You were wise at such a young age

They should have made impairments for Q1. I would anticipate additional impairments in Q2.

So these 1st Q earnings coming out in next couple of weeks will have the double whammy of low prices and write downs?

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So these 1st Q earnings coming out in next couple of weeks will have the double whammy of low prices and write downs?

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Sounds like an opportunity to load up on cheap(er) stock after the reports.

You would think it'd all be priced into the stocks by now but I'm not so sure. XOM right now is trading at a forward PE above 20. That valuation is crazy for XOM. I know forward PE isn't everything but also considering a much smaller buyback and what many now thing is going to be a sustain period of lower prices below 80 through 60, I'm surprised how resilient stocks have been. XOM should trade at around 69 in my opinion

CXO is up over 50% from Its December low. I sold that way too soon and missed out trying to get it back in the 80s

I agree with you Dan about the upcoming oil and gas earnings reports as well as Exxon's valuation as compared to other options. I own Slumberger, Noble, Apache and Southwestern.

I've got XOM through work and EOG in my account outside work. I want my CXO I sold at 98 back. I felt so smart selling for double digit gain. APC has been rolling too

The dollar is in rally mode again and crude prices should react to it. There wasn't much reaction this week from the strong dollar but maybe we see it soon.

I also think eventually an Iranian deal will pass later this year. Iran has way too much to lose by not doing anything and I think the rest of the world wants a deal. The sanctions hurt them also. Irans already selling to India and China.

I've joked about it before but there is some truth in the statement that peace and prosperity in the ME is not good for the oil business.

My dad is the same way. He took a severe pay cut in '08-'09 so he wouldn't have to let anyone go. He basically didnt pay himself.

He hasn't lost a single employee to a competitor.

However, that mind sight is quickly lost as you move to larger companies.

I thought reserves were only reported in the annual reports and thus write downs only occurred in the audits as well? But maybe write downs occur each quarter on the financial statements and only the reserve information is reported once a year. Not 100% sure.

Sampson resources filling for chapter 11

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Sampson resources filling for chapter 11

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Frick....

Not surprised. $3.6B+ in debt. Sucks.

Samon Presentation ... Leverage Get Some

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Sampson resources filling for chapter 11

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Frick....

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my buddy that i went to A&M with works in their denver office (reservoir engineer) . He has now idea what is going to happen when the debt owners become the new owners.

he's actively looking..... along with everyone else

Here is the list I have of chapter 11 filings so far this year. Not sure yet whether I really want to keep track of this or not. Are there any I am missing though...

WBH Energy Partners
Quicksilver
BPZ Energy
Samson Resources
Dune Energy

You can add Barnett Gathering to that list

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Here is the list I have of chapter 11 filings so far this year. Not sure yet whether I really want to keep track of this or not. Are there any I am missing though...

WBH Energy Partners
Quicksilver
BPZ Energy
Samson Resources
Dune Energy

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I don't put much stock, no pun intended, into this list. To my knowledge these companies all had major issues and the downturn just finished them off. We still have yet to see any real players go BK.

GasFrac has filed for bankruptcy. I believe chapter 15, though.

It still seems relevant.

When should the hedges start to roll off for some of the operators? I bet there will be an increase in companies going under at that time. . .

Conoco all in on shale play

Anyone on here have a decent guess at what Halli plans on doing with Bakers frac?

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Anyone on here have a decent guess at what Halli plans on doing with Bakers frac?

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Just a WAG, but I'm going to guess they integrate the pressure pumping companies. I have no inside information, but I would think pressure pumping was the foundation of the merger.

I'm hearing that Hali is going to remove all of Baker's equipment from the field. Plans to re-brand it are on hold for the short term.

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Loyalty is to your wife and kids, first and foremost. It is unfortunate but many that remain loyal to their companies will find their companies are not necessarily loyal to them. We are starting to see several cases where a former employee files for unemployment then realized the company actually had them categorized as an independent contractor thus making the individual ineligible for benefits. No bueno.

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how the hell can you not realize that you are a contractor? I ask as someone who has worked many contacts and many full time positions

Oh I agree. But when many of these contractors are working exclusive contracts with an operator, drive in trucks with operator logos and wear operator uniforms, the lines get blurred. In more liberal parts of the US, you can bet the courts will favor the individual over the company.

What about when they go to file their taxes every year and see they are paying for both portions of FICA?

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Oh I agree. But when many of these contractors are working exclusive contracts with an operator, drive in trucks with operator logos and wear operator uniforms, the lines get blurred. In more liberal parts of the US, you can bet the courts will favor the individual over the company.

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they get blurred because the contractors are idiots.

Every contract I have worked, I have been given a comp may computer, badge and sometimes a cell phone. But I am either paid a w2 by a 3rd party or a 1099 from the company. Only someone blinded by greed would be taken by surprise to not know they were a contractor.

They should be ashamed for taking this to court.

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Oh I agree. But when many of these contractors are working exclusive contracts with an operator, drive in trucks with operator logos and wear operator uniforms, the lines get blurred. In more liberal parts of the US, you can bet the courts will favor the individual over the company.

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they get blurred because the contractors are idiots.

Every contract I have worked, I have been given a comp may computer, badge and sometimes a cell phone. But I am either paid a w2 by a 3rd party or a 1099 from the company. Only someone blinded by greed would be taken by surprise to not know they were a contractor.

They should be ashamed for taking this to court.

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Have to agree, as a former contractor. The name of the company who drafts your paycheck should be your first big indicator.....

The affordable health care act has made it even worse. Our contractors can't wear our logos and we have even taken computers out as a line item because the courts could rule that person is an employee. We can't even allow them to put up family pictures in our construction trailers.

But, they know that when the work is done, they are gone. What they signed up for.

Rocktechie,

Sidetracked comment here - I'm a pipeline sub. Would you ever be interested in networking? I've worked on projects as big as a few hundred miles and as small as a few welds.

$54 seems to be an important number to break through.

http://www.dailyfx.com/forex/technical/elliott_wave/oil/2015/04/14/eliottWaves_oil.html