I see Parsley's pruning off some Midland Basin assets ... any ideas on buyers in the area?

http://www.naturalgasintel.com/articles/116363-parsley-to-prune-permian-midland-assets-for-170m-reports-3q-production-surge

Gas storage isn't just low, it's historically low.

Bismarck said:

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Gas storage isn't just low, it's historically low.

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Cue 'it's happening ' gif

jetch17 said:

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I see Parsley's pruning off some Midland Basin assets ... any ideas on buyers in the area?

http://www.naturalgasintel.com/articles/116363-parsley-to-prune-permian-midland-assets-for-170m-reports-3q-production-surge

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My money is on PXD

twilly said:

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Looks like Colorado Prop 112 goes down in flames

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twilly said:

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Looks like Colorado Prop 112 goes down in flames

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Great to hear this!

Third: Email me at my handle at hotmail.

I would be surprised if they are buying right now unless that acreage is already in their footprint

gigem1223 said:

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jetch17 said:

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I see Parsley's pruning off some Midland Basin assets ... any ideas on buyers in the area?

http://www.naturalgasintel.com/articles/116363-parsley-to-prune-permian-midland-assets-for-170m-reports-3q-production-surge

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My money is on PXD

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No chance. My money is on Double Eagle or some other private equity start up.

twilly said:

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Looks like Colorado Prop 112 goes down in flames

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Word in Denver this morning is that the group that got it added to the ballot are going to get it re-added next time with 1,000ft setback. Essentially it will keep being put on the ballot until it passes.

AlaskanAg08 said:

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twilly said:

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Looks like Colorado Prop 112 goes down in flames

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Word in Denver this morning is that the group that got it added to the ballot are going to get it re-added next time with 1,000ft setback. Essentially it will keep being put on the ballot until it passes.

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1000ft set back will be a significantly smaller banned area.

I think industry will implement enhanced protections/set backs to avoid another ballot item. Just a hunch.

SoupNazi2001 said:

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The OIH (oil service index) took out the 2008 low today.

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What is that?

Oh ok, thanks

SoupNazi2001 said:

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The OIH (oil service index) took out the 2008 low today.

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Service stocks have been weak for months while the oil company stocks were rising telegraphing a divergence. SLB and HAL both have been in bear patterns. The oils have just decided to catchup on the downside in October.

drill4oil78 said:

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SoupNazi2001 said:

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The OIH (oil service index) took out the 2008 low today.

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Service stocks have been weak for months while the oil company stocks were rising telegraphing a divergence. SLB and HAL both have been in bear patterns. The oils have just decided to catchup on the downside in October.

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Too be fair, it's a lot more profitable to be on the E&P side than the service side in current market conditions. Just my opinion.

So, uhhh... are we going to play the Oil Price guessing game?

Let's go with Brent Prince by 12/31/2018 Midnight... Go...

$67.77, Bob

Follow up Question:

Current price disparity between Brent & WTI is the largest I've ever seen... what is the biggest its ever been on record?

Right now Brent is $70.12 and WTI is $59.93; a $10.19 difference!

SpreadsheetAg said:

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Follow up Question:

Current price disparity between Brent & WTI is the largest I've ever seen... what is the biggest its ever been on record?

Right now Brent is $70.12 and WTI is $59.93; a $10.19 difference!

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Might be more useful to do a % spread. If you use WTI as the benchmark, Brent is at +17%. Surely thats near an all time high.

OPEC wants to cut oil production by 1 million bbls for 2019. Trump does not like this. Someone needs to educate his ass on the market and how the industry works. There are still layoffs going on.

nu awlins ag said:

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OPEC wants to cut oil production by 1 million bbls for 2019. Trump does not like this. Someone needs to educate his ass on the market and how the industry works. There are still layoffs going on.

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Damn, still? Offshore? Or both on/offshore? I haven't kept up much with it after what seemed like the worst of the downturn was over. Gotten some calls about going back to the field, so i was thinking that it had picked up pretty well.

Both. Not a ton, but there is still some shuffling. BP about a month ago and same for COP. Shell has some it announced 3-4 weeks ago.

What I think would be interesting, and maybe it's out there but I just haven't seen it, is a O&G worker utilization ratio vs. production over time. With the US at record production, and workforce numbers dwindling, I imagine that ratio would be at, or very close to its highest number ever.

Agree. They are doing more with less, but there has been a hiring trend in some cirlces. If prices were to drop even more, there would be a freeze of hiring more than laying people off. there is still some fat trimming, but it is alarming the way Trump views the industry as a whole. Not sure he totally understands the impact it has on our economy. Just like back in the day where I would run into people telling me how the oil companies raise and lower gas prices. Geez....

Some on the service side probably already knew this was coming but it's official. Pioneer is divesting PPS to Pro Petro.

https://www.apnews.com/e05f9eadfb6d4aba9a00a220fbe4d859

gigem1223 said:

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Some on the service side probably already knew this was coming but it's official. Pioneer is divesting PPS to Pro Petro.

https://www.apnews.com/e05f9eadfb6d4aba9a00a220fbe4d859

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Yep, on a call right now about it. There are some strings though........

The layoffs and hiring are resetting the salaries downward. Companies are shedding higher priced people for lower priced. The higher priced are generally those that made it through the downturn.

Not always the case but a big part of it in my opinion.

nu awlins ag said:

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gigem1223 said:

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Some on the service side probably already knew this was coming but it's official. Pioneer is divesting PPS to Pro Petro.

https://www.apnews.com/e05f9eadfb6d4aba9a00a220fbe4d859

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Yep, on a call right now about it. There are some strings though........

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What strings are you hearing? Curious how long the commitments are from both parties. IE how long must Pro Petro commit the 8 PPS fleets to pioneer.