Comeby! said:
Javelin/Crescent buying Mesquite/Sanchez' Eagleford position for $600MM in cash.
Link? Or just rumor?
Houston..we have a problem....
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Link? Or just rumor?
https://www.businesswire.com/news/home/20230502006209/en/Crescent-Energy-Announces-Accretive-Eagle-Ford-Bolt-On-Acquires-Operated-Interest-in-Existing-Non-Operated-Assetsgigem1223 said:Comeby! said:
Javelin/Crescent buying Mesquite/Sanchez' Eagleford position for $600MM in cash.
Link? Or just rumor?
VirTex is trying to sell their Eagle Ford acreage too
Any engineers here with D&C operations experience looking to make a bold move into Environmental with a large Permian operator? Midland based position. Would help get your foot in the door and you would be working directly with D&C Ops on a daily basis so there's great exposure for a future move.
Bold move into Environmental???
Maverick06 said:
Any engineers here with D&C operations experience looking to make a bold move into Environmental with a large Permian operator? Midland based position. Would help get your foot in the door and you would be working directly with D&C Ops on a daily basis so there's great exposure for a future move.
yea, unless "bold move" means add a zero thenOgre09 said:
Bold move into Environmental???
Y'all must have some real ****ty experiences with your environmental groups. Like it or not, and I'm no tree hugging ESG liberal, environmental isn't going anywhere if working for a publicly held company. I guess there's a reason I'm not looking for environmental folks, because I probably carry the same opinion as y'all, but there is some value-add and experience to be gained.
On the downstream side of things… I'm hearing budgets are starting to tighten, inventories are increasing, and record breaking profits are slowing down.
Overall for O&G… is this just a correction or something worse like the beginning of this thread and what was end of 2014-2017ish.
Overall for O&G… is this just a correction or something worse like the beginning of this thread and what was end of 2014-2017ish.
Maverick06 said:
Y'all must have some real ****ty experiences with your environmental groups. Like it or not, and I'm no tree hugging ESG liberal, environmental isn't going anywhere if working for a publicly held company. I guess there's a reason I'm not looking for environmental folks, because I probably carry the same opinion as y'all, but there is some value-add and experience to be gained.
Oh I don't think it's going away, I just see the environmental group like I see our accounting group: I deeply appreciate them and what they do because it means I don't have to do it, because I would lose my mind.
One of the Midstream companies we work with is slowing down stuff too, despite having consecutive record quarters. A lot of emphasis on cost cutting right now…
Refining through time is a thin margin business run under tight cost controls.
The margins the last few years have been an outlier.
The margins the last few years have been an outlier.
Does anyone here know anything about Earthstone Energy? I bought some shares in them but things look too good to be true, so trying to figure out what I am missing. Low P/E, seemingly good management, great acreage.
They have been very aggressive in picking up acreage through smaller mergers & acquisitions over the past few years seemingly pretty smartly, mostly Midland Basin focused. Everyone i have dealt with on that side has been pretty standup.
That's great to hear, thank you for the feedback!
06. Sent you a PM. Interested in hearing more. Would like to get back with an operator. Not very tree huggy myself but if it's the operator I think it is, then I'd def interested in getting a foot in some how.
Big week for the EPA. Unless the Supreme Court throws down a block the sun is setting on NG power generation.
As if NG needed yet another headwind.
As if NG needed yet another headwind.
Down 17 rigs in a week?!?? Is that right?
Gas plays drying up. Took longer than I expected to be honest.
Hopefully someone can reign in the weaponized EPA, which doesn't even try to hide its utter disdain for oil and gas anymore.Dreigh said:
Big week for the EPA. Unless the Supreme Court throws down a block the sun is setting on NG power generation.
As if NG needed yet another headwind.
Also surprised it took this long. Gas Operators should have been more nimble and could have prevented months of loss in cf if they would have curtailed activity at the beginning of the year instead of middle.
boyz05 said:
Also surprised it took this long. Gas Operators should have been more nimble and could have prevented months of loss in cf if they would have curtailed activity at the beginning of the year instead of middle.
Except a lot of people have contracts…..
You had a lot of people finishing out driling contracts and not completing. I think you start seeing quite a few guys start popping up with liquidity issues on the private side. The publics are going to have to start making hard decisions.
Curious how much the Aethon boys drop.
Curious how much the Aethon boys drop.
Did they just have huge volume commitments or something? I'm equally surprised we haven't seen more rigs dropping on the gas side.
I think they had contracts to drill and so they either pay for the rig and not drill or they go ahead and use the rig. So they probably have drilled but not completed some wells.
I think you had people completing their drilling contracts and building DUCs and now dropping rigs. Makes sense on timing from the price crash for natty.
I'm also not overly convinced their is a compelling case to drill extensively now with the current price of crude.
Service side is a tough cookie. I expect you continue to see private equity guys sell portfolio co's to larger companies for inventory and start stacking rigs.
Again- all eyes on the natty side on Aethon.
I'm also not overly convinced their is a compelling case to drill extensively now with the current price of crude.
Service side is a tough cookie. I expect you continue to see private equity guys sell portfolio co's to larger companies for inventory and start stacking rigs.
Again- all eyes on the natty side on Aethon.
When I left the operating business last June, our Permian HZs averaged about $200,000 per day on the drilling side with ~$22,000 of that being rig day rate. The only item we had to contractually take or pay for was the drilling rig. Pipe (already bought) is also part of that average, but we could always sell pipe, even if it's at a slight loss.
At some point it makes sense to eat your rig rate and get rid of the rest of the drilling spread expenses. I was always on the oil side, so I'm not sure what the economics look like on the gas side, but if oil went from $80 to $20, we would be eating some rig cost instead of moving to the next pad.
At some point it makes sense to eat your rig rate and get rid of the rest of the drilling spread expenses. I was always on the oil side, so I'm not sure what the economics look like on the gas side, but if oil went from $80 to $20, we would be eating some rig cost instead of moving to the next pad.
100% agree. I've seen some on the gas side say building docs will given them optionality into next year. I think most were in delusion on what was actually going on and thinking this was a quick dip. Regardless of that, liquidity is going to be a huge issue with the privates as they're paying off bills of the last cycle into a lower price market and most were relatively modestly hedged given how painful the 2022 hedges were.
It's quite the cluster.
It's quite the cluster.
Well whoever decides to complete those DUCs first will likely get a hell of a frac deal.
Yep, makes zero economic sense right now
I used to work in upstream, now I sell components to companies building equipment for upstream. It has definitely slowed down. Both on the Frac side and the drilling side. I was hoping for another good year before the bottom falls out but I think it might be here.
OneOK buying Magellan, $18+ billion
https://ir.oneok.com/news-and-events/press-releases/2023/05-14-2023-232007760
https://ir.oneok.com/news-and-events/press-releases/2023/05-14-2023-232007760
Wow,
Magellan was always so money. Does this mean they drop the partnership?
Magellan was always so money. Does this mean they drop the partnership?
Didn't see this one coming… good news for Tulsa though. Not another Houston based acquisition for that city
whoa. that's game changer.
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