No way. They supposedly sold the production for $100 million under book value, and the sale price is peanuts compared to the project capex.
Houston..we have a problem....
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Last: 59 min ago by sts7049
WildFire Energy I LLC has significantly expanded its presence in the East Texas Eagle Ford by acquiring approximately 16,000 net acres of leasehold and 58 operated wells from an undisclosed seller.
Anyone know who the undisclosed seller is? or have a good guess that I can validate with them? It's not Diamondback
Anyone know who the undisclosed seller is? or have a good guess that I can validate with them? It's not Diamondback
Was this what they bought from Apache (formerly Callon)?
no - confirmed as a separate purchase - just a week or so apartSporty Spice said:
Was this what they bought from Apache (formerly Callon)?
Jesus Christ, that news reporter could not be more clueless.
Noble acquired Diamond for their four Black Series drillships, their long term contracts with BP, as well as inroads into Oxy and Chevron.
Noble acquired Diamond for their four Black Series drillships, their long term contracts with BP, as well as inroads into Oxy and Chevron.
Good for Ameredev.
Interesting WSJ article.
https://www.wsj.com/business/energy-oil/global-oil-markets-to-tip-into-surplus-by-end-of-decade-iea-says-c85688fa?mod=mhp
Oil-demand growth is set to peak by 2029 and start to contract the next year, reaching 105.4 million barrels a day in 2030 as the rollout of clean-energy technologies accelerates, according to the Paris-based organization. Meanwhile, oil-production capacity is set to increase to nearly 113.8 million barrels a day, driven by producers in the U.S. and the Americas.
Interesting WSJ article.
https://www.wsj.com/business/energy-oil/global-oil-markets-to-tip-into-surplus-by-end-of-decade-iea-says-c85688fa?mod=mhp
Oil-demand growth is set to peak by 2029 and start to contract the next year, reaching 105.4 million barrels a day in 2030 as the rollout of clean-energy technologies accelerates, according to the Paris-based organization. Meanwhile, oil-production capacity is set to increase to nearly 113.8 million barrels a day, driven by producers in the U.S. and the Americas.
CaptnCarl said:
Good for Ameredev.
Interesting WSJ article.
https://www.wsj.com/business/energy-oil/global-oil-markets-to-tip-into-surplus-by-end-of-decade-iea-says-c85688fa?mod=mhp
Oil-demand growth is set to peak by 2029 and start to contract the next year, reaching 105.4 million barrels a day in 2030 as the rollout of clean-energy technologies accelerates, according to the Paris-based organization. Meanwhile, oil-production capacity is set to increase to nearly 113.8 million barrels a day, driven by producers in the U.S. and the Americas.
US producers? Thats hard to imagine.
Fracing.Boat Shoes said:CaptnCarl said:
Good for Ameredev.
Interesting WSJ article.
https://www.wsj.com/business/energy-oil/global-oil-markets-to-tip-into-surplus-by-end-of-decade-iea-says-c85688fa?mod=mhp
Oil-demand growth is set to peak by 2029 and start to contract the next year, reaching 105.4 million barrels a day in 2030 as the rollout of clean-energy technologies accelerates, according to the Paris-based organization. Meanwhile, oil-production capacity is set to increase to nearly 113.8 million barrels a day, driven by producers in the U.S. and the Americas.
US producers? Thats hard to imagine.
So according to the IEA I should get rid of my long position in XLE?
techno-ag said:Fracing.Boat Shoes said:CaptnCarl said:
Good for Ameredev.
Interesting WSJ article.
https://www.wsj.com/business/energy-oil/global-oil-markets-to-tip-into-surplus-by-end-of-decade-iea-says-c85688fa?mod=mhp
Oil-demand growth is set to peak by 2029 and start to contract the next year, reaching 105.4 million barrels a day in 2030 as the rollout of clean-energy technologies accelerates, according to the Paris-based organization. Meanwhile, oil-production capacity is set to increase to nearly 113.8 million barrels a day, driven by producers in the U.S. and the Americas.
US producers? Thats hard to imagine.
What are we going to frac? Burning through Tier I inventory pretty quickly.
CaptnCarl said:
Good for Ameredev.
Interesting WSJ article.
https://www.wsj.com/business/energy-oil/global-oil-markets-to-tip-into-surplus-by-end-of-decade-iea-says-c85688fa?mod=mhp
Oil-demand growth is set to peak by 2029 and start to contract the next year, reaching 105.4 million barrels a day in 2030 as the rollout of clean-energy technologies accelerates, according to the Paris-based organization. Meanwhile, oil-production capacity is set to increase to nearly 113.8 million barrels a day, driven by producers in the U.S. and the Americas.
This is interesting to read. However, I've seen so many "peak oil" predictions over the years, I would not take this as gospel. A forecast will eventually get it right. Might be this one. Might not.
Somehow the technology always comes through. They used to say we were running out of the good spots. Then fracing was developed. Maybe someday the predictions will get it right.Boat Shoes said:techno-ag said:Fracing.Boat Shoes said:CaptnCarl said:
Good for Ameredev.
Interesting WSJ article.
https://www.wsj.com/business/energy-oil/global-oil-markets-to-tip-into-surplus-by-end-of-decade-iea-says-c85688fa?mod=mhp
Oil-demand growth is set to peak by 2029 and start to contract the next year, reaching 105.4 million barrels a day in 2030 as the rollout of clean-energy technologies accelerates, according to the Paris-based organization. Meanwhile, oil-production capacity is set to increase to nearly 113.8 million barrels a day, driven by producers in the U.S. and the Americas.
US producers? Thats hard to imagine.
What are we going to frac? Burning through Tier I inventory pretty quickly.
techno-ag said:Somehow the technology always comes through. They used to say we were running out of the good spots. Then fracing was developed. Maybe someday the predictions will get it right.Boat Shoes said:techno-ag said:Fracing.Boat Shoes said:CaptnCarl said:
Good for Ameredev.
Interesting WSJ article.
https://www.wsj.com/business/energy-oil/global-oil-markets-to-tip-into-surplus-by-end-of-decade-iea-says-c85688fa?mod=mhp
Oil-demand growth is set to peak by 2029 and start to contract the next year, reaching 105.4 million barrels a day in 2030 as the rollout of clean-energy technologies accelerates, according to the Paris-based organization. Meanwhile, oil-production capacity is set to increase to nearly 113.8 million barrels a day, driven by producers in the U.S. and the Americas.
US producers? Thats hard to imagine.
What are we going to frac? Burning through Tier I inventory pretty quickly.
Fair point.
techno-ag said:Somehow the technology always comes through. They used to say we were running out of the good spots. Then fracing was developed. Maybe someday the predictions will get it right.Boat Shoes said:techno-ag said:Fracing.Boat Shoes said:CaptnCarl said:
Good for Ameredev.
Interesting WSJ article.
https://www.wsj.com/business/energy-oil/global-oil-markets-to-tip-into-surplus-by-end-of-decade-iea-says-c85688fa?mod=mhp
Oil-demand growth is set to peak by 2029 and start to contract the next year, reaching 105.4 million barrels a day in 2030 as the rollout of clean-energy technologies accelerates, according to the Paris-based organization. Meanwhile, oil-production capacity is set to increase to nearly 113.8 million barrels a day, driven by producers in the U.S. and the Americas.
US producers? Thats hard to imagine.
What are we going to frac? Burning through Tier I inventory pretty quickly.
Obligatory username fits
Deep Permian starting to get buzzy - down to the Barnett. Expensive wells but a few producers starting to figure out well + frac design…
noted the source here...CaptnCarl said:
Good for Ameredev.
Interesting WSJ article.
https://www.wsj.com/business/energy-oil/global-oil-markets-to-tip-into-surplus-by-end-of-decade-iea-says-c85688fa?mod=mhp
Oil-demand growth is set to peak by 2029 and start to contract the next year, reaching 105.4 million barrels a day in 2030 as the rollout of clean-energy technologies accelerates, according to the Paris-based organization. Meanwhile, oil-production capacity is set to increase to nearly 113.8 million barrels a day, driven by producers in the U.S. and the Americas.
Big win for the energy sector! The Mountain Valley Pipeline has finally received approval to enter service from the FERC, paving the way for a more reliable #NATGAS supply https://t.co/lT1LuvHQR8
— Psahh. (@mc_holosko) June 12, 2024
Six years late, $4B over budget, but finally going into service (thanks to Manchin).
which operators will this impact the most? they going to stand up new rigs soon or delay to next year?
nosoupforyou said:noted the source here...CaptnCarl said:
Good for Ameredev.
Interesting WSJ article.
https://www.wsj.com/business/energy-oil/global-oil-markets-to-tip-into-surplus-by-end-of-decade-iea-says-c85688fa?mod=mhp
Oil-demand growth is set to peak by 2029 and start to contract the next year, reaching 105.4 million barrels a day in 2030 as the rollout of clean-energy technologies accelerates, according to the Paris-based organization. Meanwhile, oil-production capacity is set to increase to nearly 113.8 million barrels a day, driven by producers in the U.S. and the Americas.
It was to peak a few years back as well. Their pockets have been lined for years. The IEA is an absolute crap hole of an organization. Their weekly projections of supply/demand equal that of a 4 year old advising the world on ME policies.
Exactly… Just because they want it to happen (meaning renewables do in fact take hold)
and I'm sure making those projections helps them with their funding a little longer
The problem is every time they are wrong. There's never a penalty for them.
and I'm sure making those projections helps them with their funding a little longer
The problem is every time they are wrong. There's never a penalty for them.
nosoupforyou said:
Exactly… Just because they want it to happen (meaning renewables do in fact take hold)
and I'm sure making those projections helps them with their funding a little longer
The problem is every time they are wrong. There's never a penalty for them.
Exactly. Those jack blades don't own anything they put out. Liberal organization that has their hands in many pockets, or I should say, they have their hands out. As prognosticators they are horrible. If your financial person had their performance history you'd be broke.
techno-ag said:Somehow the technology always comes through. They used to say we were running out of the good spots. Then fracing was developed. Maybe someday the predictions will get it right.Boat Shoes said:techno-ag said:Fracing.Boat Shoes said:CaptnCarl said:
Good for Ameredev.
Interesting WSJ article.
https://www.wsj.com/business/energy-oil/global-oil-markets-to-tip-into-surplus-by-end-of-decade-iea-says-c85688fa?mod=mhp
Oil-demand growth is set to peak by 2029 and start to contract the next year, reaching 105.4 million barrels a day in 2030 as the rollout of clean-energy technologies accelerates, according to the Paris-based organization. Meanwhile, oil-production capacity is set to increase to nearly 113.8 million barrels a day, driven by producers in the U.S. and the Americas.
US producers? Thats hard to imagine.
What are we going to frac? Burning through Tier I inventory pretty quickly.
Just wanted to point out Halliburton invented hydraulic stimulation of wells in 1949…
Peak oil was like 1970 or something? I'm just a dumb broke Aggie, so correct me if I'm wrong.
BrokeAssAggie said:
Peak oil was like 1970 or something? I'm just a dumb broke Aggie, so correct me if I'm wrong.
You are correct about peak oil prior to the recent bump in production. We've fracked wells since the 40's. It was the marriage of horizontal wells with 40-80 hydraulic stimulations that caused the huge bump on production. Lots of people try to insinuate that "Fraccing" is new and bad despite nearly 80 years of history.
LRHF said:BrokeAssAggie said:
Peak oil was like 1970 or something? I'm just a dumb broke Aggie, so correct me if I'm wrong.
You are correct about peak oil prior to the recent bump in production. We've fracked wells since the 40's. It was the marriage of horizontal wells with 40-80 hydraulic stimulations that caused the huge bump on production. Lots of people try to insinuate that "Fraccing" is new and bad despite nearly 80 years of history.
What you say is true but let's not pretend like the fracs we do today are similar to what we being done in the 50s-90s. It's a different enough process that it is effectively a new technology.
Saudis punt the petrodollar.
https://www.nasdaq.com/articles/us-saudi-petrodollar-pact-ends-after-50-years
https://www.nasdaq.com/articles/us-saudi-petrodollar-pact-ends-after-50-years
Quote:
The 50-year-old petrodollar agreement between the U.S. and Saudi Arabia was just allowed to expire. The term "petrodollar" refers to the U.S. dollar's role as the currency used for crude oil transactions on the world market. This arrangement has its roots in the 1970s when the United States and Saudi Arabia struck a deal shortly after the U.S. went off the gold standard that would go on to have far-reaching consequences for the global economy. In the history of global finance, few agreements have wielded as many benefits as the petrodollar pact did for the U.S. economy.
Thanks for posting this, I did not know the agreement had ended.
I agree with the analysis that this will have a long term negative impact on the USA and the USD 's position as the worlds reserve currency. Uggh.
I agree with the analysis that this will have a long term negative impact on the USA and the USD 's position as the worlds reserve currency. Uggh.
Does anyone have insight into what happened with Zachry and Golden Pass? Seems like there is a bankruptcy fight brewing and I was just curious.
Several articles have come out recently showing that labor costs were escalating faster than any of those contracts anticipated. Could be Zachary getting ahead of costs that would have never been recouped. Just speculation on my part.
I see, that makes sense with them trying to drag out the exit to recoup what they can.
PeekingDuck said:
Does anyone have insight into what happened with Zachry and Golden Pass? Seems like there is a bankruptcy fight brewing and I was just curious.
Fix price quoted and won a $12billion job prior to Covid and Ukraine war. Massive cost increases without official relief. Force majeure did not apply. Zachry absorbed cost increases in good faith that there would be a workable solution. My understanding is that the Qataris were a bit put off by Zachry's push to formalize what they deemed prior Qatari commitments that led to Zachry absorbing costs "in good faith".
The long and short is they're executing a massive project based on pre Ukraine fixed prices and didn't cover themselves completely with fixed price commitments to vendors and couldn't absorb labor escalation, etc.
Bankruptcy is getting ugly, as Qataris are accusing Zachry of holding the execution of the project hostage by not getting out of the way. Zachry has threatened bankruptcy for months.
Not sure what else you could do if you're Zachary. Resign the project? Then what, live to fight another day or stiff penalties that'll bankrupt you anyway?
Agreed. Luckily they had it silo'd in a separate LLC that didn't drag down the rest of the company.
It's a black eye for sure in this world. Hard to win these large projects when you go through a public bankruptcy like this.
McDermott (owner of CB&I) went bankrupt in 2020. Also fixed price contracts on Freeport LNG and Cameron LNG to blame. The massive scale and construction bureaucracy of these projects is difficult to begin with…I can't imagine factoring in COVID/Ukraine.
It's a black eye for sure in this world. Hard to win these large projects when you go through a public bankruptcy like this.
McDermott (owner of CB&I) went bankrupt in 2020. Also fixed price contracts on Freeport LNG and Cameron LNG to blame. The massive scale and construction bureaucracy of these projects is difficult to begin with…I can't imagine factoring in COVID/Ukraine.
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