Maybe a dumb question, but since the US is no longer energy independent and selling our oil overseas, do the oil companies/refineries in Houston have massive layoffs, or what happens to their operations?

gigem1223 said:

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Cyp0111 said:

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I really do see levels that high and it's not good for the industry. Only service side fanboys think it's a good thing.

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Extremely shortsighted take. Service side has taken it in the pants for years now. Most reputable service companies just want some sort of stability. Supply chain is a nightmare currently. Yes we're making money…finally…but don't act like operators are suffering.

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And I'd say the standard "the price is too high, it's bad for the industry" reasoning doesn't apply. People aren't turning around and putting all extra profits into extra capacity right now like they would in the past. Even if they wanted to, they can't. There are too many shortages, rigs, casing, sand, labor, HHP capacity, etc. And these aren't shortages that people can money whip like they used to.

Now, that's not to say that the higher price doesn't cause other problems.

htxag09 said:

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gigem1223 said:

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Cyp0111 said:

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I really do see levels that high and it's not good for the industry. Only service side fanboys think it's a good thing.

---

Extremely shortsighted take. Service side has taken it in the pants for years now. Most reputable service companies just want some sort of stability. Supply chain is a nightmare currently. Yes we're making money…finally…but don't act like operators are suffering.

---

And I'd say the standard "the price is too high, it's bad for the industry" reasoning doesn't apply. People aren't turning around and putting all extra profits into extra capacity right now like they would in the past. Even if they wanted to, they can't. There are too many shortages, rigs, casing, sand, labor, HHP capacity, etc. And these aren't shortages that people can money whip like they used to.

Now, that's not to say that the higher price doesn't cause other problems.

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There's nothing new under the sun

gigem1223 said:

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Cyp0111 said:

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I really do see levels that high and it's not good for the industry. Only service side fanboys think it's a good thing.

---

Extremely shortsighted take. Service side has taken it in the pants for years now. Most reputable service companies just want some sort of stability. Supply chain is a nightmare currently. Yes we're making money…finally…but don't act like operators are suffering.

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Was going to post the exact same, glad someone said it. I'm on the OFS side at one of the big three and I don't know a single person fangirling over the current WTI surge.

htxag09 said:

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gigem1223 said:

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Cyp0111 said:

---

I really do see levels that high and it's not good for the industry. Only service side fanboys think it's a good thing.

---

Extremely shortsighted take. Service side has taken it in the pants for years now. Most reputable service companies just want some sort of stability. Supply chain is a nightmare currently. Yes we're making money…finally…but don't act like operators are suffering.

---

And I'd say the standard "the price is too high, it's bad for the industry" reasoning doesn't apply. People aren't turning around and putting all extra profits into extra capacity right now like they would in the past. Even if they wanted to, they can't. There are too many shortages, rigs, casing, sand, labor, HHP capacity, etc. And these aren't shortages that people can money whip like they used to.

Now, that's not to say that the higher price doesn't cause other problems.

---

With oil and other commodity prices going through the roof I will say that I am starting to believe that we are heading towards a recession, which is probably the quickest way to solve this mess anyways. Between market losses, inflation and high gas prices I am starting to hear "wealth effect" chatter from everyday people I listen to.

That will push down O&G prices faster than anything else, as most of us olds know.

https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=pet&s=mttntus2&f=m

Net import data. We've been an importer for decades until late 2019. Net exported most months since then.

We'll probyend 2022 as a small net importer, but that won't be hugely significant.

https://www.eia.gov/todayinenergy/detail.php?id=51338


https://www.eia.gov/dnav/pet/pet_move_neti_a_epc0_IMN_mbblpd_m.htm

We buy most of our oil from Canada, Saudi Arabia, and Mexico. We sell it to China, India, Israel, and Europe.

Holy crap - I just looked at the early trading before seeing above and saw $125 WTI … looks like tomorrow oughta be more climb

Isn't all time high 147.27?

https://t.co/KFSOAKHPkq

.@wsj scoop w/ ⁦@CollinEatonHC⁩: Oasis Petroleum and Whiting Petroleum are close to a deal to merge in the first oil company tie-up in a while $OAS $WLL https://t.co/KFSOAKHPkq

— Cara Lombardo (@CaraRLombardo) March 7, 2022

$130 now

Glad I bought USO back in spring 2020.

Wrong thread

TexAgs Thread

"Can the Oil/Gas service sector keep up with demand?"

https://texags.com/forums/16/topics/3276423

FTAco07 said:

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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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How much more rope do they give Looney at bp?

Here's a fact you won't hear on Fox News today. Exxon, Chevron, and Conoco made $46 billion in profit in 2021. Now they're using 40% of those profits for stock buybacks. Big Oil is raking it in, raising prices, and taking advantage of the war in Ukraine to push for more drilling.

— Ed Markey (@EdMarkey) March 7, 2022

Oil company revenues since last year:

Exxon: ⬆️ 57%

Chevron: ⬆️ 84%

Shell: ⬆️ 49%

BP: ⬆️ 45%

We cannot allow big oil companies to continue to take advantage of the war in Ukraine & inflation to make huge profits by jacking up gas prices. We need a windfall profits tax.

— Bernie Sanders (@SenSanders) March 7, 2022

BlackGoldAg2011 said:

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Dan Scott said:

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Here's a fact you won't hear on Fox News today. Exxon, Chevron, and Conoco made $46 billion in profit in 2021. Now they're using 40% of those profits for stock buybacks. Big Oil is raking it in, raising prices, and taking advantage of the war in Ukraine to push for more drilling.

— Ed Markey (@EdMarkey) March 7, 2022

Oil company revenues since last year:

Exxon: ⬆️ 57%

Chevron: ⬆️ 84%

Shell: ⬆️ 49%

BP: ⬆️ 45%

We cannot allow big oil companies to continue to take advantage of the war in Ukraine & inflation to make huge profits by jacking up gas prices. We need a windfall profits tax.

— Bernie Sanders (@SenSanders) March 7, 2022

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there is so much bad/wrong in these two tweets it makes my head hurt.

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I gave up Twitter for Lent - maybe forever. Those two tweets are why I did it. Just reading those lies makes me want very bad things to happen to both of those people.

They'd have you believe the war was started/planned by "Big Oil" so yeah maybe they did Enron the numbers

$46B in profit is the equivalent of $4 per barrel for the USA in an entire year.

That's 18.5M barrel x 365. This is not counting barrels outside of the USA, so we know it's less per barrel.

The price of a barrel is up $40-$50.

Shell exiting all assets in Russia now with a phased approach

⚠️
*BIDEN SET TO BAN U.S. IMPORTS OF RUSSIAN OIL AS SOON AS TODAY

— *Walter Bloomberg (@DeItaone) March 8, 2022

Hoo baby. It's gonna be a colorful summer.

BrokeAssAggie said:

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⚠️
*BIDEN SET TO BAN U.S. IMPORTS OF RUSSIAN OIL AS SOON AS TODAY

— *Walter Bloomberg (@DeItaone) March 8, 2022

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I'll believe it when I see it.

Same over here in my corner too. I don't blame anyone for not ramping up new projects. We're 2 years removed from negative prices. Offshore projects take years and years of planning and are meant for long term returns. No one has the confidence that these prices will stick around Its still a hard sell to convince people to sink the capex needed to take advantage of high prices when its fresh in everyone's mind just how fast the Saudi's and OPEC can tank the price to maintain market share.