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AggieBaseball06
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In reply to CheeseSndwch • 1:01p, 2/24/22
AG
CheeseSndwch said:
President Biden just gave the industry a shoutout in his Ukraine speech, he said, and I'm paraphrasing here, that he will not allow the oil and gas industry to price gouge Americans at the pump.


I'm no Econ major but if supply goes down and demand remains relatively unchanged...
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Ezra Brooks
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In reply to CheeseSndwch • 1:07p, 2/24/22
AG
CheeseSndwch said:
President Biden just gave the industry a shoutout in his Ukraine speech, he said, and I'm paraphrasing here, that he will not allow the oil and gas industry to price gouge Americans at the pump.
I mean I just saw all of our Execs headed off to the "price setting meeting" and they were yapping it up pretty good.
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Irish 2.0
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1:47p, 2/24/22
OXY ER got dropped early

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BiochemAg97
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In reply to JD Shellnut • 2:18p, 2/24/22
AG
JD Shellnut said:
https://www.eenews.net/articles/ferc-issues-historic-overhaul-of-pipeline-approvals/

Has this been discussed here yet? Talk about killing midstream.
The greenhouse emissions bit is interesting.

I wonder if they will consider the reduction of GHG from not flaring stranded gas that would go into the pipeline.
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topher06
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In reply to JD Shellnut • 2:23p, 2/24/22
JD Shellnut said:
https://www.eenews.net/articles/ferc-issues-historic-overhaul-of-pipeline-approvals/

Has this been discussed here yet? Talk about killing midstream.
Damn. How much pipe does it take to get over that 100,000 metric tons CO2 equivalent threshold? If regulators then require an Environmental Impact Statement (instead of an EA), you can expect any approval to take years and hundreds of thousands of dollars just to get that one statement through, along with huge mitigation measures required as a result of the statement (mitigation will be ongoing for the life of the pipeline).

This is a major hit to midstream guys, but will go through with almost no fanfare of course.
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topher06
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In reply to BiochemAg97 • 2:23p, 2/24/22
BiochemAg97 said:
JD Shellnut said:
https://www.eenews.net/articles/ferc-issues-historic-overhaul-of-pipeline-approvals/

Has this been discussed here yet? Talk about killing midstream.
The greenhouse emissions bit is interesting.

I wonder if they will consider the reduction of GHG from not flaring stranded gas that would go into the pipeline.
oh, but that's different.
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JD Shellnut
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2:46p, 2/24/22
AG
I work in pipeline construction and work has been very slow lately, and from the sound of things it is probably going to get worse. I know so many hardworking good guys out of work right now. I'm at the point where I may make a pivot when it comes to a career.
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Irish 2.0
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In reply to JD Shellnut • 2:52p, 2/24/22
JD Shellnut said:
I work in pipeline construction and work has been very slow lately, and from the sound of things it is probably going to get worse. I know so many hardworking good guys out of work right now. I'm at the point where I may make a pivot when it comes to a career.
Unfortunately the industry has a target on it's back and companies aren't willing to shell out the money for expanded capacity under this administration. Even in a time of war when energy independence is strategic and vital, this administration takes it out at the knees. Just have to hope for a guard change after 2024
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topher06
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8:32a, 2/25/22
EOG claims it added 700 "double premium" locations in its most recent report. Wonder why they haven't identified any quintuple super extra premium best locations yet.
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Caliber
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In reply to topher06 • 8:37a, 2/25/22
AG
topher06 said:
EOG claims it added 700 "double premium" locations in its most recent report. Wonder why they haven't identified any quintuple super extra premium best locations yet.
Eh, the term sounds good for investors and is easy to understand. They previously defined their premium wells with 30% returns at $40/bbl. Now they are just saying they doubled that instead of redefining the term which would not drive home the point as well.
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one MEEN Ag
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In reply to topher06 • 10:06a, 2/25/22
AG
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MAROON
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In reply to Caliber • 10:12a, 2/25/22
AG
there are just a few companies I wouldn't bet against in the oil patch and EOG is one of them.
What do you boys want for breakfast BBQ ?.....OK Chili.
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gigem1223
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7:02p, 2/27/22
Pretty awesome of BP. Wonder if any others have the stones to follow?

https://www.bp.com/en/global/corporate/news-and-insights/reimagining-energy/a-message-to-all-bp-staff-on-our-relationship-with-rosneft.html
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Cyp0111
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In reply to gigem1223 • 7:12p, 2/27/22
They should but BP is dog****
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FTAco07
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In reply to gigem1223 • 7:24p, 2/27/22
AG
I understand the virtue signaling and applaud the message you're sending, but this does little to nothing against Rosneft. They're selling shares on the secondary market and the BP shareholders are going to take a bath with no buyer for that block today. Not much practical impact to Rosneft ops.

BP had to be the worst run major and I can't imagine being a shareholder that is subject to all of their green washing and other value destructive initiatives.
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Engine10
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9:28p, 2/27/22
AG
Equinor also jumping out of their Russian JVs, at least they said to be impaired. Looney @ BP insists everything's fine because it's the right thing to do
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Engine10
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9:33p, 2/27/22
AG
Didn't see it here - possible $CVX bid for REG $61, buying RD capacity in Geismar vs converting El Segundo or Richmond. Catch-up play with Valero, P66, even Holly going for conversions. Not to mention big foreign players already in CA market.

https://viscosityredux.substack.com/p/youd-best-start-believing-in-rd-stories?utm_source=twitter

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Dan Scott
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9:44p, 2/27/22
AG
Per Exxon's 10K, Russia is not in top 10 country for revenue and Russia has $4b in assets or 2% of total assets.
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FarmerJohn
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In reply to Engine10 • 7:53a, 2/28/22
AG
I'm not a finance guy but the last statement in that release saying that they won't report Rosneft revenue seems like the first step in separating these losses from BPs overall balance sheet and protecting a bonus. Why should bring business partners with Russia affect his bottom line?
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dallasag12
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10:36a, 2/28/22
AG
Seeing the Slant guys get another commitment makes me wonder, if I was looking to start up an operator with a similar strategy of going after forgotten conventionals, who would be willing to back a new team? Obviously slant was successful with their first $30MM commitment which led to this, just wondering how one could get something like that off the ground with the lack of interest in the industry right now.

Oh and they're all LSU grads btw so we might just need to start something just for the sake of competition.
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Cyp0111
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In reply to dallasag12 • 11:31a, 2/28/22
Do you have any track record ?
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Wiggletrace
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In reply to Cyp0111 • 11:46a, 2/28/22
AG
Cyp0111 said:
Do you have any track record ?


I do. I am a Geo, but would definitely be interested in this.
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Comeby!
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12:30p, 2/28/22
AG
Hard to for a team to make money chasing conventional a unless you have a large equity commitment, especially if you'll be buying in this price environment. Need lots of upside to make this work.
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Cyp0111
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In reply to Comeby! • 12:33p, 2/28/22
Agree, the PDP aggregation game was won 12-18 months ago. With the current bid on PDP at these levels not too much upside imo.
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gougler08
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In reply to gigem1223 • 12:47p, 2/28/22
AG
gigem1223 said:
Pretty awesome of BP. Wonder if any others have the stones to follow?

https://www.bp.com/en/global/corporate/news-and-insights/reimagining-energy/a-message-to-all-bp-staff-on-our-relationship-with-rosneft.html
Shell ending their JV w/ Gazprom
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dallasag12
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In reply to Cyp0111 • 1:11p, 2/28/22
AG
Have been with a couple well regarded, big operators for over 8 years in a few different roles with a track record of expanding responsibilities. Have not been out on my own, hence the "starting a new team" angle of the question.

Is that a deal breaker?
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Cyp0111
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In reply to dallasag12 • 2:05p, 2/28/22
No - but imo you should network with existing mgmt teams. I would recommend looking at who Carnelian, NGP, Old Ironsides, Pearl etc all fund.
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GarlandAg2012
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In reply to Cyp0111 • 10:19p, 2/28/22
AG
Have you seen PDP heavy deals actually transact at a premium lately? I work for a non op with a couple production heavy funds and we are considering bringing them to market. Obviously non op is a little bit different ball of wax.
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gigem1223
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6:42a, 3/1/22
WTI has officially cracked $100
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Premium
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In reply to gigem1223 • 6:43a, 3/1/22
AG
gigem1223 said:
WTI has officially cracked $100


Surprised it didn't happen yesterday. Anything new since then?
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BrokeAssAggie
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In reply to gigem1223 • 6:52a, 3/1/22
gigem1223 said:
WTI has officially cracked $100


$101
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Cyp0111
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In reply to GarlandAg2012 • 7:40a, 3/1/22
Non op is a different animal right now
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GarlandAg2012
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In reply to Cyp0111 • 9:05a, 3/1/22
AG
Always has been. We had great success in 2018, hoping we can repeat in '22.
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Maroon Elephant
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10:02a, 3/1/22
AG
WTI now at $104, any guesses about today's high?
TexAgs Firestorm Survivor
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#NeverForget
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topher06
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10:23a, 3/1/22
I would say it is extremely difficult to break into the PE space as a new management team right now, particularly if your entire team has no track record. There are quite a few good to very good teams out there either looking for assets with backing from existing PE shops or looking for funding from a PE shop. If you're going to break in, it is probably through someone like Carnelian or Post Oak.

You'll need line of sight to an existing asset, probably paying PDP at a high discount and paying nothing for upside (but it needs to have upside). You're also going to need a pretty robust business plan for running an operating company.

The days of PE management teams are sort of drying up, although there has been a bit of resurgence recently. For a while, the market was heading towards the PE shops trying to internalize a lot of the management team functions. That's what I've been seeing anyway.
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