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Barnett combo player.

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Ouch.

Big ouch. That's been an ugly play for a while though.

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Natasha,

Are you using crawler rigs on multi-pads ?

I've always wanted to see one of those work

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Is a crawler rig different than a walking rig? I'm on a walking rig drilling multi well pads. It's pretty cool to see one skid over.

Garland,

I think that's the same thing

Pretty cool technology

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If anyone is looking for help in Marcellus/Utica, I am more than happy to help. Gas is a different story...for now. Things are still busy for us here even with low gas prices. Bottom line is: opportunity is like energy; it cannot be destroyed, only transformed. Use this Aggie network to help find greener pastures even if it means moving out of state. I'll welcome you to Pittsburgh and do my best to help you out

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Talon is good people. If anyone needs help, Talon certainly help at all costs. He almost got me to move to the Marcellus, but then I saw how cold it got and reconsidered.

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If anyone is looking for help in Marcellus/Utica, I am more than happy to help. Gas is a different story...for now. Things are still busy for us here even with low gas prices. Bottom line is: opportunity is like energy; it cannot be destroyed, only transformed. Use this Aggie network to help find greener pastures even if it means moving out of state. I'll welcome you to Pittsburgh and do my best to help you out

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One of my friends moved to Pittsburgh about a year ago for my company so I know its still busy in the Marcellus.

So we did get annual raises today. I heard ranging from 1 to 5% which is lower than normal.

We are almost done crunching all the December numbers so our management will get a look in the next few days how the price drop affected us.

About one month till the financial statements, SEC filings and earnings calls start for Q4 and the year.

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How did the rest of the country do in the 80s when oil went bust?

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The US experienced one of the greatest bull markets in history. The two are not necessarily related, but regardless, the general shape of the US economy is inversely proportional to energy prices (or at least they used to; this is not always the case).

Lower energy prices will greatly add to annual GPD growth if they are sustained while choking many of the world's most hostile nations. Overall, this is a good thing and I hope it persists even if it means restructuring in the O&G industry (which is probably well overdo given the outrageous compensation the industry has boasted for so many years).

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Outrageous compensation? Please tell me how much I'm allowed to make so I don't outrage you.

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It's totally outrageous, it's market driven but still outrageous. Anytime a kid with a PETE degree is making 140k his first year on the job, and welders and worms are making 120k plus it's gotten out of hand. Luckily the low prices will push some of those crazy salaries down, which will drop the breakeven and keep more drills turning to the right during this downturn, which means my Spares keep selling

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I haven't met a PETE just out of school making 140k base. Tell me where they are working.

http://oilpro.com/post/9468/drilling-contracts-terminated-60-rigs-going-idle-leading-shale-dr

Looks like h&p had 4 contracts canceled

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Outrageous compensation? Please tell me how much I'm allowed to make so I don't outrage you.

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It's totally outrageous, it's market driven but still outrageous. Anytime a kid with a PETE degree is making 140k his first year on the job, and welders and worms are making 120k plus it's gotten out of hand. Luckily the low prices will push some of those crazy salaries down, which will drop the breakeven and keep more drills turning to the right during this downturn, which means my Spares keep selling

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I haven't met a PETE just out of school making 140k base. Tell me where they are working.

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I'm just going by the stats from the career center

Honestly the bachelors and masters looks flipped. Not saying they are, but I've met almost no one that got $150k base out of school. That looks like someone just put a ridiculous number to be the highest.

One super major doesn't make an industry, but we certainly don't pay $150 for entry level PETEs, regardless of degree.

B.S. & M.S. do seem inverted too.

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One super major doesn't make an industry, but we certainly don't pay that ($150) for entry level PETEs (regardless of degree).

B.S. & M.S. do seem inverted too.

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I thought that too, but the 25th % salaries look right.

I've probably heard 200 intro salaries. $150k does not happen - I'd venture to say nobody out of any school in the last 5 years has fetched $150k base - $120k would be shocking for an undergrad. What does happen is a senior student filling out the survey says his $90k salary + $10k moving bonus + $30k sign on + $20k in sign on stock that doesn't vest for 3-5 years means he is making $150k out of school. Those surveys come directly from the students.

Low 90s to $110k is probably a good range for undergrad. Bonuses have ranged from 5-60% for young people depending on the company. 2-5 year vesting stock or some form of equity from 5-60% also for many. So yeah, people have made a lot of money. That being said, they have helped generate a lot over the last 5 years. Doesn't seem outrageous to me to pay an engineer $200k per year all in that is the only engineer in his/her discipline watching over $100MM-$400MM... Heck, $20MM probably justifies a petrotech person from each discipline.

Where abouts in Pittsburgh are you? I've got a brother that moved up there a couple months ago half a year out of school for his oil field services company, and is finding the transition away from God's country a little tough. Any Aggie bars I can recommend?

Christ, and I thought the $70k I made my first year out was solid.

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Where abouts in Pittsburgh are you? I've got a brother that moved up there a couple months ago half a year out of school for his oil field services company, and is finding the transition away from God's country a little tough. Any Aggie bars I can recommend?

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I live in Fox chapel. Tell him to come meet me for a beer at the Pittsburgh Bottleshop in bridgeville next Wednesday. I'll be there with some friends and a couple of Aggies too.

I'm also the host for muster this year and I usually host a couple of games. Pm me and I will pass along my contact info. He's more than welcome to give me a call. I'll get him squared away

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Christ, and I thought the $70k I made my first year out was solid.

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I made 45k back in '06 and thought I was doing well. I make almost 4 times that now and am getting matched by kids fresh out the chute, should have majored in engineering instead of marketing I guess.

Sounds like I should have majored in marketing

Would have enjoyed undergrad a whole lot more...

Make 4x as much = 180k. You know fresh grads making that much?

It'd be worth my time to go back to school from scratch for 4 years if I could do $180K/year now...

Made 10.5% on my shorts today combined with a 3.5% return on my longs. Whoop!

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I've probably heard 200 intro salaries. $150k does not happen - I'd venture to say nobody out of any school in the last 5 years has fetched $150k base - $120k would be shocking for an undergrad. What does happen is a senior student filling out the survey says his $90k salary + $10k moving bonus + $30k sign on + $20k in sign on stock that doesn't vest for 3-5 years means he is making $150k out of school. Those surveys come directly from the students.

Low 90s to $110k is probably a good range for undergrad. Bonuses have ranged from 5-60% for young people depending on the company. 2-5 year vesting stock or some form of equity from 5-60% also for many. So yeah, people have made a lot of money. That being said, they have helped generate a lot over the last 5 years. Doesn't seem outrageous to me to pay an engineer $200k per year all in that is the only engineer in his/her discipline watching over $100MM-$400MM... Heck, $20MM probably justifies a petrotech person from each discipline.

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And just so folks are clear - this is operator money. Service companies aren't paying new grads $90k+.

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Natasha,

Are you using crawler rigs on multi-pads ?

I've always wanted to see one of those work

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I've supervised up to 7 crawler rigs at one time. Very cool piece of equipment. I had a chance to tour Unit's new a/c crawler rig. The thing they did, that no other contractor on land has done, it put 2200 hp mud pumps and a 7500 psi mud system. You don't have to sacrifice flow rate, bit rpms, or hydrolic hp on longer lateral wells. Here's a video.



You can see the actual rig on their website.

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Made 10.5% on my shorts today combined with a 3.5% return on my longs. Whoop!

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Did you enter and exit on the same day?

Re salary: craziest I've heard is a roommates buddies' who went to work for ENI. Something like $112,000 base with a 20 or 30 sign on. I think he was the only person they hired from north America though. And to be fair about those surveys, the career center wants them to look as high as possible too. I filled out one and it asks for your base salary and bonuses separately but they add it together for the chart.

$90k is still ridiculous money for a new grad. You'd have a hard time getting that with any other field. That's ~$25k higher than just about all of the other engineering degrees.

I almost made the jump to O&G last year because they have such high average compensation. Kinda glad I didn't now.

Oh I understand it just fine. I grew up in Houston and my dad's business is primarily O&G manufacturing (small business). And I absolutely will consider switching, particularly when things are "peachy" again. Just kinda glad I didn't pull the trigger right before this fall.

Cool video Pookie!