I think you're misunderstanding what that post meant by "admin". They aren't referring to the PC version of a secretary but were referring to office based overhead types (G&A). There are Ops related roles that they could fill, but the hours and on call requirements are very different from taking the park and ride or rideshare back and forth at the same time every day. A company wouldn't pull an exec assistant into an operator job.

No but he can track costs during a turnaround. He just won't like the shift work schedule.

If you're referring to the merger-related layoffs, I wouldn't expect those to happen until early 2021 once the deal closes and they begin to merge operations.

Sad, because it sounds like a lot of over lap. Better getting laid off in Austin than Midland though. With all of the Californians moving in you could not only sell your house quick but also probably make some decent money off of it too. Midland housing market looking horrible right now.

Who bought EPs southern midland basin assets?

Also, heard everyone at Sable was let go? I'm assuming the creditors are bringing in their own team? Still seems like you would want to keep some Ops and field guys that know the asset.

Drillbit4 said:

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Who bought EPs southern midland basin assets?

Also, heard everyone at Sable was let go? I'm assuming the creditors are bringing in their own team? Still seems like you would want to keep some Ops and field guys that know the asset

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Citi bought Sables assets, bringing in FDL management to operate. Sable field personnel are having to interview for their jobs.

Credit bid, no ? And I thought JP Morgan was the agent on that RBL?

Cyp0111 said:

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Credit bid, no ? And I thought JP Morgan was the agent on that RBL?

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Honestly haven't looked into it. Just know what I was told by people involved.

Pretty sure it's JP Morgan. But yes, FDL to operate.

The Sable guys really lit some cash on fire.

CrazyRichAggie said:

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Has Parsley started layoffs?

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Yes. It sounded like most of the Austin office.

K_P said:

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CrazyRichAggie said:

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Has Parsley started layoffs?

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Yes. It sounded like most of the Austin office.

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I believe as of Dec. 12th the office was closed.

Think that is correct. Old neighbor of mine was already looking last month. That is one heck of nice building they are building that won't get used.

AustinAg008 said:

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K_P said:

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CrazyRichAggie said:

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Has Parsley started layoffs?

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Yes. It sounded like most of the Austin office.

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I believe as of Dec. 12th the office was closed.

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Who's operating/maintaining their leasehold? They don't close until mid January.

Drillbit4 said:

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Who bought EPs southern midland basin assets?

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Any more rumble on this - everything i have read is still 'undisclosed buyer'

jetch17 said:

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Drillbit4 said:

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Who bought EPs southern midland basin assets?

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Any more rumble on this - everything i have read is still 'undisclosed buyer'

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My guess would be Zarvona

i was thinking maybe Sequitur or something down in that part of Crockett, but forgot Zarvona picked u that PT package down there recently. that could make sense, they have been on the hunt for more.

Forgot about Sequitur down there. I know Zarvona still had some available liquidity in their fund after buying the PT asset so seems to make sense as a bolt on.

If the asset traded for PV-20+ then might not be terrible on the blow down case with a rising oil price.

Anything else and it's no bueno.

AustinAg008 said:

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K_P said:

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CrazyRichAggie said:

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Has Parsley started layoffs?

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Yes. It sounded like most of the Austin office.

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I believe as of Dec. 12th the office was closed.

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That's the date the deal is supposed to close from what I've been told.

Saw Warburg sold Independence Resource to Earthstone.

Seems like Warburg is moving out of the traditional energy space, be surprised if they don't try and shop some of their other investments like Ensign or see in Kayne would buy their percentage out.

Encap's Flat Creek was smashed. Not sure who got the assets.

Drillbit4 said:

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Encap's Flat Creek was smashed. Not sure who got the assets.

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Forge I believe

https://www.reuters.com/article/qep-resources-m-a-diamondback-idUSKBN28V1CU

They also bought Guidon.

Furlock Bones said:

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They also bought Guidon.

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When did that happen? Didn't see that news.

Some more year end gobbling up

Furlock Bones said:

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They also bought Guidon.

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Anyone have a handle on what PDP values are going for in the Permian these days? Seems like they paid a nice multiple for acreage value for only 12,000 BOPD.

Slightly oilfield related, there is a game a few aggie students made that is similar to the college football risk game if you played. This is Texas City Risk and Midland / Odessa has a team that could use our help putting oil derricks all across Texas! It only takes about 30 seconds a day. You pick a territory to attack or defend and at 10PM there is a "dice roll" to determine which side won each territory for the day. Each player is similar to one of the soldiers on the old risk board if you ever played that game.

Today there is a bonus multiplier for the team that increases its team size by the largest % day over day, hence me making this post here. I won't spam this thread again, just thought maybe some in this group would want to help out the Midland team.

Where to play: aggierisk.com

What you need to play: a reddit account (takes minimal effort to set up)

Here is the latest map, Midland is in Blue and is at war with Cleveland:

https://www.google.com/amp/s/www.houstonchronicle.com/business/energy/amp/Halliburton-to-lay-off-216-in-Texas-15820740.php

Seems it never stops

I don't see it getting better for services anytime soon unfortunately.

This is part of the closure of the Carrollton Completion Tools facility. Surprised it's just now being announced