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Hey Oil Barons.......

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3 hours ago, Dr. Beeper said:

Any suggestions for an accounting package for a small investment LLC?  Entity is for non-operated oil and gas assets. There won’t be much ins and outs

Will there be many whathaveyous?

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3 hours ago, Storm the Field said:

Have touched $40 a few times recently, but price always retreats back into the $30s.  Today was the first day to actually close above $40 since 3/6.

3/6 was when the dumbass Russians bumblefucked into shit. I distinctly remember that day and how much it fucked stuff up for me. Saturday the 7th, the Saudis did what they did, and after opening Friday the 6th at $45, we opened the 9th at $30. 

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1 hour ago, Fudge Nuggets said:

The admin comes out saying China trade deal is fucked.

There goes $40.

We’re good. Please Lord tell me we are good before I buy $35 puts and send a wire out tomorrow. 

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More of that rapier’s wit sarcasm from the administration, guys are downright hilarious

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Posted (edited)

Total shot in the dark, but I'm looking for dry gas wells if anyone knows of anything.  Preferably Midland Basin, but Eastern Shelf and Central Basin Platform work too.  Trying to stay away from the Delaware for now and New Mexico can go fuck itself.

Thanks in advance.

Edited by BTW

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Rig count basically unchanged this week. Down just 1 to 265. Maybe a little more room to drop, but this feels bottom-ish, barring another dip into $20 prices.

Big question now is when does that number start heading in the opposite direction?

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Chesapeake should have been done 6 or 7 years ago.   In fact, there should probably be a new chapter in the bankruptcy code just for them and their creditors where the statute simply says, “Why the fuck did you lend them money?  Everyone just go away.”

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Amazing race to the bottom for Oxy. I remember just about a year or so ago when they were planning to move over to my neck of the woods into the old COP campus and thinking they might be a good company to work for if I started looking around.

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On 6/28/2020 at 5:22 PM, longhornmatt said:

Chesapeake should have been done 6 or 7 years ago.   In fact, there should probably be a new chapter in the bankruptcy code just for them and their creditors where the statute simply says, “Why the fuck did you lend them money?  Everyone just go away.”

I was listening to somebody on CNBC today talking about CHK's finances after Aubrey left. Supposedly the company was netjets #1 customer in the world, they were the NBA's largest season ticket holder and there was a secret door somewhere on their sprawling campus that led to a massive wine cellar that had a massive wine collection, all paid for with shareholder's money. No doubt a decade of low nat gas prices crushed them, but Aubrey didn't do them any favors with his spending. 

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On 6/28/2020 at 5:22 PM, longhornmatt said:

Chesapeake should have been done 6 or 7 years ago.   In fact, there should probably be a new chapter in the bankruptcy code just for them and their creditors where the statute simply says, “Why the fuck did you lend them money?  Everyone just go away.”

Lawler. He managed them well and weeded out the Aubrey types. Of course he knew they were fucked before he took the job. They’ll emerge and probably be fine. BKs are really weird. If I were a creditor I’d tell them to get fucked. But creditors don’t think like that. Rather they just say, yeah, this plan where I’m getting no lubed for 10% of my principal sounds reasonable. And they just move on to the next deal. 

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44 minutes ago, Lagunamadre said:

I was listening to somebody on CNBC today talking about CHK's finances after Aubrey left. Supposedly the company was netjets #1 customer in the world, they were the NBA's largest season ticket holder and there was a secret door somewhere on their sprawling campus that led to a massive wine cellar that had a massive wine collection, all paid for with shareholder's money. No doubt a decade of low nat gas prices crushed them, but Aubrey didn't do them any favors with his spending. 

Aubrey was not legendary in any respect. He was a piece of shit, and fostered pieces of shit employees that went on to start other companies. 

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Ha CHK still gonna CHK

“The company said in its bankruptcy petition that it has $16.2 billion in assets and $11.8 billion in debt.”

16.2 Billion in assets? 

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Last I saw CHK's assets being valued, it was shown at $9 billion and that was early this year before the shit hit the fan. Hard to see how that number could almost double between now and then.

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2 hours ago, Storm the Field said:

API reporting big drawdowns of crude (8.15M) and gasoline (2.5M) this week.

 

Good. I’m pretty pumped about my little deal and wanna keep buying. 

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1 hour ago, Eastwood said:

Last I saw CHK's assets being valued, it was shown at $9 billion and that was early this year before the shit hit the fan. Hard to see how that number could almost double between now and then.

Yeah, 9 Billion was generous before crash. 

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On 6/28/2020 at 6:13 PM, Neonmoon said:

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Occidental Petroleum is warning investors that it expects to reduce the value of its assets by $6 billion to $9 billion in the second quarter after crude prices sank to historic lows during the past six months. Oxy wrote down $580 million on its oil-related assets and lost $2.2 billion in the first quarter, so the company's warning could foreshadow horrendous second quarter results when the company releases its earnings report July 29.

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I know I have mentioned Sanchez Energy on here before, I got this notification.

 

June 30 (Reuters) - Sanchez Energy Corp ( SNECQ 😞

* SANCHEZ ENERGY SUCCESSFULLY COMPLETES FINANCIAL RESTRUCTURING; EMERGES AS MESQUITE ENERGY, INC.

* COMPANY ELIMINATED SUBSTANTIALLY ALL OF DEBT FROM ITS BALANCE SHEET, WHICH TOTALED APPROXIMATELY $2.3 BILLION

* CAMERON GEORGE WILL SERVE AS INTERIM CEO, EXECUTIVE VICE PRESIDENT AND CFO OF MESQUITE ENERGY Source text for Eikon: Further company coverage:

 

What are your thoughts? They were able to shed all of their debt and restructure under a new name. Stock is up like 20% over the past couple days. What typical happens in these kind of situations for the stock to continue to rise? Acquire wells? Contracts? 

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11 hours ago, TexanTraveling said:

I know I have mentioned Sanchez Energy on here before, I got this notification.

 

June 30 (Reuters) - Sanchez Energy Corp ( SNECQ 😞

* SANCHEZ ENERGY SUCCESSFULLY COMPLETES FINANCIAL RESTRUCTURING; EMERGES AS MESQUITE ENERGY, INC.

* COMPANY ELIMINATED SUBSTANTIALLY ALL OF DEBT FROM ITS BALANCE SHEET, WHICH TOTALED APPROXIMATELY $2.3 BILLION

* CAMERON GEORGE WILL SERVE AS INTERIM CEO, EXECUTIVE VICE PRESIDENT AND CFO OF MESQUITE ENERGY Source text for Eikon: Further company coverage:

 

What are your thoughts? They were able to shed all of their debt and restructure under a new name. Stock is up like 20% over the past couple days. What typical happens in these kind of situations for the stock to continue to rise? Acquire wells? Contracts? 

The same people are involved. Investing in it is stupid until you see several quarters. I have very little idea of why an oil and gas company would want to be public today (or really ever) without an absolute need to do so. I certainly don’t understand why one would want to invest in a failed, reconstructed company. 

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Sounds awesome:

Cameron W. George, formerly executive vice president and CFO of Sanchez Energy, is now serving as interim CEO, executive vice president and CFO of Mesquite Energy. Before joining Sanchez Energy in 2016 as senior vice president of capital markets, George was a member of the founding team at Houston-based Linn Energy LLC. 

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On 6/30/2020 at 7:01 PM, Neonmoon said:

Ha CHK still gonna CHK

“The company said in its bankruptcy petition that it has $16.2 billion in assets and $11.8 billion in debt.”

16.2 Billion in assets? 

The bankruptcy court is about to get a spiel on net effective acreage from CHK landmen. 

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Maybe they used La Salle County's tax appraisers. They valued a lot of my clients' wells for this year's taxes with an oil price of $195/BBL.

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49 minutes ago, Bookman said:

Maybe they used La Salle County's tax appraisers. They valued a lot of my clients' wells for this year's taxes with an oil price of $195/BBL.

Awesome. The package I just bought included some La Salle County stuff. 

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