htxag09 said:

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Yes, but my point is a lot of people are trying to run from O&G to big tech for that reason, among others. Just pointing out that's not something you'll be escaping. They may have better benefits and seem to treat employees better. But they're just as dispensable at the end of the day

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Right, but in tech your employer might change more often, your skills are still in high demand and there's a place to land. I've never met a software engineer who was worried if their company was going to go under or not. If they're salaried, they just jump ship to the next company that needs software development (all of them).

htxag09 said:

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Yes, but my point is a lot of people are trying to run from O&G to big tech for that reason, among others. Just pointing out that's not something you'll be escaping. They may have better benefits and seem to treat employees better. But they're just as dispensable at the end of the day

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I got a good buddy who works for Intel. He hates his job.

one MEEN Ag said:

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htxag09 said:

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Yes, but my point is a lot of people are trying to run from O&G to big tech for that reason, among others. Just pointing out that's not something you'll be escaping. They may have better benefits and seem to treat employees better. But they're just as dispensable at the end of the day

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Right, but in tech your employer might change more often, your skills are still in high demand and there's a place to land. I've never met a software engineer who was worried if their company was going to go under or not. If they're salaried, they just jump ship to the next company that needs software development (all of them).

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I would assume most bailing from O&G to tech are not software engineers though right? Probably more dispensable mgmt type jobs

You have a let of engineers retooling into data analytics and programming etc. a lot of boot camps out there for coding.

CrazyRichAggie said:

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htxag09 said:

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Yes, but my point is a lot of people are trying to run from O&G to big tech for that reason, among others. Just pointing out that's not something you'll be escaping. They may have better benefits and seem to treat employees better. But they're just as dispensable at the end of the day

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I got a good buddy who works for Intel. He hates his job.

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Well yeah, its Intel. They're right up there with IBM with most self loathing and self-destructing. Once ARM hit its stride Intel has been struggling to tell everyone else 'how its gonna be' and that makes them sad.

gougler08 said:

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one MEEN Ag said:

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htxag09 said:

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Yes, but my point is a lot of people are trying to run from O&G to big tech for that reason, among others. Just pointing out that's not something you'll be escaping. They may have better benefits and seem to treat employees better. But they're just as dispensable at the end of the day

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Right, but in tech your employer might change more often, your skills are still in high demand and there's a place to land. I've never met a software engineer who was worried if their company was going to go under or not. If they're salaried, they just jump ship to the next company that needs software development (all of them).

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I would assume most bailing from O&G to tech are not software engineers though right? Probably more dispensable mgmt type jobs

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Like Cyp mentioned, its all kinds of technical types who are trying to massage their experience in MATLAB, VBA, and a little python coding into a full blown career through a boot camp.

there is nothing wrong w that in my opinion. The outlook for engineers and other STEM talent in oil and gas is not good. Especially in the age of capital discipline and leaner operating teams.

Good points

I used to work with a fellow completions engineer that did a 6 month coding boot camp after he got let go from a major. He is a software developer for one of the machine learning / data management startups in Houston now. I think it cost $15k and this guy didn't know programming outside of basic excel. I believe he went through digitalcrafts

one MEEN Ag said:

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htxag09 said:

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Yes, but my point is a lot of people are trying to run from O&G to big tech for that reason, among others. Just pointing out that's not something you'll be escaping. They may have better benefits and seem to treat employees better. But they're just as dispensable at the end of the day

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Right, but in tech your employer might change more often, your skills are still in high demand and there's a place to land. I've never met a software engineer who was worried if their company was going to go under or not. If they're salaried, they just jump ship to the next company that needs software development (all of them).

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O&G and Tech are very similar in the sense that this line of employment is quite risky. Very much boom/bust.

Obviously that risk for tech hasn't materialized this decade, but it was very real throughout the early 00s. Valuations for tech companies are stretched. When a significant correction occurs, the executives will be instituting large RIF and curtailing the generous RSU comps.

So, it entirely depends on the business environment as to whether those skills will be in demand. There is quite a big push on the supply side coming out of colleges due to the earnings potential of big tech. But one severe cyclical correction is all it takes for the bean counters to start seriously looking at the bottom line, start laying off older workers, and relying heavily on new talent out of college.

Prior to 2015 it seemed unfathomable in O&G as well for some that weren't too clued in on the cyclical and deep nature of boom/bust cycles.

Penn Virginia taking out Lone Star in STX.

https://ir.pennvirginia.com/press-releases/detail/359

Interesting. I think Lone Star is the one that bought out a lot of Clayton Williams wells in the Brazos Valley.

Finally. Felt like Lonestar had been circling the drain for ages. Been a tough ride for their employees, probably tougher now.

Kind of surprised how the market is taking the OPEC news from yesterday, it's a higher number but at least there is some certainty now.

techno-ag said:

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Interesting. I think Lone Star is the one that bought out a lot of Clayton Williams wells in the Brazos Valley.

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Lone Star bought all of CWEI assets in Brazos County.

Bad API report

Yep, forgot about that.

Uh can someone turn the algos off on the oil trades today?

Speculators and Covid fears. Demand hasn't gone anywhere as of yet. Just crazy right now. Sit and wait.

Demand isn't the issue, although I see some headlines referring to COVID variants

I would say OPEC increasing supply is the biggest driver here compared to speculators.

Premium said:

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Demand isn't the issue, although I see some headlines referring to COVID variants

I would say OPEC increasing supply is the biggest driver here compared to speculators.

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This is all about folks panicking about COVID again and demand dears.

If anything the OPEC deal is good for oil as it keeps the group together and keeps any fear of overproducing at bay.

400K per day is not really that much in the grand scheme of worldwide production.

AustinAg008 said:

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Premium said:

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Demand isn't the issue, although I see some headlines referring to COVID variants

I would say OPEC increasing supply is the biggest driver here compared to speculators.

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This is all about folks panicking about COVID again and demand dears.

If anything the OPEC deal is good for oil as it keeps the group together and keeps any fear of overproducing at bay.

400K per day is not really that much in the grand scheme of worldwide production.

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400k per day increase, increasing each month until they get back to status quo. But i agree, the OPEC+ deal provided certainty to the market. Would have been worse if they reached no deal and went all out price war. The actual today is COVID panic.

Premium said:

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Demand isn't the issue, although I see some headlines referring to COVID variants

I would say OPEC increasing supply is the biggest driver here compared to speculators.

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To an extent it is , because oil traders think it will impact demand worldwide. As noted, the OPEC increase is really marginal, so I'd wager more on traders/speculators.

I think it's a legitimate fear. I think some governments will increase restrictions, but I also think this at a minimum will hit consumer confidence which absolutely has an impact on demand in future months.

The selloff, which pushed prices to their lowest in two months, "was largely due to concerns centered on the Delta variant and macro backdrop rather than a significant re-think of forward looking oil fundamentals," RBC Capital Markets said in a note.


This was a report this morning. Natural gas continues its climb.

Interested to hear this board's thoughts on USWS going to fully electric frac fleets. Is this a miscalculation or will we look back in a few years and say they were way ahead of the curve?

There was a company called Green something that tried this a few years ago by refurbishing helicopter engines. It was not successful but I can't recall why.

Boat Shoes said:

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Maroon Elephant said:

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Interested to hear this board's thoughts on USWS going to fully electric frac fleets. Is this a miscalculation or will we look back in a few years and say they were way ahead of the curve?

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Are they running these fleets off of natural gas turbines on site or straight off the power grid?

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I believe both, but mainly natural gas turbines.

Personally, I think they were losing money on their conventional fleets. This gives them the opportunity to get rid of those assets and invest in their E-Fleets which do come at a much higher premium.

To me, the market is just to unknown at this point. Dual fuel, direct drive turbines, electric fleets, within electric fleets you have natural gas generators, turbines, power grid, etc. Seems pretty high risk for service companies to invest in these technologies and for operators to sign on with a 3 year contract not knowing what the hell the future holds.

Comeby! said:

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There was a company called Green something that tried this a few years ago by refurbishing helicopter engines. It was not successful but I can't recall why.

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USWS was running some of those fleets, I imagine they still are until they can get enough of their new ones up and running.

Evolution has a really nice setup on their E-Fleets.

Javelina said:

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Comeby! said:

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There was a company called Green something that tried this a few years ago by refurbishing helicopter engines. It was not successful but I can't recall why.

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USWS was running some of those fleets, I imagine they still are until they can get enough of their new ones up and running.

Evolution has a really nice setup on their E-Fleets.

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Evolution is the cream of the crop as far as e fleets are concerned. 30mw natural gas turbine on each fleet. Great tech. Run by Aggies as well.

Who did Whiting just buy?
Edit to say it was some Kraken acreage

Random rumor of day: Diamondback buying Crownquest. Would make sense if they want to keep up with Pioneer.