I think the Bakken folks like yourself should be ok. Chevron has no presence there and finding good people in North Dakota is an issue. They can't easily backfill Hess personnel with Chevron folks. I am in Minot this week coincidentally. Still hard to believe as we thought we cleared this hurdle once we got Guyana online. Chevron could have acquired us for half the cost during Covid.

Hess was acquired bc Guyana came online...

TxAg20 said:

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txaggie_08 said:

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https://www.reuters.com/markets/deals/conocophillips-weighs-crownrock-bid-challenge-rivals-2023-10-26/

Quote:

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ConocoPhillips is considering an offer for CrownRock LP, an energy producer in the west Texas area of the Permian basin, people familiar with the matter said, as consolidation in the sector picks up pace.

CrownRock's investment bankers have asked interested parties to submit initial offers next week, two of the sources added.

Diamondback Energy, Devon Energy, Marathon Oil and Continental Resources are also studying potential bids for CrownRock, the sources said.

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Who is marketing CrownRock? They have a leak problem if all of the last paragraph is true.

I have low expectations of Conoco getting across the finish line with CrownRock unless Lime Rock has the ability to force Dunn's hand.

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If anything is leaked its because they want you to know it. Looks like Crownrock wants to be seen as desired by a whole host of potential suitors to help with the selling process. Its early on in the selling process. Each of those suitors individually would never come out and acknowledge or deny it and blow up a deal. Might as well chum the waters with the names of those you'd like to submit bids.

one MEEN Ag said:

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TxAg20 said:

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txaggie_08 said:

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https://www.reuters.com/markets/deals/conocophillips-weighs-crownrock-bid-challenge-rivals-2023-10-26/

Quote:

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ConocoPhillips is considering an offer for CrownRock LP, an energy producer in the west Texas area of the Permian basin, people familiar with the matter said, as consolidation in the sector picks up pace.

CrownRock's investment bankers have asked interested parties to submit initial offers next week, two of the sources added.

Diamondback Energy, Devon Energy, Marathon Oil and Continental Resources are also studying potential bids for CrownRock, the sources said.

---

---

Who is marketing CrownRock? They have a leak problem if all of the last paragraph is true.

I have low expectations of Conoco getting across the finish line with CrownRock unless Lime Rock has the ability to force Dunn's hand.

---

If anything is leaked its because they want you to know it. Looks like Crownrock wants to be seen as desired by a whole host of potential suitors to help with the selling process. Its early on in the selling process. Each of those suitors individually would never come out and acknowledge or deny it and blow up a deal. Might as well chum the waters with the names of those you'd like to submit bids.

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That was Busch league behavior when I was in the business. Not what would expect in a 10 or 11 figure transaction. Maybe that's the norm now, but neither the reputable investment banks nor the potential, public buyers would let that kind of info leak out. The banks always wanted the bidder(s) to think they were competing with their peers, but they would never name companies. This all smells like Dunn's propoganda machine.

TxAg20 said:

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one MEEN Ag said:

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TxAg20 said:

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txaggie_08 said:

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https://www.reuters.com/markets/deals/conocophillips-weighs-crownrock-bid-challenge-rivals-2023-10-26/

Quote:

---

ConocoPhillips is considering an offer for CrownRock LP, an energy producer in the west Texas area of the Permian basin, people familiar with the matter said, as consolidation in the sector picks up pace.

CrownRock's investment bankers have asked interested parties to submit initial offers next week, two of the sources added.

Diamondback Energy, Devon Energy, Marathon Oil and Continental Resources are also studying potential bids for CrownRock, the sources said.

---

---

Who is marketing CrownRock? They have a leak problem if all of the last paragraph is true.

I have low expectations of Conoco getting across the finish line with CrownRock unless Lime Rock has the ability to force Dunn's hand.

---

If anything is leaked its because they want you to know it. Looks like Crownrock wants to be seen as desired by a whole host of potential suitors to help with the selling process. Its early on in the selling process. Each of those suitors individually would never come out and acknowledge or deny it and blow up a deal. Might as well chum the waters with the names of those you'd like to submit bids.

---

That was Busch league behavior when I was in the business. Not what would expect in a 10 or 11 figure transaction. Maybe that's the norm now, but neither the reputable investment banks nor the potential, public buyers would let that kind of info leak out. The banks always wanted the bidder(s) to think they were competing with their peers, but they would never name companies. This all smells like Dunn's propoganda machine.

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You bring up an interesting point. It is busch league or bush league? I always thought it was bush league like your some ambush predator taking a cheap shot. Seems equally likely that it could be busch league because lots of chicanery happens in beer-league baseball and busch is a low quality beer.

one MEEN Ag said:

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TxAg20 said:

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one MEEN Ag said:

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TxAg20 said:

---

txaggie_08 said:

---

https://www.reuters.com/markets/deals/conocophillips-weighs-crownrock-bid-challenge-rivals-2023-10-26/

Quote:

---

ConocoPhillips is considering an offer for CrownRock LP, an energy producer in the west Texas area of the Permian basin, people familiar with the matter said, as consolidation in the sector picks up pace.

Diamondback Energy, Devon Energy, Marathon Oil and Continental Resources are also studying potential bids for CrownRock, the sources said.

---

---

Who is marketing CrownRock? They have a leak problem if all of the last paragraph is true.

I have low expectations of Conoco getting across the finish line with CrownRock unless Lime Rock has the ability to force Dunn's hand.

---

If anything is leaked its because they want you to know it. Looks like Crownrock wants to be seen as desired by a whole host of potential suitors to help with the selling process. Its early on in the selling process. Each of those suitors individually would never come out and acknowledge or deny it and blow up a deal. Might as well chum the waters with the names of those you'd like to submit bids.

---

That was Busch league behavior when I was in the business. Not what would expect in a 10 or 11 figure transaction. Maybe that's the norm now, but neither the reputable investment banks nor the potential, public buyers would let that kind of info leak out. The banks always wanted the bidder(s) to think they were competing with their peers, but they would never name companies. This all smells like Dunn's propoganda machine.

---

You bring up an interesting point. It is busch league or bush league? I always thought it was bush league like your some ambush predator taking a cheap shot. Seems equally likely that it could be busch league because lots of chicanery happens in beer-league baseball and busch is a low quality beer.

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I always thought it was Bush league too. Here is what Google, by way of MLB, tells me:

Origin. With "bush" being a synonym for a rural area, non-Major League clubs in small towns were referred to as bush league teams in the early days of baseball. The term has come to be used often outside of baseball

tx4guns said:

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Based on production and infrastructure built in South Texas, it's gonna be BOOM for decades. As long as the instability exists in the middle east, and we're dropping bombs, oil prices will stay high. I'm gonna go out on a limb and say your prediction is wrong.

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Just noticed this comment on pg1

username checks out. Imagine was a oilfield services/sales.

I've followed this thread since page 1 when I was a year and a half into my 2nd bachelors in petroleum engineering. It really wasn't until this thread's existence that I realized just how much money (tuition) I had put into a long bet on oil. A PE degree is really tough to market into other engineering fields, and I was honestly pretty ****ty at engineering in general. I thank God every day that I was blessed with a good network of friends that was able to land me a job in the trading side of things, especially since it fit into my skillset so much better than engineering. I feel for all of y'all on the upstream side of things. Having your job hang on the whims of folks who have a golden parachute that make decisions based on quarterly earnings is awful and I can't imagine how jaded I'd be at this point.

I've also followed this since it started because husband was seeing it in the land side in EFS in 2014 ish. 2015 he had some hot head company guy lay him off just because and hire him back the next day. He survived till Covid. Spent a year out of work doing side jobs until getting a job out of oil entirely. Got pulled back in as a consultant a year and a half ago for side work. Wouldn't be surprised if he said okay I'm going back full time put the kids on your insurance. It's a roller coaster and you either can learn to live like it or not. Definitely not for everyone.

Jaded is right. We run into people in the same field all the time (south texas is surprisingly small) and a very tight network, and sharing the stories of idiots who have jobs bc of who they are is always fun. And they will always have a job no matter how little they actually know. It's just part of it.

Dirty Mike and the Boys said:

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I've followed this thread since page 1 when I was a year and a half into my 2nd bachelors in petroleum engineering. It really wasn't until this thread's existence that I realized just how much money (tuition) I had put into a long bet on oil. A PE degree is really tough to market into other engineering fields, and I was honestly pretty ****ty at engineering in general. I thank God every day that I was blessed with a good network of friends that was able to land me a job in the trading side of things, especially since it fit into my skillset so much better than engineering. I feel for all of y'all on the upstream side of things. Having your job hang on the whims of folks who have a golden parachute that make decisions based on quarterly earnings is awful and I can't imagine how jaded I'd be at this point.

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Any concern that a career in trading is easily displaced by technology?

Dirty Mike and the Boys said:

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I've followed this thread since page 1 when I was a year and a half into my 2nd bachelors in petroleum engineering. It really wasn't until this thread's existence that I realized just how much money (tuition) I had put into a long bet on oil. A PE degree is really tough to market into other engineering fields, and I was honestly pretty ****ty at engineering in general. I thank God every day that I was blessed with a good network of friends that was able to land me a job in the trading side of things, especially since it fit into my skillset so much better than engineering. I feel for all of y'all on the upstream side of things. Having your job hang on the whims of folks who have a golden parachute that make decisions based on quarterly earnings is awful and I can't imagine how jaded I'd be at this point.

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I got out of the oil industry due to the ups and downs and the uncertainty, and the funny thing is I got laid off twice in the other industries I transitioned to. I never got laid off when I worked in oil and gas.

I quickly realized that no industry/company is truly stable or recession proof, all it takes is a global pandemic or a drop in sales/stock price for a company to start laying off. With that said, back to oil and gas for me!

rak1693 said:

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Aerospace and Defense contractor here. Left oilfield in 2018 and have been with a defense contractor since. Not a single person laid off since I started. It generally only happens when you lose contracts and can't make up for it with other contracts. That doesn't really happen with my employer. Pretty fortunate in that regard.

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Thats awesome, and I agree aerospace/defense is a lot more stable. But Ive worked in other "recession proof" industries and companies that never had a layoff before, and you can guess what happened, yep they had mass layoffs anyway lol. Ive had many of friends who thought they had jobs for life at their company, only to find themselves at the unemployment line. And Im talking about people in their 30's, not people near retirement age being pushed out due to their age.

Ive stopped looking for stability at these companies, and just look for places where I will semi enjoy the work and pays well.