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Hey Oil Barons.......

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Rig count approaching numbers not seen since the big bust of 2015 really settled in.

All-time High, November 2011: 1992 active onshore rigs, 916 in Texas.

End of the Boom, December 2014:1862/895. Dropped to 779/362 by October 2015:

All-time Low, May 2016: 380/173.

December 2018: 1052/528.

December 2019: 777/400.

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4 minutes ago, Storm the Field said:

Rig count approaching numbers not seen since the big bust of 2015 really settled in.

All-time High, November 2011: 1992 active onshore rigs, 916 in Texas.

End of the Boom, December 2014:1862/895. Dropped to 779/362 by October 2015:

All-time Low, May 2016: 380/173.

December 2018: 1052/528.

December 2019: 777/400.

This is why I’m so bullish on crude. 

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4 hours ago, T’Boo Ted Marshall said:

I’m working on a buy side mandate with a group that has $600m to spend on PDP in the Permian. Came from an IB I partner with out of St Louis.

Permian carries a premium. I like South Texas in particular. East Texas too. 

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7 hours ago, Neonmoon said:

 

6 hours ago, Trey3216 said:

Ouch  

 

6 hours ago, Fudge Nuggets said:

Got to have a buyer to sell that shit heap.

They bought when gas was 6, now it’s 2. 
 

Permian buyers will face the same fate 

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50 minutes ago, Neonmoon said:

 

 

They bought when gas was 6, now it’s 2. 
 

Permian buyers will face the same fate 

Hey, CVX is ass deep in overvalued Permian assets as well.  Guess that will be another multi-billion dollar write down in a year or two.

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1 hour ago, Neonmoon said:

 

 

They bought when gas was 6, now it’s 2. 
 

Permian buyers will face the same fate 

Permian buyers might write down their assets (largely depends upon when they bought) but it’ll have nothing to do with gas price drop. 

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21 hours ago, Dr. Beeper said:

Permian carries a premium. I like South Texas in particular. East Texas too. 

Eagle Ford, fuck yeah!

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8 hours ago, Fudge Nuggets said:

Got to have a buyer to sell that shit heap.

Not sure where their Marcellus assets are but if I recall they were solid. I wouldn’t call it a shit heap. Now they’re not likely worth anywhere near what they paid for them, but there’s a reason gas is around $2.25 in December, and it’s because the Marcellus and Utica are such prolific producers. 

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7 minutes ago, Dr. Beeper said:

Permian buyers might write down their assets (largely depends upon when they bought) but it’ll have nothing to do with gas price drop. 

I was referring to the overvalue, not the gas price 

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1 minute ago, Neonmoon said:

I was referring to the overvalue, not the gas price 

Permian sellers, to the extent they can sell, are still getting a premium. 

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