edit: tp...dumb internet

Nice, thanks

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I'd lean more Cabot, but I've seen the position map you're talking about which makes sense too

I know it's not blackbrush, they recently sold their position in the area

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Blackbrush did not sell their position. Blackbrush was sold by EIG/Tailwater to Aries. Blackbrush owns the exact acreage Goodrich is on just different depths for a large chunk of the acreage

Shell also revealed plans to further reduce 2015 capex to $30 billion and to cut 6,500 jobs over the year.

the 6500 number is misleading. i think that is basically the total number of most changes already made that were never broadcast externally. it's not 6500 more on top of the restructuring we've already been doing.

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the 6500 number is misleading. i think that is basically the total number of most changes already made that were never broadcast externally. it's not 6500 more on top of the restructuring we've already been doing.

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Agreed. It sounds like most of the 6,500 jobs are already part of existing cuts or divesting of assets.

That's not to say that there won't be more, but it won't be near that number again I don't think without something drastic changing.

sts, assuming you work at shell, are you in the deepwater group in NOLA? Just curious, I go to the office over there about once a month for partner meetings. Might be willing to take a fellow Ag out for a beer if one of my trips is ever longer than just a few hours.

i do, but i work in houston. i support the unconventionals group

I work in UAD NOLA for the moment. I was notified a couple of weeks ago of my services no longer being needed since I am a "Partner in Safety" aka contractor.

Meanwhile, in Portlandia...

http://www.usatoday.com/story/news/nation/2015/07/29/activists-dangle-portland-bridge-oil-protest/30861843/

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Who's picking up Goodrich's Eagle Ford acreage?

http://eaglefordtexas.com/news/id/154965/goodrich-petroleum-corporation-finalizing-major-eagle-ford-asset-sale/

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EP Energy

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Is that fact or speculation?

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Interesting, I don't see it anywhere else still.

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EP announces Eagle Ford purchase

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Meanwhile, in Portlandia...

http://www.usatoday.com/story/news/nation/2015/07/29/activists-dangle-portland-bridge-oil-protest/30861843/

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They all think they are such heroes.

Flew out of Portland this morning and we circled over that bridge. While those guys are nutso, it made for a cool view.

XOM earnings suck

Bad day for O&G. OPEC and XOM are going to take this thing down down down.

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Bad day for O&G. OPEC and XOM are going to take this thing down down down.

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...and CVX

I assumed CVX would be garbage. Bought the Aug puts on both yesterday anticipating worse then expected earnings and guidance.

I guess maybe the Houston housing market will start to cool.

All those gain from this week are now gone. Without share buybacks there is no more financial engineering to make EPS look good. These companies all suck under 60 Brent.

http://finance.yahoo.com/video/core-labs-ceo-us-oil-221500092.html

this is the CEO of Corelab interviewed this week... and his opinion is that we are going back to $70-80 by year end.
Why? because in part Russian and the Middle East countries are pumping at full capacity- no spare- and the decline will take effect and we should see that in the next 6 months finally. First time i had heard that take.

Worst quarterly profit in 13 years for CVX, and you'd think next quarter will be worse...no?

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http://finance.yahoo.com/video/core-labs-ceo-us-oil-221500092.html

this is the CEO of Corelab interviewed this week... and his opinion is that we are going back to $70-80 by year end.
Why? because in part Russian and the Middle East countries are pumping at full capacity- no spare- and the decline will take effect and we should see that in the next 6 months finally. First time i had heard that take.

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That would save a lot of us if true, let's hope it is an accurate take but right now there is still a lot of guessing.

Corelab sees the well production and has a great view of declines.

Just listened to a great presentation from Dr. Mark Dotzour at the A&M Real Estate Center. A good chunk of his presentation was around oil and the global effects of bringing Iran onto the dance floor and the artificial propping up of the Chinese and Japanese economies (its expensive to keep trillion dollar markets supported for very long).

Shouldn't surprise anyone here, but the general sentiment is that US companies have gotten margins down to be profitable at $65 and that prior to the Iran announcement that we were on track to see stabilization and growth in the latter part of this year. As it is now, if China/Japan don't see honest market activity in the near term then global consumption is going to fall precipitously and if/when Iran comes back that could herald $30 within the year.

Side note, the prices needed to appease the peasants and hold off an 'arab spring' coming back is above $65-70 for Saudi. They completely underestimated the ability of the US to sustain sub $70 prices. The rhetoric sounds like they're reevaluating how to manipulate the market if the ayatollah comes back into play.

Short story: the global players have no idea what's going to happen since potus decided to come in with a left hook.

Did anyone really think OPEC would cut production? They have even less incentive to do so now than they did last November. I'm sure there will be a panic sell-off, but if the markets had the assumption of a production cut built in rather than the current output, then that's just stupid. Anyone who has been paying attention to this cycle should have realized that until there is some civil unrest in the ME/Russia/Venezuela, OPEC will be business as usual.

And that's not good news for the majors if their earnings were rough in Q2. Those could be the highest prices we see this year.

If ISIS has been selling oil on the black market, isn't possible that Iran has also? I'm skeptical that Iran will have much of an impact.

That is because CVX is the Seattle of the O&G companies. They run fat and happy and live in a land of rainbows and lollipops. Just my personal opinion with a lot of insight knowing many employees personally.

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If ISIS has been selling oil on the black market, isn't possible that Iran has also? I'm skeptical that Iran will have much of an impact.

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Iran exported 1.4 mm b/d in 2014

CVX forgot to turn off the music for their conference call.

NVM I'm dumb. I had something us running.