Houston..we have a problem....
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Last: 19 hrs ago by Bibendum 86
BPCAg05 said:
https://www.ft.com/content/2bf04fff-5b2f-4d96-a4ea-ff55e029f18e
Well that is one way to do it. Plus it would drive the price of oil up until "green energy" looked like a bargain.
Would tank the economy, but small price to pay to save the planet I guess.
Damn sure better than where we've been!topher06 said:Gas is doing pretty well at the moment.AgRebel08 said:AustinAg008 said:Only good thing here consolidation.Cyp0111 said:
Not sure i follow the Laredo move here.
Understand Laredo's needs to get a higher oil cut % but not through similar fringe Howard acreage.
Trading 30% oil cut WI, for 80% oil cut, total production mix now 50% oil. Investors always complained how gassy ther were, good transition for them.
I'm very bullish on gas starting in 2022. Think inventory continues to decline and we'll see a nice 4 - 5 / MCF price.
Wish the strip agreed with that. I'll take $3.50 any day.AustinAg008 said:Damn sure better than where we've been!topher06 said:Gas is doing pretty well at the moment.AgRebel08 said:AustinAg008 said:Only good thing here consolidation.Cyp0111 said:
Not sure i follow the Laredo move here.
Understand Laredo's needs to get a higher oil cut % but not through similar fringe Howard acreage.
Trading 30% oil cut WI, for 80% oil cut, total production mix now 50% oil. Investors always complained how gassy ther were, good transition for them.
I'm very bullish on gas starting in 2022. Think inventory continues to decline and we'll see a nice 4 - 5 / MCF price.
AustinAg008 said:Damn sure better than where we've been!topher06 said:Gas is doing pretty well at the moment.AgRebel08 said:AustinAg008 said:Only good thing here consolidation.Cyp0111 said:
Not sure i follow the Laredo move here.
Understand Laredo's needs to get a higher oil cut % but not through similar fringe Howard acreage.
Trading 30% oil cut WI, for 80% oil cut, total production mix now 50% oil. Investors always complained how gassy ther were, good transition for them.
I'm very bullish on gas starting in 2022. Think inventory continues to decline and we'll see a nice 4 - 5 / MCF price.
Is your name Jerry Jones???
Who is buying Oasis' position in the Delaware?
aggiecive said:
Who is buying Oasis' position in the Delaware?
Percussion
Wow. Good for them. Finally found something to get back in the game on.
Cabot and Cimarex with the merger of equals.
Really surprised by this one.
Really surprised by this one.
Odd fit
More like no fit at all.
Cabot CEO does get a $40MM payout due to the CoC, so Cabot c-suite must be rather happy.
Cabot CEO does get a $40MM payout due to the CoC, so Cabot c-suite must be rather happy.
Big kudos to Dan Dinges with that $40.6 million change in control package whispering sweet nothings into his ear $COG $XEC
— Kelly Mitchell (@kellyemitchell) May 24, 2021
(possibly(?) the highest CIC package of any E&P CEO going into 2021) pic.twitter.com/msQbbpxSgI
Not sure if true but I heard there was H2S in that Oasis property.
JP_Losman said:
Not sure if true but I heard there was H2S in that Oasis property.
Yes
Interesting news on the downstream side of things. Shell has sold their controlling interest in the Deer Park Refinery to PEMEX. I would have thought that would be one of the last refineries they would sell, but nothing surprises me anymore with how large integrated companies are re-tooling.
https://www.reuters.com/business/energy/shell-sell-interest-deer-park-refinery-partner-pemex-2021-05-24/
https://www.reuters.com/business/energy/shell-sell-interest-deer-park-refinery-partner-pemex-2021-05-24/
Keeping the Chemicals piece but the refining aspect is gone. Quite interesting as this was announced as one of Shell's 6 Energy/Chemical parks that they would keep, so guess that's down to 5.5TommyGun said:
Interesting news on the downstream side of things. Shell has sold their controlling interest in the Deer Park Refinery to PEMEX. I would have thought that would be one of the last refineries they would sell, but nothing surprises me anymore with how large integrated companies are re-tooling.
https://www.reuters.com/business/energy/shell-sell-interest-deer-park-refinery-partner-pemex-2021-05-24/
I've heard that facility has a really high downtime rate. And that to improve it would be a huge capital expenditure that wasn't worth it.
Friends who work there say the writing has been on the walls for a while now.
Friends who work there say the writing has been on the walls for a while now.
one MEEN Ag said:
I've heard that facility has a really high downtime rate. And that to improve it would be a huge capital expenditure that wasn't worth it.
Friends who work there say the writing has been on the walls for a while now.
Yeah I kinda figured they had a big turnaround on the books coming up and it was easier to just take the money in front of them now. The Exxon refinery in Baytown performed a $300M turnaround in 2019 and then turned around and dealt with multiple fires and had to shut the cracker down in 2020 due to no fuel demand. These big old refineries take a lot of cash to keep them competitive in today's market with a lot of unknown risks on the horizon.
The amount of revenue those refineries make and the amount of money it takes to keep them operational is just mind boggling. They can spit out cash at a high velocity when times are good. When they aren't they suck in cash just as fast.TommyGun said:one MEEN Ag said:
I've heard that facility has a really high downtime rate. And that to improve it would be a huge capital expenditure that wasn't worth it.
Friends who work there say the writing has been on the walls for a while now.
Yeah I kinda figured they had a big turnaround on the books coming up and it was easier to just take the money in front of them now. The Exxon refinery in Baytown performed a $300M turnaround in 2019 and then turned around and dealt with multiple fires and had to shut the cracker down in 2020 due to no fuel demand. These big old refineries take a lot of cash to keep them competitive in today's market with a lot of unknown risks on the horizon.
Can someone tell me why Oklahoma oil and gas deals are out of favor? Outside BLM and native considerations.
Stak and scoop not real sexy ..Comeby! said:
Can someone tell me why Oklahoma oil and gas deals are out of favor? Outside BLM and native considerations.
Comeby! said:
Can someone tell me why Oklahoma oil and gas deals are out of favor? Outside BLM and native considerations.
For the most part it's pretty gassy. But I think the absolute biggest thing is that well spacing/parent child affects are absolutely a nightmare - way worse than most other shale plays. If memory serves me righr, the consensus was that only a relatively small high perm zone in the Meramac (I think) contributes the vast majority of the production. Throw in the seismicity issues (which isn't only water disposal - I've seen clear evidence) and the abundant faults which can absolutely wreck productivity and I think people are tired of swinging and (mostly) missing there. They definitely have good wells and opportunities, but I think it's a really dangerous place to buy acerage without experience working it already.
Comeby! said:
Can someone tell me why Oklahoma oil and gas deals are out of favor? Outside BLM and native considerations.
The pressure communication in the Scoop/Stack is ridiculously bad. I had to do frac but mitigation work on over 100 wells bc of nearby completions. I raised tubing or set a bridge plug depending on multiple factors. It wasn't fun, and I think the other operators only had to give a 3 day notice. It was a fire drill every time.
Scoop/Stack is a really tough area to operate. The amount of capital lit on fire there through the entire capital stack is significant. Really difficult area for any player that wants scale to operate.
Really good commentary. Thank you. I knew Texags was the place to ask.
Exxon?
this is an interesting development
https://www.nytimes.com/2021/05/26/business/royal-dutch-shell-climate-change.html
https://www.nytimes.com/2021/05/26/business/royal-dutch-shell-climate-change.html
Quote:
A Dutch court ruled Wednesday that Royal Dutch Shell, Europe's largest oil company, must accelerate its efforts to reduce carbon dioxide emissions to tackle climate change.
The District Court in The Hague ruled that Shell was "obliged" to reduce its carbon dioxide emissions of its activities by 45 percent at the end of 2030 compared with 2019. Shell is based in The Hague but is a global producer and supplier of oil and natural gas and other energy.
Shell has already adopted targets for emissions reduction, but the court requirements are likely to represent a substantial acceleration of the process of reducing emissions-producing fuels like oil and gas.
The ruling applies only in the Netherlands. Still, the defeat of an oil giant in a case brought by Milieudefensie, an environmental group, and other activists appeared to represent a kind of breakthrough in terms of a court's willingness to dictate to a major business what it must do globally to protect the climate.
Liberals have learned that it's tough to get legislation enacted, and it's becoming more effective to attack issues through corporate boards. (example: getting Walmart C-Suite to stop selling of guns).
Which o&g company does this benefit most?
Which o&g company does this benefit most?
Privately held operators who don't give a **** about this stuff and are below the environmentalist radar.Noble07 said:
Liberals have learned that it's tough to get legislation enacted, and it's becoming more effective to attack issues through corporate boards. (example: getting Walmart C-Suite to stop selling of guns).
Which o&g company does this benefit most?
sts7049 said:
this is an interesting development
https://www.nytimes.com/2021/05/26/business/royal-dutch-shell-climate-change.htmlQuote:
A Dutch court ruled Wednesday that Royal Dutch Shell, Europe's largest oil company, must accelerate its efforts to reduce carbon dioxide emissions to tackle climate change.
The District Court in The Hague ruled that Shell was "obliged" to reduce its carbon dioxide emissions of its activities by 45 percent at the end of 2030 compared with 2019. Shell is based in The Hague but is a global producer and supplier of oil and natural gas and other energy.
Shell has already adopted targets for emissions reduction, but the court requirements are likely to represent a substantial acceleration of the process of reducing emissions-producing fuels like oil and gas.
The ruling applies only in the Netherlands. Still, the defeat of an oil giant in a case brought by Milieudefensie, an environmental group, and other activists appeared to represent a kind of breakthrough in terms of a court's willingness to dictate to a major business what it must do globally to protect the climate.
Oh yay
Mid majors with substantial ownership by a single individual/family
So in the last 6 months Shell has:
-Shut down their Convent refinery in St. James, La (Nov 2020)
-Sold it's Deer Park refinery to Pemex (2 days ago)
-Sold it's Mobile, Alabama refinery (today)
-Shut down their Convent refinery in St. James, La (Nov 2020)
-Sold it's Deer Park refinery to Pemex (2 days ago)
-Sold it's Mobile, Alabama refinery (today)
Puget Sound as well
DRE06 said:
So in the last 6 months Shell has:
-Shut down their Convent refinery in St. James, La (Nov 2020)
-Sold it's Deer Park refinery to Pemex (2 days ago)
-Sold it's Mobile, Alabama refinery (today)
I guess that is one way to cut emissions by 2030.
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