Today marks exactly 12 years in the industry for me. Wonder what the future holds.
Houston..we have a problem....
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Last: 12 hrs ago by TxAg20
I hear you. I'm coming up on 10 and truly wondering if I can squeeze another 25-30 out of this industry.
Does anyone think KMI is going to sell off Permian stuff? And would they actually pay down their debt or are they going to roll it into getting other assets?
Noticed the stock price jumping up yesterday from the news.
~egon
Noticed the stock price jumping up yesterday from the news.
~egon
I was in for 9 in upstream before I got laid off; then had to go to downstream services... just not the same.
Fortuna Resources, 4500 acres around Carrizo/3ROC just sold for 25k an acre to PDC.
Delaware is still hot to start the new year.
Delaware is still hot to start the new year.
PDC was busy in the Permian last year...
Good for him. Well deserved.
Diamond parachute for Rexy.
Because he damn sure did better then a measely golden one.
Because he damn sure did better then a measely golden one.
And would've been $7M higher if he had stayed another 2 months.
i just watched the movie. Prayers sent.Slappy74 said:
Oil platform on fire
http://m.chron.com/news/us/article/Coast-Guard-Fire-burns-on-oil-platform-in-Gulf-10836681.php
Renaissance I believe.Slappy74 said:
Oil platform on fire
http://m.chron.com/news/us/article/Coast-Guard-Fire-burns-on-oil-platform-in-Gulf-10836681.php
Last line of the story:
It's absurd that even the Chronicle can't find a writer who can speak halfway intelligently about O&G operations.Quote:
An oil platform exploded and sank in the Gulf of Mexico in April 2010, killing 11 workers. Millions of gallons of oil spewed into the Gulf for weeks before the oil well could be capped.
They can, but that wouldn't get the desired clicks.
On that note I'm surprised they didn't call it a "fracking platform"
Ag2012 said:
Last line of the story:It's absurd that even the Chronicle can't find a writer who can speak halfway intelligently about O&G operations.Quote:
An oil platform exploded and sank in the Gulf of Mexico in April 2010, killing 11 workers. Millions of gallons of oil spewed into the Gulf for weeks before the oil well could be capped.
I don't see the problem here. Are you just upset they said platform instead of rig? Exploded instead of caught fire? I assume the rig did in fact sink or at least parts of it did.
All of it. Calling the Deepwater Horizon a "platform" misinforms the public and leads them to believe that a semi-sub drilling rig and a fixed platform on the GOM shelf are pretty much the same thing. Saying that it "exploded" is lazy and also incorrect. It's like saying that Challenger was a plane that crashed in Florida.
Agree, it's comical. There are no similarities between the two events, at all! It would be like me writing a story like this:
January 5, 2017 - "United Airlines flight #223 had to make an early landing today due to engine malfunction. On September 11, 2001, 19 militants associated with the Islamic extremist group al-Qaeda hijacked four airliners and carried out suicide attacks against targets in the United States. Two of the planes were flown into the towers of the World Trade Center in New York City, a third plane hit the Pentagon just outside Washington, D.C., and the fourth plane crashed in a field in Pennsylvania. Often referred to as 9/11, the attacks resulted in extensive death and destruction, triggering major U.S. initiatives to combat terrorism and defining the presidency of George W. Bush. Over 3,000 people were killed during the attacks in New York City and Washington, D.C., including more than 400 police officers and firefighters"
January 5, 2017 - "United Airlines flight #223 had to make an early landing today due to engine malfunction. On September 11, 2001, 19 militants associated with the Islamic extremist group al-Qaeda hijacked four airliners and carried out suicide attacks against targets in the United States. Two of the planes were flown into the towers of the World Trade Center in New York City, a third plane hit the Pentagon just outside Washington, D.C., and the fourth plane crashed in a field in Pennsylvania. Often referred to as 9/11, the attacks resulted in extensive death and destruction, triggering major U.S. initiatives to combat terrorism and defining the presidency of George W. Bush. Over 3,000 people were killed during the attacks in New York City and Washington, D.C., including more than 400 police officers and firefighters"
Article written by Upstream about the same incident
Quote:
The US Coast Guard has quenched a fire that broke out on an offshore oil production platform in the US Gulf of Mexico on Thursday morning.
Four people aboard the Renaissance Offshore-operated facility, located about 80 miles (128 kilometres) south of Grand Isle off Louisiana, evacuated into the water and were picked up by platform supply vessel Mary Wyatt Milano, the US Coast Guard said in a statement.
The Coast Guard was notified by watchstanders of the blaze on the facility around 2:30am local time on Thursday.
The blaze was extinguished at around 6:15 am, the Coast Guard said.
No injuries have been reported and there were no reports of an oil spill around the platform. The Coast Guard said it is still surveying the area.
PSV Mary Wyatt Milano and three other offshore supply vessels fought the fire, while the Coast Guard mobilised an HC-144 Ocean Sentry air crew from its Alabama base to monitor the incident, according to the statement. Oil spill response organisation Clean Gulf also responded.
Renaissance Offshore was formed in 2012 to acquire and develop legacy producing properties in the shallow waters of the US Gulf. The company is backed by private equity firm Quantum Energy Partners.
The company initially received a $300 million commitment and assembled a portfolio that includes former assets of Black Elk Energy, Chevron and Freeport-McMoRan, including operated fields in the Eugene Island, Ship Shoal and South Timbalier areas.
Renaissance did not immediately respond to a request for comment Thursday morning.
I didn't read the article so didn't realize they were trying to say these 2 events were similar. Thought you were just annoyed by them referring to the rig as a platform and calling a fire an explosion.
Previous company I worked for ended up with a lot of that shallow water production as part of an acquisition. Talk about a lot of crap! I believe it was originally old Texaco stuff. Most platforms only had a corroded single valve on them if I remember correctly. A few didn't even have a platform any more with nothing but the wellhead sticking out of the water. I remember we had an incident dropping a compressor into the water during a switch out. Operators made their rounds by boat too.
That's an interesting area for sure.
That's an interesting area for sure.
The company I worked for before I left for b-school bought some shelf assets from Black Elk. We sent some operators around the field on a boat to check out the platforms and discovered they had been patching up rusted out holes in the platform legs with duct tape and painted over them to make it blend in.
ROS or N*?
Ag2012, are your initials AH and do you attend an Ivy League b-school? I think you recruited me at a certain Aggie-owned company a number of years ago.
Perhaps.
I might have missed it but anyone have any oil and gas properties owned by Platinum Partners or their subsidiaries?
They went down in a massive Ponzi scheme last month. I knew they were shady but no idea they had a Ponzi scheme going since I was dealing with a subsidiary.
They went down in a massive Ponzi scheme last month. I knew they were shady but no idea they had a Ponzi scheme going since I was dealing with a subsidiary.
US adds oil & gas jobs for first time in two years
http://www.upstreamonline.com/live/1204868/us-adds-oil-and-gas-jobs-for-first-time-in-two-years
http://www.upstreamonline.com/live/1204868/us-adds-oil-and-gas-jobs-for-first-time-in-two-years
Quote:
US oil and natural gas production jobs increased in November for the first time in over two years as drillers returned to the well pad after crude rallied following its biggest price rout in a generation, according to US jobs data on Friday.
Combined oil and gas extraction and support services jobs increased by 3300 to 384,300 in November, its first increase since September 2014 when employment in the sector peaked at 536,100, according US Bureau of Labor Statistics (BLS) data.
Energy companies shed over 155,000 jobs over the prior two years as they cut the number of rigs drilling for oil from a record high of 1609 in October 2014 to a six-year low of 316 in May, according to the BLS data and Baker Hughes's rig count.
Those rig cuts came as US crude futures collapsed from over $107 a barrel in June 2014 to near $26 in February 2016 due to a global oil glut and lacklustre demand for the fuel.
Since then, crude prices have doubled to around $54 a barrel as Opec and non-Opec producers agreed to reduce output during the first half of 2017 in an effort to stem the oversupply.
Analysts said US exploration and production companies responded to those higher prices by adding more than 200 oil rigs over the past six months with even more spending expected on drilling over the next year or two.
Analysts at US financial services firm Cowen & Co said this week in a note that its capital expenditure tracking showed 25 E&Ps planned to increase spending by an average of 33% in 2017 over 2016.
That spending increase in 2017 followed an estimated 47% decline in 2016 and a 35% decline in 2015, Cowen said according to the 65 E&P companies it tracks.
The BLS only has data for support service jobs through November, while oil and gas extraction jobs data is available through December.
The BLS said oil and gas extraction jobs fell by 1300, or 1%, to 172,400 in December after gaining 1400 in November.
Northstar Offshore and Black Elk are owned by Platinum.Zemira said:
I might have missed it but anyone have any oil and gas properties owned by Platinum Partners or their subsidiaries?
They went down in a massive Ponzi scheme last month. I knew they were shady but no idea they had a Ponzi scheme going since I was dealing with a subsidiary.
All are in Bankruptcy, including Platinum. Platinum principals are in jail. What a mess.
That's is great! Wish our company would do the same, we are still laying people off...
Yeah a mess.
Been trying to get money out of the subs for about two years. One of their subs had an interest in a oil and gas lease. Wells drilled and the sub never paid the drilling costs so revenues were held, but to date the revenue doesn't cover the costs due to the price drop in 2014. After the well started producing sub assigned lease to another company where Platinum executive was on their Board. Costs still never paid and new owner thinks they are owed revenue and refuses to contact the related party or the Platinum sub. A huge mess.
Thankfully lowish dollar value. These types of schemes were common when prices were high and now unraveling. The problem is it will probably cost as much to foreclose as we are owed.
Been trying to get money out of the subs for about two years. One of their subs had an interest in a oil and gas lease. Wells drilled and the sub never paid the drilling costs so revenues were held, but to date the revenue doesn't cover the costs due to the price drop in 2014. After the well started producing sub assigned lease to another company where Platinum executive was on their Board. Costs still never paid and new owner thinks they are owed revenue and refuses to contact the related party or the Platinum sub. A huge mess.
Thankfully lowish dollar value. These types of schemes were common when prices were high and now unraveling. The problem is it will probably cost as much to foreclose as we are owed.
Let's try this again. Click here for a link to the Google Form to submit your price prediction for the end of the first quarter of this year. (WTI spot price as of EOD March 31, 2017).
We actually did pretty good during the last quarter of 2016, with results analysis/stats to be posted soon.
We actually did pretty good during the last quarter of 2016, with results analysis/stats to be posted soon.
Submitted
Went with $49.75. I feel that over the next 10 weeks as rig count continues to be picked up that a mindset will settle in that $50 is the new $75-80. Plus, OPEC will start screwing each other over soon.
Went with $49.75. I feel that over the next 10 weeks as rig count continues to be picked up that a mindset will settle in that $50 is the new $75-80. Plus, OPEC will start screwing each other over soon.
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