TxAg20 said:

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buffalo chip said:

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aggielee03 said:

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Probably around $15-$24 per hour based upon experience. Depending upon the company 14 hrs per day is generally the norm while working 6/3 schedules or even 14/7.

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Disconnect in the #s between you and TxAg20...

What are the chances that a company with one or two frac operations (a day or two each) could get a frac spread to even show up?

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I'm guessing they make $18-$30/hour, 98 hours/week. I'm not sure of hourly pay for frac hands, but I've talked to a cementer who recently started (with no experience) at $18/hour and got bumped to $21/hour 3 weeks later after getting his CDL. He said he will get bumped to $25/hour after 6 months on the job. I assume frac pays at least as well as cement.

Also, the companies we've used for frac'ing are basically no days off. The crews will get time off if they're down waiting for water or sand.

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How much downtime are you seeing due to water?

My company has seen 1 day over the past year. We had the water, just in the wrong pit, so we wasted a day on a pit-to-pit transfer. We're entirely in the Midland Basin. More often, I hear stories of crews in the Delaware shut down waiting on water.

On our typical horizontal frac (~62 stages, 21mm#) we'll be delayed 2-6 hours 2-4 times waiting on proppant. We have the pumping company source our proppant, so that down time is on them.

BlackGoldAg2011 said:

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the disconnect is if by "low to mid 100s" he means in the 100k-150k range. because with the numbers you gave, even if a hand worked 14hrs per day 365 days in a year, their range would be 76,650-122,640. based on a 14/7 schedule, the range should be about 51-81

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Do hourly frac hands get OT?

dragmagpuff said:

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BlackGoldAg2011 said:

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the disconnect is if by "low to mid 100s" he means in the 100k-150k range. because with the numbers you gave, even if a hand worked 14hrs per day 365 days in a year, their range would be 76,650-122,640. based on a 14/7 schedule, the range should be about 51-81

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Do hourly frac hands get OT?

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Yes, lots of it. Back in 2012-2014 most of my employees we getting north of 90 hours per week with time and a half over 40. Frac hands make damn good money for someone with little to no education.

On another note, has anyone heard about Whiting being up for sale? I've heard two things: 1)they are pulling out of North Dakota and, 2)they are for sale.

Also hearing US Well Services is up for sale.

BlackGoldAg2011 said:

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the disconnect is if by "low to mid 100s" he means in the 100k-150k range. because with the numbers you gave, even if a hand worked 14hrs per day 365 days in a year, their range would be 76,650-122,640. based on a 14/7 schedule, the range should be about 51-81

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$15/hr at 14 hour days 365 a year?? Do they not have OT?? All of my guys (from last job) in the field got OT.. lots of it.

14 hour day is a 127 hour week, normalized for OT after 40.
* 15/hr is $1900 a week - $99k/yr.
* 24/hr is $3050 a week - $160k a year

14/7 would be $66-$106


Our welders were making $40/hr and $20/hr for their rig/truck (tax free on truck, but not 1.5x) working 80 hour weeks. Plus $100 tax free per diem. Quick math shows $300k+ a year, with $100k+ of it tax free.

They made 2X more than our VP.

I thought oil & gas VPs made bazillions.

Ducks4brkfast said:

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I thought oil & gas VPs made bazillions.

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VP of our region (rocky mountain).. not VP of like a hemisphere, or the whole company or anything. yeh those guys make bazillions.

LostInLA07 said:

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Welding in an excellent trade. I wish our high schools would offer training in trades like welding to offer an alternative track for kids who don't want to go to college. Instead of barley passing or failing out of high school, they'd graduate with a skill that can lead to a strong 6 figure income.

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Or electrical. I was fortunate to grow up in a good environment that taught me the value of education. I've met a few Master Electricians that did not grow up in such an environment but decided at some point after the typical college opportunities had passed to make something of their career. They're still a little rough around the edges, but their hard work has been rewarded nicely.

TxAg20 said:

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My company has seen 1 day over the past year. We had the water, just in the wrong pit, so we wasted a day on a pit-to-pit transfer. We're entirely in the Midland Basin. More often, I hear stories of crews in the Delaware shut down waiting on water.

On our typical horizontal frac (~62 stages, 21mm#) we'll be delayed 2-6 hours 2-4 times waiting on proppant. We have the pumping company source our proppant, so that down time is on them.

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Interesting. My company just announced a high capacity water pipeline in the Delaware last month. It's a 20 mile pipeline and with a midway pump station we can push about 175,000 bpd through it. We have seen the same thing you are talking about with inability to get water where people need it when they need it in the Delaware so we are developing a solution for that at least for our little region in the Delaware.

Looks like QEP purchased someone in Martin County for about $53,000/acre. The Core Permian boom seems far from over.

rdclarke said:

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Looks like QEP purchased someone in Martin County for about $53,000/acre. The Core Permian boom seems far from over.

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Looks like JM Cox. I'm surprised they sold. They still have a lot of good acreage scattered across the Midland Basin.

Wow, oil breaking $50 standing at $50.18. I'd expect maybe a slight drop, but will end the year around $53-$57. I'm really not believing the storage numbers after our meeting last week. Pipelines are still not at capacity which does speak volumes in terms of the storage numbers they keep throwing out.

nu awlins ag said:

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Wow, oil breaking $50 standing at $50.18. I'd expect maybe a slight drop, but will end the year around $53-$57. I'm really not believing the storage numbers after our meeting last week. Pipelines are still not at capacity which does speak volumes in terms of the storage numbers they keep throwing out.

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In what way are you not believing storage numbers? I could see pipelines not being at capacity working both ways

Traditional oil adjusts to the new reality: Profitable Again Efficiency Matters

"Companies now reckon that current price levels will most likely persist, and that the $100 oil of a few years ago was "a great aberration," Daniel Yergin, the oil historian, said in an interview.

"Nobody is standing around, waiting for prices to go up substantially," said Mr. Yergin, vice chairman of the research firm IHS Markit. "The industry is in the middle of re-engineering its processes and its technologies to be a $50 industry, not a $100 industry.""

74OA said:

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Traditional oil adjusts to the new reality: Profitable Again

"Companies now reckon that current price levels will most likely persist, and that the $100 oil of a few years ago was "a great aberration," Daniel Yergin, the oil historian, said in an interview.

"Nobody is standing around, waiting for prices to go up substantially," said Mr. Yergin, vice chairman of the research firm IHS Markit. "The industry is in the middle of re-engineering its processes and its technologies to be a $50 industry, not a $100 industry.""

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Yup. It's the era of cheap oil. Shell said recently they consider oil to remain low permanently, pretty much.

74OA said:

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Actually, oil has simply reverted to its historical price range. $100 oil was the anomaly and $50 is "cheap" only in comparison to that brief, unusual price spike..........

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It may be a comparison, but it's accurate. We're in an era of abundant resources.

PXD earnings look pretty bad. New completions look exciting, but losing a bunch of wells for only $100MM on capital and losing a lot of production. Also GOR coming way up. They claim it's not at the expense of oil, but as a shareholder I'm a bit disappointed and so is the AH market. Oh well, holding on to them and EOG for the long term.

#YESSIR! said:

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techno-ag said:

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74OA said:

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Traditional oil adjusts to the new reality: Profitable Again

"Companies now reckon that current price levels will most likely persist, and that the $100 oil of a few years ago was "a great aberration," Daniel Yergin, the oil historian, said in an interview.

"Nobody is standing around, waiting for prices to go up substantially," said Mr. Yergin, vice chairman of the research firm IHS Markit. "The industry is in the middle of re-engineering its processes and its technologies to be a $50 industry, not a $100 industry.""

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Yup. It's the era of cheap oil. Shell said recently they consider oil to remain low permanently, pretty much.

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When things were rosy, Yergin, Goldman and other "experts" were predicting oil will go to $200 and we will never see sub $100 again. To call something permanent is quite naive in this day and age.

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Exactly....permanent, never, forever.....just a few words that should never be used when discussing oil prices.

Time will tell, but I've always been in favor a slightly higher GOR to aid in ******ing my declines over the latter portion of the well's life span.

#YESSIR! said:

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techno-ag said:

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74OA said:

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Traditional oil adjusts to the new reality: Profitable Again

"Companies now reckon that current price levels will most likely persist, and that the $100 oil of a few years ago was "a great aberration," Daniel Yergin, the oil historian, said in an interview.

"Nobody is standing around, waiting for prices to go up substantially," said Mr. Yergin, vice chairman of the research firm IHS Markit. "The industry is in the middle of re-engineering its processes and its technologies to be a $50 industry, not a $100 industry.""

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Yup. It's the era of cheap oil. Shell said recently they consider oil to remain low permanently, pretty much.

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When things were rosy, Yergin, Goldman and other "experts" were predicting oil will go to $200 and we will never see sub $100 again. To call something permanent is quite naive in this day and age.

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Exactly. Just yesterday, 3 different outlets produced 3 different numbers of OPEC increases last month, thus the "drop" in prices. One stated and increase of 210,000, the other 145,000, and finally the last one 90,000. By the way, no real hard numbers, it was "suggested" that this took place. This is why, along with other data, is why I questions these companies/experts numbers. As for Shell, they've been in and out of the Permian a few times, so take that with a grain of salt in terms of pricing.

PXD TANKING today. Ouch.

Same with RRC

Maverick06 said:

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PXD TANKING today. Ouch.

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Yep. Brutal. As I said though, I bought PXD and EOG 1.5 years ago for the long term. Maybe I'll add more.

Seems like everyone is focusing on the 30 wells they aren't completing this year and their cuts to oil growth. Can't say it's unjustified. But I'm still interested in the long term potential of refracs and EOR on these already paid out wells in the years to come. When you start multiplying these future opportunities across their well count, you could get some serious value that I don't think the market is accounting for because it hasn't been demonstrated yet.

Been a really crazy year for E&P stocks, I'm just hoping things normalize sooner rather than later

#YESSIR! said:

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techno-ag said:

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74OA said:

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Traditional oil adjusts to the new reality: Profitable Again

"Companies now reckon that current price levels will most likely persist, and that the $100 oil of a few years ago was "a great aberration," Daniel Yergin, the oil historian, said in an interview.

"Nobody is standing around, waiting for prices to go up substantially," said Mr. Yergin, vice chairman of the research firm IHS Markit. "The industry is in the middle of re-engineering its processes and its technologies to be a $50 industry, not a $100 industry.""

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Yup. It's the era of cheap oil. Shell said recently they consider oil to remain low permanently, pretty much.

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When things were rosy, Yergin, Goldman and other "experts" were predicting oil will go to $200 and we will never see sub $100 again. To call something permanent is quite naive in this day and age.

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Well I wouldn't call them naive. I think are just adjusting to reality. They could have said something like oil is not going up to previous levels in the foreseeable future. Maybe years. But they summed up the sentiment neatly with "permanent." Heck, I think the hyperbole is probably justified.

Another Martin county pickup for $600M by Concho today

Interesting action after that QEP deal last week

Damn, they are eating it up out there.

jetch17 said:

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Another Martin county pickup for $600M by Concho today

Interesting action after that QEP deal last week

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Any idea on where or who? Can't find any news stories.