short in a company in a long in the commodity. Removing or reducing fracking activity --> higher prices. Effectively short the company, long the commodity ... or short heavy fracking based companies and go long other companies (long/short)

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http://seekingalpha.com/article/3139036-einhorn-slams-mother-frackers

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I get what he's saying, but I think his outlook is short-sighted. If "frackers" didn't grow anything, then how did the oversupply happen? Reserves are reserves, and if you can produce them and make money, you're "growing" for all intents and purposes. Production for an individual company may not grow significantly save for a few "mother frackers", but whose has in the US the last 30 years?

Obviously I'm biased but I also have an insight operationally speaking, albeit limited, into the positives and negatives of being nearly 100% shale play focused. If independents like EOG, Pioneer, Concho, etc. continue to bleed money in this low cost environment, then I understand where he's coming from as an investor. But for many of these companies, it's not like they could snap their fingers and poof! service contracts were over just because of low prices. I bet the 2nd and 3rd quarters will look much different than the first quarter of 2015 for 80-90% of these "mother frackers".

EOG set to resume frac ops if prices stabilize at $65

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http://seekingalpha.com/article/3139036-einhorn-slams-mother-frackers

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I get what he's saying, but I think his outlook is short-sighted. If "frackers" didn't grow anything, then how did the oversupply happen? Reserves are reserves, and if you can produce them and make money, you're "growing" for all intents and purposes. Production for an individual company may not grow significantly save for a few "mother frackers", but whose has in the US the last 30 years?

Obviously I'm biased since I work for a shale-oriented company, but I also have an insight operationally speaking, albeit limited, into the positives and negatives of being nearly 100% shale play focused. If independents like EOG, Pioneer, Concho, etc. continue to bleed money in this low cost environment, then I understand where he's coming from as an investor. But for many of these companies, it's not like they could snap their fingers and poof! service contracts were over just because of low prices. I bet the 2nd and 3rd quarters will look much different than the first quarter of 2015 for 80-90% of these "mother frackers".

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i assume his point is that drill and frac is not growth. I'd argue EOG has done the best by putting capital to work through sand facilities that reduce frac costs.

Except it kind of is, depending on what he means by growth - reserves aren't realized unless a well gets put in the ground thanks to minimal flow of reservoir fluids in the matrix. Production has grown for these companies. Profits have grown for a few companies. And new plays/targets are being added. I could very well just be not understanding what he's intending to convey because I'm thinking of things operationally rather than as an investor.

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EOG set to resume frac ops if prices stabilize at $65

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There are several operators who $65 is the target number that will have them resuming a lot of operations, at least in the Eagle Ford.

What Einhorn is learning is that the oil and gas business is fundamentally different than other industries. We have decline rates, we need to develop reserves. In his world, forward projections are taking the last quarter's cash flow and multiplying it by 4 to forecast next years.