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Skillet Shot
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1:48p, 7/3/17
I've never heard of anyone switching from pumping units to ESPs as part of their field development. That makes no sense to me. ESPs can move up to 10,000+ BPD, pumping units are lucky to get 1,000 BPD. We turn our wells on ESP landed in the vertical at KOP, then lower to the horizontal once they are pumped off. Then move to rod pump landed in the horizontal once the total rate gets under 400 BPD (we have several 320s in inventory).

In our field, there is no competition between ESPs and gas lift. High water rates, under-pressured reservoir and low gas cut render gas lift impossible. Every well is different and painting a broad brush over the entire oil industry is ignorant.

And don't even get me started on rod pumps. There's a reason they've been the staple of artificial lift for a hundred years. They're not going anywhere anytime soon.

I don't disagree with you on gas lift being a great option, it's definitely the cheapest to maintain, but there's a reason there are other artificial lift systems out there.
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Ag2012
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3:18p, 7/3/17
AG
Well boys, looks like O&G is back:
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Joseph Parrish
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2:20a, 7/5/17
AG
All these arguments about lift. With all the different reservoirs and recovery methods, operators have to go with fit for purpose lifting methods. If the cheapest possible option works then that's great, but those of us in the industry knows things can get a little more complicated. I've run into areas with bacteria issues where you absolutely have to get the fluid level down or the bacteria will destroy your equipment. I saw a comment about ESPs being used to ramp up production to make a production look better for a property that's for sale (or something along those lines). It's not really that bad of an idea to accelerate production when oil prices are $100/bbl. I mean, you can always save some of that production for later with a rod pump and produce more oil at $27/bbl.

So yeah, rod pumps are great. They're consistent and usually result in better OPEX, but ESPs will always have a place (so will every other lift method).
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aggie028
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7:38a, 7/5/17
San Andres is different. We are talking about the economic wells being drilled in Delaware Basin, Midland Basin and Eagle Ford. Resource plays with pressure and reasonable amounts of water (the ones that make money).
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nu awlins ag
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10:13a, 7/6/17
AG
Huge drop in stock piles, 6.3 million barrels. Gasoline fell by 3.7 million barrels as did distillate fuel by 1.9 million.
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74OA
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10:58a, 7/6/17
AG
Great article on growing US oil exports and Texas jobs: Going Overseas

"Suddenly buyers from all over the world are purchasing the new American supplies, from South Korea to India even oil-rich Venezuela, which uses the light sweet crude that comes out of American shale to blend with its gooey heavy crude. The light crude is highly prized even while global oil markets are saturated. Canadian oil sands, which also tend to be heavy, are being increasingly produced and need to be mixed with lighter crudes.

European countries are looking to American exports to reduce their dependence on oil from Russia and African countries that produce light crudes, particularly Libya and Nigeria, which are politically unstable and unreliable suppliers. And China, with slumping oil production and rising demand, wants a more reliable source than the Persian Gulf, which it now depends on.

As the Organization of the Petroleum Exporting Countries cuts production to prop up oil prices, American exports are beginning to elbow out Saudi crude in some markets, a development that would have been inconceivable four decades ago when OPEC oil embargoes threatened to cripple the American economy."

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IrishTxAggie
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3:47p, 7/6/17
AG
France to ban sales of gas and diesel vehicles by 2040

https://www.theguardian.com/business/2017/jul/06/france-ban-petrol-diesel-cars-2040-emmanuel-macron-volvo
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BiochemAg97
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In reply to IrishTxAggie • 7:36p, 7/6/17
AG
ColinAggie said:
France to ban sales of gas and diesel vehicles by 2040

https://www.theguardian.com/business/2017/jul/06/france-ban-petrol-diesel-cars-2040-emmanuel-macron-volvo
Wonder how easy it is to go across the border and buy a car given the open boarders of the EU? France better hope battery tech (or fuel cell/nat gas vehicle tech) gets to a point where it makes more sense to buy one of those in France then to buy a car in Germany or Italy.
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chrisrrtx
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11:35a, 7/7/17
AG
What's going on with WFT? They are down 20% in the last month while HAL, SLB, NOV, etc are only down around 5% with the lower crude price
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Ag2012
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In reply to chrisrrtx • 11:57a, 7/7/17
AG
chrisrrtx said:
What's going on with WFT? They are down 20% in the last month while HAL, SLB, NOV, etc are only down around 5% with the lower crude price
WFT is levered to 8x EBITDA. The others have a much more sustainable capital structure. WFT is going to be extremely sensitive to oil price fluctuations until they can bring down that debt ratio.
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aggies12thman
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In reply to chrisrrtx • 12:24p, 7/7/17
AG
chrisrrtx said:
What's going on with WFT? They are down 20% in the last month while HAL, SLB, NOV, etc are only down around 5% with the lower crude price
They can't even pay their bills. We do business with them and half the time they have an overdue balance so they start nit picking at the product to get credit.
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aggie_wes
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2:20p, 7/7/17
AG
WFT is going to go under or get bought unless the market comes back in a big way, and soon. Just my opinion of course
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Farmer1906
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In reply to aggies12thman • 2:44p, 7/8/17
AG
aggies12thman said:
chrisrrtx said:
What's going on with WFT? They are down 20% in the last month while HAL, SLB, NOV, etc are only down around 5% with the lower crude price
They can't even pay their bills. We do business with them and half the time they have an overdue balance so they start nit picking at the product to get credit.


Idk about the nit picking but they pay bills the first 2 months of the quarter then don't for the 3rd.
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agdaddy04
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In reply to Farmer1906 • 3:24p, 7/8/17
AG
They seem to be paying us just fine. Not near the levels they were at a few years ago but it's still significant. They've really picked up since moving out to Katy.
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Fightin_Aggie
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In reply to Farmer1906 • 6:10p, 7/8/17
AG
aggie1906 said:
aggies12thman said:
chrisrrtx said:
What's going on with WFT? They are down 20% in the last month while HAL, SLB, NOV, etc are only down around 5% with the lower crude price
They can't even pay their bills. We do business with them and half the time they have an overdue balance so they start nit picking at the product to get credit.


Idk about the nit picking but they pay bills the first 2 months of the quarter then don't for the 3rd.
They have always been very aggressive with their Capital structure. Never thought it was a good idea for a O&G related company
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techno-ag
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10:04p, 7/8/17
AG
The era of cheap oil continues.

WSJ: Despite Oil's Fall, Drillers Won't Stop
https://www.investorvillage.com/smbd.asp?mb=5028&mn=78593&pt=msg&mid=17331781

Quote:
Easy Wall Street cash is leading U.S. shale companies to expand drilling, even as most lose money on every barrel of oil they bring to the surface. Despite a 17% plunge in prices since April, drillers are on pace to break the all-time U.S. oil production record, topping 10 million barrels a day by early next year if not sooner, according to government officials and analysts.

U.S. crude fell again on Friday, dropping 2.8% to $44.23 a barrel on the New York Mercantile Exchange. Yet the U.S. oil rig count rose Friday to the highest level in more than two years. Operators have now put more than 100 rigs back to work from Oklahoma to North Dakota in the past three months.

Companies have more capital to keep drilling thanks to $57 billion Wall Street has injected into the sector over the past 18 months. Money has come from investors in new stock sales and high-yield debt, as well as from private equity funds, which have helped provide lifelines to stronger operators. Flush with cash, virtually all of them launched campaigns to boost drilling at the start of 2017 in the hope that oil prices would rebound. The new wave of crude has again glutted the market. The shale companies are edged even further from profitability, and a few voices have begun to question the wisdom of Wall Street financing the industry's addiction to growth.

-snip-

Wall Street has become an enabler pushing companies to expand production at any cost, while punishing those that try to live within their means, Mr. Walker said, adding, "It's kind of like going to AA. You know, we need a partner. We really need the investment community to show discipline."

Even if companies cut back drilling now, it wouldn't stop a new wave of oil from hitting the market in the second half of the year: U.S. shale output typically lags behind new drilling by four to six months, analysts say.


It's going to stay low for the foreseeable future.
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Diet Cokehead
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11:10p, 7/8/17
AG
It certainly appears so.
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The Original AG 76
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In reply to techno-ag • 7:36a, 7/9/17
AG
more dirt on the grave of deep water...
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xMusashix
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In reply to The Original AG 76 • 12:52p, 7/9/17
AG
The Original AG 76 said:
more dirt on the grave of deep water...


Shell started deep water with the Auger TLP in 1994 and oil was around $15/bbl.

Americans know how to innovate. Give us some credit. There will be consolidation, and new ways of working, but deep water is not dead.
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1:00p, 7/9/17
Furlock Bones
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In reply to chrisrrtx • 8:33a, 7/10/17
AG
chrisrrtx said:
What's going on with WFT? They are down 20% in the last month while HAL, SLB, NOV, etc are only down around 5% with the lower crude price
my SIL worked on WFT as an auditor for awhile. i know auditors don't know most of what is going on in a company. but, she basically said that WFT is horribly managed and completely disorganized. bad controls, bad processes, etc.
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nu awlins ag
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In reply to Furlock Bones • 8:58a, 7/10/17
AG
Furlock Bones said:
chrisrrtx said:
What's going on with WFT? They are down 20% in the last month while HAL, SLB, NOV, etc are only down around 5% with the lower crude price
my SIL worked on WFT as an auditor for awhile. i know auditors don't know most of what is going on in a company. but, she basically said that WFT is horribly managed and completely disorganized. bad controls, bad processes, etc.
All true, as a former employee. Inmates running the asylum...
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ac04
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9:00a, 7/10/17
more like WTF, amirite
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dahouse
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9:42a, 7/10/17
AG
Just now looking at a bid package for a crude oil loading facility in Corpus. Regardless of who wins this project, there's going to be some welders with new shiny rigs. I might open up a pipeline specific truck accessories place in the area.
Cody
Fightin Texas Aggie c/o 04
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1876er
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In reply to dahouse • 9:45a, 7/10/17
AG
dahouse said:
Just now looking at a bid package for a crude oil loading facility in Corpus. Regardless of who wins this project, there's going to be some welders with new shiny rigs. I might open up a pipeline specific truck accessories place in the area.


Who do you work for?
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dahouse
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In reply to 1876er • 9:47a, 7/10/17
AG
Shoot me a PM...

Have to be careful on the ol' innerweb.
Cody
Fightin Texas Aggie c/o 04
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10:10a, 7/10/17
The Original AG 76
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10:46a, 7/10/17
AG
For what its worth ..
I heard an ad on the radio in Houston over the weekend for a DRILLING ENGINEER wth BHP. Thought it was kinda strange in this market to actually spend $$ on a radio ad but there it was.
Thought I would pass it on if anyone's interested.
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dahouse
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In reply to The Original AG 76 • 10:53a, 7/10/17
AG
I've also heard a few ads for positions at the new Tenaris pipe manufacturing plant in Old Ocean/Bay City. I figured those types of long term manufacturing jobs would be easy to fill. Maybe its just the quantity needed to run the plant.
Cody
Fightin Texas Aggie c/o 04
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MAROON
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In reply to dahouse • 11:33a, 7/10/17
AG
dahouse said:
I've also heard a few ads for positions at the new Tenaris pipe manufacturing plant in Old Ocean/Bay City. I figured those types of long term manufacturing jobs would be easy to fill. Maybe its just the quantity needed to run the plant.
I've heard from others that they made a big mistake building that plant down there. Not enough workers in that area.
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nu awlins ag
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11:40a, 7/10/17
AG
I can see that. Who would want to live there?
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The Original AG 76
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In reply to nu awlins ag • 12:01p, 7/10/17
AG
nu awlins ag said:
I can see that. Who would want to live there?
ever driven from Lafayette down US 90? Not exactly paradise. Chocker block full of ( now largely empty) manufacturing/fab facilities. They managed to get plenty of labor over there. Bay City will do the same.
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nu awlins ag
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In reply to The Original AG 76 • 12:57p, 7/10/17
AG
The Original AG 76 said:
nu awlins ag said:
I can see that. Who would want to live there?
ever driven from Lafayette down US 90? Not exactly paradise. Chocker block full of ( now largely empty) manufacturing/fab facilities. They managed to get plenty of labor over there. Bay City will do the same.
Yes I have, many times. Not paradise, but better than Old Ocean that much I do know.
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74OA
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2:30p, 7/10/17
AG
Wow. Australia is the world's #2 exporter of LNG, but has a domestic energy crisis: PPP

"Australia's plight is less likely in America, which is experiencing a gas glut and is boosting exports. The first LNG-export terminal in the lower 48 states opened in Louisiana last year, allowing exports by ship in addition to existing pipelines to Mexico and Canada. Energy Secretary Rick Perry said at his Senate confirmation hearing he wanted to boost natural-gas exports.

The U.S. is on track to become the world's No. 3 LNG exporter behind Qatar and Australia by 2020, according to the U.S. Energy Department.

Unlike Australia which has plentiful gas supplies in its west but no pipelines to get them to its gas-starved east the U.S. has a large pipeline grid, making it easier to move supplies during shortages. It also has largely avoided the kind of long-term export contracts that trapped Australian companies into giving foreign buyers priority."

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Skillet Shot
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In reply to The Original AG 76 • 4:06p, 7/10/17
The Original AG 76 said:
nu awlins ag said:
I can see that. Who would want to live there?
ever driven from Lafayette down US 90? Not exactly paradise. Chocker block full of ( now largely empty) manufacturing/fab facilities. They managed to get plenty of labor over there. Bay City will do the same.


But they have Cajun food, casinos, great duck hunting and saltwater fishing
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