I hope they laughed the administration out of the office.
Houston..we have a problem....
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Last: 2 days ago by Bibendum 86
" And we are using every tool at our disposal to address anti-competitive practices in U.S. and global energy markets to ensure reliable and stable energy markets"
txaggie_08 said:
" And we are using every tool at our disposal to address anti-competitive practices in U.S. and global energy markets to ensure reliable and stable energy markets"
They could start by making them an attractive market for investors instead of demonizing the industry
Goose06 said:txaggie_08 said:
" And we are using every tool at our disposal to address anti-competitive practices in U.S. and global energy markets to ensure reliable and stable energy markets"
They could start by making them an attractive market for investors instead of demonizing the industry
Absolutely. Admin does everything they can to speak badly of domestic production and limit new investments, then makes us out as the bad guy for "anti-competitive" practices.
Big tech / FBI / CIA will start digging up dirt and they'll blackmail everybody….it's the new Amerikan way.
Joseph Parrish said:Skillet Shot said:
Well the turnkey price* is $25,000. The thing about turnkey prices is that they aren't turnkey. At least that's been my experience with pluggers in the past.
Haha, $25M for rods coming apart in pieces or tubing that looks like Swiss cheese. Oh yeah, and scaled up ESPs with the cable wrapped. These operators hurting for money definitely aren't pulling their equipment.
Yea we just got done with a $1.1MM workover. Valuable well, not a P&A.
I hate those jobs. I'm guessing parted tubing, rods or maybe both. My favorite P&A was an old vertical well in coal country. Tubing, production string and surface casing were all spinning freely at 60' down. Backside of production casing was open and rain/snow melt filled it up, mixed with coal fumes and created an acid that ate through all tubulars.
Stuck standing valve in a hornet pkr at 18500'. 8-9 mills. backoffs, etc. Sucked.Skillet Shot said:
I hate those jobs. I'm guessing parted tubing, rods or maybe both. My favorite P&A was an old vertical well in coal country. Tubing, production string and surface casing were all spinning freely at 60' down. Backside of production casing was open and rain/snow melt filled it up, mixed with coal fumes and created an acid that ate through all tubulars.
WTI over $82, last time that occurred was October 2014.
Next stop $90.00!
I really don't want it going over $100. Stay in the sweet spot and coast. I've seen too many bad swings when it gets too high.
Agree,$80 to $90 for the next 4 years would be nice!Joseph Parrish said:
I really don't want it going over $100. Stay in the sweet spot and coast. I've seen too many bad swings when it gets too high.
that starts to impact the overall economy at that point and you will see interest rates go up.
$70-85 should work for a while.
$70-85 should work for a while.
but see we can't do that, because working together to keep the price stable is collusion and the WH is "using every tool at our disposal to address anti-competitive practices"CrazyRichAggie said:Agree,$80 to $90 for the next 4 years would be nice!Joseph Parrish said:
I really don't want it going over $100. Stay in the sweet spot and coast. I've seen too many bad swings when it gets too high.
one MEEN Ag said:This has always been and endgame issue with shale. Even if you could overcome the decline curve game and stay ahead of drilling costs, the P&A liabilities just crush any ability to get your depleted field off your books. Nobody will buy them for obvious reasons.AustinAg008 said:Cyp0111 said:
When Diversified blows up it will be epic.
P&A liabilities are massive.
The only options are either get bought out and sell the new companies stock, or declare bankruptcy, hand over your bond to the state, and know that won't be enough to actually P&A a bad field.
I've followed a twitter story of a woman who has lots of old wells from the 1940s-1960s on her land. They're starting to leak. Chevron just spent at least 25 million to kill one well on the field, and there's probably at least 10 more on that property with the same back pressure problem.
Edit - misread the post
I understand the need for P&A but it seems like almost everyone treats it as an afterthought. I have rarely seen any company care much at all about it no matter the type.
Dr. Doctor said:
When I looked into buying some old stripper wells, that was one thing that scared me; I felt the largest risk to the whole business. And these were late 70's, early 80's drilled wells to 4k feet depth.
I have a feeling that P&A costs for wells in Texas is going to become a major sticking point for the future. Especially if a lot of companies either go bankrupt or walk away. State is going to go after a pound of flesh. Even more so if a leaking well starts royally messing up something (someone dies from an explosion, poisons water for a water district, etc.)
~egon
How will they handle these situations? If a company goes bankrupt and cannot afford to do it, who is responsible? I know P&A costs are pretty large but I can't see this ending well for anyone. I mean what's to stop a company producing until they can't anymore and then just declaring chapter 7 when their assets become worthless?
Oil executives going to be testifying at House Oversight committee hearing on October 28. Damn democrats.
This made me laugh:
https://www.rbcrichardsonbarr.com/IndustryResearch/News.aspx?a=news&ticker=a&w=&story=202110accesswire668749REGFD
Diversified announces investor day out of the blue to tell their "story". Touts p&a of 115 wells this year (out of 69,000!!)
https://www.rbcrichardsonbarr.com/IndustryResearch/News.aspx?a=news&ticker=a&w=&story=202110accesswire668749REGFD
Diversified announces investor day out of the blue to tell their "story". Touts p&a of 115 wells this year (out of 69,000!!)
I am pretty sure it goes over $100 relatively easily the only question is how high does it get.
The lack of investment in E&P over the last 6yrs is hitting just as demand increases coming out of COVID.
The lack of investment in E&P over the last 6yrs is hitting just as demand increases coming out of COVID.
*Exxon Debates Abandoning Some Major Oil and Gas Projects, Sources Say$XOM
— *Walter Bloomberg (@DeItaone) October 20, 2021
Yikes. What a cluster **** that group has become.CrazyRichAggie said:*Exxon Debates Abandoning Some Major Oil and Gas Projects, Sources Say$XOM
— *Walter Bloomberg (@DeItaone) October 20, 2021
Clean energy is almost a complete scam as currently being sold to American public.
To achieve "emissions goals" that the left wants we would be committing genocide with the fallout.
In the words of Brad Pitt's character in Fury... "a lot more people gotta die"
To achieve "emissions goals" that the left wants we would be committing genocide with the fallout.
In the words of Brad Pitt's character in Fury... "a lot more people gotta die"
The XOM headline is a little misleading. Article I read said the two projects were in Mozambique and Vietnam.
Ask Total how it is going in Mozambique…not well.
The project in Vietnam is a mess with disputes in the South China Sea.
Comes across to me as the low hanging fruit to appease some people.
Ask Total how it is going in Mozambique…not well.
The project in Vietnam is a mess with disputes in the South China Sea.
Comes across to me as the low hanging fruit to appease some people.
They should be cutting investment in those parts of the world. Produce and invest in responsible produced, ESG mindful barrels here in the US. This needs to be the story oil and gas companies tell.
Imagine those were getting cut anyways given their lower cost of supply focus.
I keep hearing that we just need to tell our side of the story, but then I see the conversion of 2 refineries to bio-diesel/SAF inCalifornia are under scrutiny (P66/Marathon) and I don't think you can win those people over (among many others). While I don't hope for an energy shortage for Americans, I do think many people need a reality check on "green" energy.
I don't know who is telling you we need to just tell our side of the story. I work in policy occasionally and the general consensus seems to be mitigating damage rather than turning anything in our favor in the future. Regardless of administration... just a matter of how constant the attacks are against us.
A big part of the problem is how mathematically and scientifically ignorant people are. It's an education problem, and you don't have the time or attention span to teach ignorant adults how the world works.
And yet they have the ignorant opinions they do because that's exactly what the liberals did.Ogre09 said:
A big part of the problem is how mathematically and scientifically ignorant people are. It's an education problem, and you don't have the time or attention span to teach ignorant adults how the world works.
Warm fuzzy fairy tales are easier to sell because they appeal to emotions. "We should stop poisoning the Earth" is an easier message than "It takes X BTUs to keep your house at 70F when it's 30F outside, and those BTUs have to come from somewhere."
AustinAg008 said:Yikes. What a cluster **** that group has become.CrazyRichAggie said:*Exxon Debates Abandoning Some Major Oil and Gas Projects, Sources Say$XOM
— *Walter Bloomberg (@DeItaone) October 20, 2021
That place is a toxic mess right now. Dallas is completely disconnected with the pulse of the organization and the management in Houston has to be getting tired of trying to gloss over the attrition issues they've had and motivate their teams. I think 90% of my friends and LinkedIn connections who have worked there have left this past year. Including some who were completely bought in as "lifers" just 18 months ago.
TommyGun said:AustinAg008 said:Yikes. What a cluster **** that group has become.CrazyRichAggie said:*Exxon Debates Abandoning Some Major Oil and Gas Projects, Sources Say$XOM
— *Walter Bloomberg (@DeItaone) October 20, 2021
That place is a toxic mess right now. Dallas is completely disconnected with the pulse of the organization and the management in Houston has to be getting tired of trying to gloss over the attrition issues they've had and motivate their teams. I think 90% of my friends and LinkedIn connections who have worked there have left this past year. Including some who were completely bought in as "lifers" just 18 months ago.
What happened? Did they go completely braindead wome or something?
It is mind-boggling to me how out of touch corporate gets from the field, aka the people who make the company money, the bigger the company gets. How is it possible to have so little understanding of your average employee or worker?
I am of the opinion that every corporate department in a corporation that is primarily industry should be forced to go out into the field and work on-site for a week or two and also discuss that aspect of the business with field to gain feedback and to in general learn more about how the field operates.
Yes this would cost money, but it's necessary given how so many people who work in corporate don't actually even understand what the company even does.
Sounds like people need to motivate themselves ?
I would think the 'attrition issues' are intentional. COP did the same a while back. Though disconnected management in an organization that large isn't too surprising. I honestly didn't know they still had any real Dallas footprint. That's interesting.
Cyp0111 said:
Sounds like people need to motivate themselves ?
Agreed. Get out and find what does motivate you and go towards that even if that mean others companies or different industries. You've got to be in control of your own career and not leave it in the hands of corporations to provide the growth and satisfaction you're looking for.
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