I can't tell if you're being earnest or trolling so I'm going to respond plainly.

At big corporations, there is usually an amount you are due from the company if they lay you off. It usually a multiple of your paycheck times the length of years worked there. Like if you worked there for 5 years and they laid you off, you'd get something like 10 weeks worth of pay. If you leave on your own volition you don't get it.

An early retirement package is usually above and beyond a severance package. As the old folks have no incentive to leave at just their severance package pay. Early retirement packages have to be voluntary so they aren't afoul of discrimination laws. If a company just cut a bunch of 55+ senior employees at the severance rate there would be a lawsuit filed immediately.

The joke I made about Oxy is because when they bought Anadarko they purposefully didn't follow any rules about voluntary early retirement. They had each employee interested in retiring early submit a number that they would be okay with walking away with. Oxy found the cheapest way to lay off the most people. The incentive for you to lowball yourself was that you'd have to work for Oxy and they'd probably keep you until you got fed up and quit for free.

one MEEN Ag said:

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I can't tell if you're being earnest or trolling so I'm going to respond plainly.

At big corporations, there is usually an amount you are due from the company if they lay you off. It usually a multiple of your paycheck times the length of years worked there. Like if you worked there for 5 years and they laid you off, you'd get something like 10 weeks worth of pay. If you leave on your own volition you don't get it.

An early retirement package is usually above and beyond a severance package. As the old folks have no incentive to leave at just their severance package pay. Early retirement packages have to be voluntary so they aren't afoul of discrimination laws. If a company just cut a bunch of 55+ senior employees at the severance rate there would be a lawsuit filed immediately.

The joke I made about Oxy is because when they bought Anadarko they purposefully didn't follow any rules about voluntary early retirement. They had each employee interested in retiring early submit a number that they would be okay with walking away with. Oxy found the cheapest way to lay off the most people. The incentive for you to lowball yourself was that you'd have to work for Oxy and they'd probably keep you until you got fed up and quit for free.

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I'm trolling....

txaggie_08 said:

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Comeby! said:

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How are oil and gas internships being handled during Covid, especially last year? Didn't get any bites on my question on the academic board.
https://texags.com/forums/17/topics/3192502/

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We still had interns last summer, but it was 100% virtual. Some were hired abs starting this summer.

I imagine this years interns will be in office.

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Can you help me understand how this was done virtually ? I'd like to help as much as we can afford. Happy to take this offline.

Zoom happy hours, MS teams meetings, and database and PowerPoint busy work?

Article on pipeline utilization. https://www.reuters.com/article/us-usa-oil-producers-pipelines-idUSKBN2C00F0

Quote:

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Enterprise's crude pipelines and services revenues plunged 35% in 2020. In February, it said it has long-term contracts to ship about 1 million bpd through 2028 and beyond, compared with average volumes of 2 to 2.2 million bpd over the past two years.

The company did not comment for this story.

As pipeline companies have struggled, investor returns have suffered. The Alerian MLP index, which tracks the performance of midstream companies, is down 24% since the beginning of 2020, compared with a 27% return for the S&P 500.

"A lot of companies had to cut their dividends," said Rob Thummel, senior portfolio manager at TortoiseEcofin. "It has created some skepticism on the investor base about the sustainability of the sector."

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Do you think they're cherry picking the EPD data point? Maybe their volumes have suffered because some smaller midstream firms have put new pipes in service with more creative commercial offerings? I don't have data to back that up, just thinking out loud, but a 50% decline in volume is not indicative of overall production.

Not indicative of production I think but definitely an over piped market with new recontracting paradigms starting to show up. Producers less willing to take MVC and those anchor contracts from pipe build starting to roll off / negotiated for extension. Seeing tariffs fall from $1+(even higher in some cases) to $.50-$.65 as part of those extensions/new deals.

texpert68 said:

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Do you think they're cherry picking the EPD data point? Maybe their volumes have suffered because some smaller midstream firms have put new pipes in service with more creative commercial offerings? I don't have data to back that up, just thinking out loud, but a 50% decline in volume is not indicative of overall production.

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There's a big difference between "1mm contracted through 2028" and "EPD only moving 1mm in 2021". They transported over 2mm bpd of crude in 2020 according to their 10k, that will probably stay ~the same in 2021.

What's actually happening is that they have contracts ending over the next 7 years, which is pretty normal. They just have to get counterparties to re-up on their contracts. Not easy, but everyone has to solve that problem. The midstream contracts I'm familiar with are 10-20 years with 5 year extension options, so a bunch of them will run out in any given 7-year period.

I really don't understand why you'd invest in midstream right now with upstream still discounted.

PeekingDuck said:

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I really don't understand why you'd invest in midstream right now with upstream still discounted.

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Some of the subsea OEM companies are trading at 1/4 of what they were 3 years ago. With fracing fading and the price slowly stabilizing there seems to be value there in the future. Lots of ready to go projects just sitting on a shelf.

AgLA06 said:

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PeekingDuck said:

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I really don't understand why you'd invest in midstream right now with upstream still discounted.

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Some of the subsea OEM companies are trading at 1/4 of what they were 3 years ago. With fracing fading and the price slowly stabilizing there seems to be value there in the future. Lots of ready to go projects just sitting on a shelf.

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Sooo... I cAn HaS 4-whEeleR aNd baSsbOaT aGin?

Anyone headed to the PBLA shrimp boil tonight in Midland?

SpreadsheetAg said:

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AgLA06 said:

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PeekingDuck said:

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I really don't understand why you'd invest in midstream right now with upstream still discounted.

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Some of the subsea OEM companies are trading at 1/4 of what they were 3 years ago. With fracing fading and the price slowly stabilizing there seems to be value there in the future. Lots of ready to go projects just sitting on a shelf.

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Sooo... I cAn HaS 4-whEeleR aNd baSsbOaT aGin?

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There are people more involved in this space than I am, so don't take this as gospel. But, I still wouldn't buy offshore technology companies thinking that it would oneday return to hayday prices.

Most offshore work in GOM is to leverage existing tiebacks, and attach new tieback infrastructure to maximize production from what is currently floating offshore right now. They aren't rolling out 4 billion dollar floating platforms like they were.

Now there are a few big platform projects in the works as part of putting initial infrastructure in new fields that are not in GOM.

Do you guys think shows like NAPE will ever really come back? With so many banks pulling out of the space and other service providers pulling back, I question how the event scene will look even with the oil price rebound.

The law firms throw best parties. V&E, Kirkland etc. all having banner years

topher06 said:

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Do you guys think shows like NAPE will ever really come back? With so many banks pulling out of the space and other service providers pulling back, I question how the event scene will look even with the oil price rebound.

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I saw a Fed report (from the banking side) that suggested the actual investments by the banks didn't significantly change even though they all talked a big game about getting out of O&G. Not sure if that means it will take longer to unwind these positions or if it is a case of all talk and no action.

OTC and NAPE are planned for the same week in August right now. My company does OTC every year but I have no expectations for the show this year.

The booths usually fill up the main hall at NRG, the old arena and tents outside.

Right now maybe 50% of the main hall is sold.

NAPE being rescheduled to the summer when Summer NAPE usually sucks anyway should be interesting. Nothing like carousing downtown in a suit when its 105 out.

Will be curious on turnout for other shows such as SEG & AAPG for those of us on the exploration side.

https://www.ft.com/content/94f1fdc9-6b1d-45cf-b804-46cb58cc6bb0

Pretty well written article on the current status of PE in the traditional energy space.

AustinAg008 said:

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https://www.ft.com/content/94f1fdc9-6b1d-45cf-b804-46cb58cc6bb0

Pretty well written article on the current status of PE in the traditional energy space.

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Paywall

NAPE isn't strongly influenced by banks.

I actually believe NAPE will be stronger with so many Geos out of work. There is private money out there to invest in projects.

I read this thread everyday until I was laid off in March of 2015.

Moved on to real estate.

Anyone else moved on to something different?

That is awesome.

Hearing Hunt's Permian assets are under PSA. Same for Sabalo. Both should announce any day.

I thought 3 runs was still a save opportunity?

TxAg20 said:

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Hearing Hunt's Permian assets are under PSA. Same for Sabalo. Both should announce any day.

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Will be curious to see who is getting Sabalo. Surprised encap is a seller in this market, thought they'd be a buyer.

Sabalo has been on the market for a while now - curious as well to see who takes em up there in Howard Co ... Highpeak (more East)? Surge (theyre more East)? Dont think it would be Laredo or Ovintiv.... what do i know.

Someone threw out CLR as a potential buyer but I thought that was a little far fetched. As it pertains to Hunt.

TxAg20 said:

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Hearing Hunt's Permian assets are under PSA. Same for Sabalo. Both should announce any day.

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If I recall from past experience, the Hunt assets are quite drilled up?

Crownquest?

MavsAg said:

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Crownquest?

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Forgot about them up there. Maybe callon?