Writings on the wall, they're all done

I am now hearing that FTSI in Pleasanton was shut down this morning. Anyone hear the same?

It appears that I may have doled out some bad information. I just heard from another contact at FTSI that Washington and Pleasanton were NOT shutdown. I'll see what else I can find out. Two sources at the same place giving contradictory information is confusing. I guess I'll know which one I can trust after it all shakes out.

I was also told that they are simply moving the Shreveport people and equipment to Longview. That doesn't make much sense but I'll see what I can find out about that, too.

The Longview yard has been home to wireline and refurb for a little over a year now. I thought that they may move any frac that is left there. I can tell you that around 300 people walked out with envelopes in Shreveport.

I'm hearing FTS is toast. There are some interesting acquisitions/mergers that are coming in the coiled tubing world sometime in the next few weeks. One makes sense, the other doesn't. Should be interesting.

What are you hearing on the coil side?

dahouse said:

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I appreciate all the help and networking this past week. I signed an offer from a small owner-operator this afternoon. The Aggie network is alive and well.

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That's great!! This is how I landed my gig too

Diamondback just announced acquisition of Energen...

http://ir.diamondbackenergy.com/news-releases/news-release-details/diamondback-energy-inc-acquire-energen-corporation-all-stock

FANG taking names

txaggie_08 said:

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Diamondback just announced acquisition of Energen...

http://ir.diamondbackenergy.com/news-releases/news-release-details/diamondback-energy-inc-acquire-energen-corporation-all-stock

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more to come in our business. i imagine Oxy didn't sell centurion and ingleside just for fun.

txaggie_08 said:

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Diamondback just announced acquisition of Energen...

http://ir.diamondbackenergy.com/news-releases/news-release-details/diamondback-energy-inc-acquire-energen-corporation-all-stock

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This is big! Know both companies very well. I assume they get the assets in bama since that is where Energen's home base is at. Did work in the black warrior basin way back.

I believe Energen divested their Black Warrior and San Juan acreage in years past. FANG is pure Permian and I'd have to think has no desire to acquire any acreage at all outside of the Permian. Interesting to see how the next 12 mos plays out as well.

What is left of FTS for ProFrac to buy? Aside from real estate in the form of district offices/facilities, I don't see much if any value left at FTS. The large majority of FTS equipment is 6-12 years old with minimal maintenance for the last nearly 4 years. ProFrac already owns FTS's New build and rebuild facilities in Cisco...and has owned for 2 years.

IMO, if the acquisition were to take place, it would have already occurred...

Anybody heard of Magnolia Oil and Gas? I got a request to ratify a lease in which I am a Non Participating Royalty Interest owner. I've never heard of them before. Thanks if anyone has experience with this company.

Kool said:

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Anybody heard of Magnolia Oil and Gas? I got a request to ratify a lease in which I am a Non Participating Royalty Interest owner. I've never heard of them before. Thanks if anyone has experience with this company.

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Where is the acreage?

Karnes County. Eagle Ford and Austin Chalk

Gracias. That makes sense, as I had interests in a unit developed by Marathon and Enervest. And, at some point, EOG was involved. It's a merry-go-round. Thanks

Karnes County makes me cringe. I remember paying $250/night for a Best Western in Cuero, then driving 60 miles to the jobsite.

dahouse said:

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Karnes County makes me cringe. I remember paying $250/night for a Best Western in Cuero, then driving 60 miles to the jobsite.

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i would stay at my parent's property then drive down from stockdale.

That was back in the 2011-2012 boom. I eventually started staying in Rockport at my in-law's place and driving the 95 miles every day. Lots of windshield time.

I stayed in Seguin for 3.5 years and made the drive down to Karnes County and DeWitt County. 1.5 years in a hotel and 2 years in an apartment.

Gonzales built about five hotels in two years. Problem is it was two years late.

dahouse said:

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Karnes County makes me cringe. I remember paying $250/night for a Best Western in Cuero, then driving 60 miles to the jobsite.

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I had to work 4pm-4am shift for one week of my 2 week rotations and I swear they had the loudest vacuum cleaners ever!

What networking events do yall recommend for a new graduate trying to land their first job in oil and gas? Ill be graduating with a masters in petroleum engineering and reservoir geology and am looking to land something on the geology side.

You don't have anything lined up already? Internships?

Unfortunately I dont have anything lined up. I had an internship last summer with a small operator in the Eagle Ford but due to their size, they could not bring on another geologist.

A&M Career Day September 11 & 12th. I'll be there gathering intel on prospects and then interviews in October. Try this....

I'm not attending A&M for my masters degree so I don't think I would be allowed to attend.

Yes you can. It's not a closed venue. At least it wasn't for Ag when I was there. Plus, you're an Aggie. Doesn't matter if the masters isn't from A&M.

looks like that may have changed:

Quote:

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• Students must present a valid Texas A&M Student ID to be admitted to the Career Fair exhibition.

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https://careerfair.sec.tamu.edu/career-fair/students/fair-information/general-information

however it might be worth calling ahead and asking anyways as a recent A&M grad