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Houston..we have a problem....

7,316,381 Views | 28750 Replies | Last: 2 days ago by Bibendum 86
JD Shellnut
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AG
Wow, the bankruptcy news about strike is crazy to hear. I've worked on a few jobs where they were the contractor. I work in midstream, and I'm very nervous about the future. Just trying to put it all out of my head till after the holidays, but news like this doesn't help.
TommyGun
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AG
Strike has a big field office close to my house and just from my observations looking at their facility and the amount of idle trucks and equipment they've had there for years (even during good times) it always seemed like they were a little out of control on spending. Good contractors know how to grow and retreat back as the market dictates. Having been involved with O&G procurement for the last 10 years I've seen a lot of contractor yards and fab shops and you can get a decent idea of how they run their business just through the initial eyeball test. When times are good and projects are ramping up, many times PMs are just looking for those reliable contractors that always come through with staffing and equipment and aren't afraid to extend themselves. However, that can bite them when the market falls and they start to get competitively bid against the leaner competition.
CaptnCarl
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AG
Agreed. Strike was very poorly ran. I've worked as a major competitor and customer of Strike. They were trying to get into engineering and all kinds of services outside of their wheel house.

How they worked up $300 mil in debt is beyond me. Their major assets are heavy equipment like trenchers, dozers and excavators. Successful construction companies pay cash for that equipment.
tx.ag15
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Any ags at Hilcorp that might be able to put me in touch with the right person for an open operations engineering position?
3rdgenAg2010
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tx.ag15 said:

Any ags at Hilcorp that might be able to put me in touch with the right person for an open operations engineering position?


What area is the position located? I may know someone who can help.
tx.ag15
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The job posting does not say what asset team the operations engineer will be a part of, but the job location is listed in Houston.
BrokeAssAggie
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https://www.reuters.com/article/advance-energy-ma-ameredev-idCNL4N2SY3QN

Encap rolling up Advance and Ameredev
Pasquale Liucci
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AG
Anyone else hear any chatter on the Aethon LA acreage sale rumors?
Fuzzy Dunlop
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AG
I heard yesterday that SWN is buying it. Just a rumor but they are buying a lot of Haynesville acreage right now so I wouldn't discount it.
Pasquale Liucci
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AG
That was I heard around the office end of last week. I know XTO had been posted here before but hadn't seen anything to that point since.

We are a majority (if not sole) provider for high temp MWD for them and have some incumbency with SWN too. Just curious on what the outlook was.
Wiggletrace
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If you know someone at Hilcorp, I could use the help as well.

There is a Gulf Coast geologist position open that I would seem to be a perfect fit for. Feel free to email me or message me here on TA.

mazzella11 at g mail dot com
Marsh
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Why the Energy Transition Will Be So Complicated

https://www.theatlantic.com/international/archive/2021/11/energy-shock-transition/620813/

Starts with a good anecdote about North Face:
Quote:

It began when Innovex Downhole Solutions, a Texas-based company that provides technical services to the oil and gas industry, ordered 400 jackets from North Face with its corporate logo. But the iconic outdoor-clothing company refused to fulfill the order. North Face describes itself as a "politically aware" brand that will not share its logo with companies that are in "tobacco, sex (including gentlemen's clubs) and pornography." And as far as North Face is concerned, the oil and gas industry fell into that same categoryproviding jackets to a company in that industry would go against its values
Ya know, good on North Face for taking a stand! Surely this can't blow up in their face in any way, shape or form...
Quote:

At least 90 percent of the materials in its jackets are made from petrochemicals derived from oil and natural gas. Moreover, many of its jackets and the materials that go into them are made in countries such as China, Vietnam, and Bangladesh, and then shipped to the United States in vessels that are powered by oil. To muddy matters further, not long before North Face rejected the request, its corporate owner had built a new hangar at a Denver airport for its corporate jets, all of which run on jet fuel.

A few other good quotes, but the article is short enough to just read for yourself:
Quote:

The North Face story, however, offers a difficult reminder that the energy transition is a whole lot more complicated than may be recognized.

Quote:

Energy crises traditionally begin with oil, but this recent one has been driven by shortages of coal and liquefied natural gas (LNG). That sent prices spiking, disrupting electricity supplies in China, which then led to the rationing of electricity there, the closing of factories, and further disruptions of the supply chains that send goods to America.

Quote:

Is this energy shock a one-off resulting from a unique conjunction of circumstances?

Quote:

The coming energy transition... is supposed to be an almost complete switch from the energy basis of today's $86 trillion world economy, which gets 80 percent of its energy from hydrocarbons. In its place is intended to be a net-carbon-free energy system,

Quote:

The degree to which the world depends on oil and gas is often not understood. It's not just a matter of shifting from gasoline-powered cars to electric ones, which themselves, by the way, are about 20 percent plastic. It's about shifting away from all the other ways we use plastics and other oil and gas derivatives. Plastics are used in wind towers and solar panels, and oil is necessary to lubricate wind turbines. The casing of your cellphone is plastic, and the frames of your glasses likely are too, as well as many of the tools in a hospital operating room. The air frames of the Boeing 787, Airbus A350, and F-35 Joint Strike Fighter jet are all made out of high-strength, petroleum-derived carbon fiber. The number of passenger planes is expected to double in the next two decades. They are also unlikely to fly on batteries.
CaptnCarl
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AG
Please take this to the political board. You're preachin' to the choir over here.
MAROON
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AG
I appreciate you posting the article. Which I didn't find the least bit "political"
What do you boys want for breakfast BBQ ?.....OK Chili.
RGV AG
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When North Face rejected that order their corporate parent, VF Corp, still owned 3 other companies that were basically dedicated to producing FR apparel that specifically targeted the energy sectors. It was the ultimate hypocrisy. The BOD back in Greensboro, NC, usually some very wealthy southern folks, or at least in the past it was, probably gnashed some teeth. That was a really great company at one time.

VF has since sold Bullwark, Williamson-Dickies, and Workrite. They had another scandal when one of their Asian board members wrote what was interpreted as a racist email dismissing BLM and overlooking Juneteenth, or something like that.

Guaranteed that the North Face deal led to them selling the other 3 companies.
Comeby!
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AG


IYKYK
MAROON
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Earthstone buying Chisholm's Delaware assets for $600mil

https://www.rbcrichardsonbarr.com/IndustryResearch/News.aspx?a=news&ticker=a&w=&story=202112202112160754PR_NEWS_USPR_____DA09603
What do you boys want for breakfast BBQ ?.....OK Chili.
Gordo14
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Chisholm was absolutely the worst operator I've ever seen in the Permian.
shiphunt
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AG
MAROON said:

Earthstone buying Chisholm's Delaware assets for $600mil

https://www.rbcrichardsonbarr.com/IndustryResearch/News.aspx?a=news&ticker=a&w=&story=202112202112160754PR_NEWS_USPR_____DA09603
$600?? Pre-petition RBL lenders must have made out like bandits here. Pretty sure Evercore estimated an EV of like $70M when this thing was in bankruptcy... or is this a different company?
Drillbit4
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You're thinking of Chisholm Oil and Gas out of Tulsa. This is Chisholm Energy out of Ft Worth. They never went bankrupt. They did replace their management team last year though.
shiphunt
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AG
RRC cracking down on SWD. Was only a matter of time with all of the earthquakes

https://jpt.spe.org/rrc-suspends-water-disposal-injection-in-section-of-permian-basin
fta09
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AG
https://twitter.com/willsofprogress/status/1473025769307844614?t=KOapP13Jsuvn-Pbiikj2Rw&s=19

Can't get the link to embed properly but it is a funny video about the RRC. Worth clicking.
topher06
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shiphunt said:

MAROON said:

Earthstone buying Chisholm's Delaware assets for $600mil

https://www.rbcrichardsonbarr.com/IndustryResearch/News.aspx?a=news&ticker=a&w=&story=202112202112160754PR_NEWS_USPR_____DA09603
$600?? Pre-petition RBL lenders must have made out like bandits here. Pretty sure Evercore estimated an EV of like $70M when this thing was in bankruptcy... or is this a different company?
RBL lenders got absolutely looted during the recent crash. Unfortunately, that looting caused by fiscally irresponsible operators really hurt the entire industry.
Dan Scott
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AG
2021 goin to be one of the worst years for oil discoveries.

https://oilprice.com/Energy/Crude-Oil/Global-Oil-And-Gas-Discoveries-Set-To-Hit-75-Year-Low-In-2021.html
Sully Dog
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Quote:

To muddy matters further, not long before North Face rejected the request, its corporate owner had built a new hangar at a Denver airport for its corporate jets, all of which run on jet fuel.
well, what the **** else would it run on? That article reads like the author just learned what oil is used for.
Deplorable Neanderthal Clinger
Ogre09
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AG
I think the author is pointing out NF's hypocrisy
topher06
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Don't think I've ever seen the thread go 8 days with no posts.
Joseph Parrish
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AG
topher06 said:

Don't think I've ever seen the thread go 8 days with no posts.


Holidays
Dan Scott
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AG
If oil is above 60, not too much to freak out about
Premium
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AG
Dan Scott said:

If oil is above 60, not too much to freak out about


Need oil above $80, new trucks are $$$!
Ag CPA
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AG
topher06 said:

Don't think I've ever seen the thread go 8 days with no posts.
Just means we don't have problems anymore!
Comeby!
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AG
This industry is some sheet. The last 5 years have been nuts.
LRHF
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Comeby! said:

This industry is some sheet. The last 5 years have been nuts.


More like 7 years since OPEC decided to let the market dictate the price.
Ogre09
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AG
More like 100 years...
topher06
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Are any of the upstream Haynesville players, like Southwestern, looking into permitting LNG liquification facilities along the gulf coast? With the apparent promise of the Haynesville and the general distaste for LNG/hydrocarbons in general along the east coast (Marcellus) and west coast (Rockies gas), seems like there is almost infinite room for LNG export along the gulf coast. Know these are huge projects that take years to permit, if that is even possible in the current political climate, but just wondered if there is any progress in that world.
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