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Hey Oil Barons.......


936horn

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O&G stocks are up, along with a 4% increase in WTI.  Found this interesting read as well:

 

https://oilprice.com/Latest-Energy-News/World-News/Trump-Administration-Finalizes-Alaska-Oil-Drilling-Plan.html

 

I work in offshore (GOM).  We're a vessel company on charter with the supermajors.  It's been a hell of a year (even the last 3 years have been rough).  Hopefully we're turning a corner.

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1 hour ago, Eastwood said:

Saudi personally cutting 1 million on top of the OPEC+ cuts. Guess trying to drown out US producers for the last 6 years didn't work out so well.

They underestimated the resiliency of US producers while decimating their sovereign wealth fund. It couldn't happen to a nicer group of guys. 

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On 1/3/2021 at 5:33 PM, Tex48 said:

Do yall think anyone in oil and gas (Upstream, midstream, or downstream idc) is going to do any hiring for engineers this spring?  I'm graduating this Spring from Cheme and worked for a pretty well known E&P as an intern before covid cancelled my second internship.  I loved the work and don't want to give up on the industry yet.  

Yeah, there is still going to be plenty of hiring for a long time. Things may change, but they always have been. Oil and gas isn’t disappearing over night or even over the next couple decades. 

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Something wrong with the RRC website? I'm only seeing one drilling permit application filed so far this week, which can't be right. There are usually 10-20 filed each weekday, even in the deepest depths of the downturn.  
Technical issues has their Drilling Permit Query out of whack. They are working to fix it.
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3 minutes ago, Dr. Beeper said:

A little of both. Though I am pretty bullish on crude. Not as much as I was when we were hovering at $40 forever, but I think there’s a good chance we average $55-$60 this year. 

Works for me. Our VP was openly praying for $40 for much of last year. 

Edited by billfromlaketravis
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Natty been hammered last few days. Discuss. 

Pretty simple, the fucking weather models keep failing. They show cold & then as we get closer, poof it vanishes. Market giving up on Winter right now. Plenty of freaking gas in storage right now.


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22 minutes ago, Dr. Beeper said:

It’s shit like this - on Day 1 - that will drive prices higher. Good. 

My thought too. 

This is only phase IV and I thought that was mainly to transport Canadian syncrude and oil sands crude down to Nebraska.  So it might effect Bakken producers, but I don't think there are takeaway issues there currently anyway, correct? 

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8 hours ago, The Royal We said:

My thought too. 

This is only phase IV and I thought that was mainly to transport Canadian syncrude and oil sands crude down to Nebraska.  So it might effect Bakken producers, but I don't think there are takeaway issues there currently anyway, correct? 

Canadian oil sands are only profitable at what, $100+ oil right? I'd say economics killed the Keystone XL long ago. Approving or cancelling the permit was a largely symbolic political gesture. 

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35 minutes ago, billfromlaketravis said:

Canadian oil sands are only profitable at what, $100+ oil right? I'd say economics killed the Keystone XL long ago. Approving or cancelling the permit was a largely symbolic political gesture. 

Well you need to take into the account the discount between WTI to western Canada select.  More export capacity means a lower discount. The below interactive chart shows how bad it can get sometimes ($40+ difference). 
https://economicdashboard.alberta.ca/OilPrice

 

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41 minutes ago, billfromlaketravis said:

Canadian oil sands are only profitable at what, $100+ oil right? I'd say economics killed the Keystone XL long ago. Approving or cancelling the permit was a largely symbolic political gesture. 

Exactly - it’s a talking point for people that want to scare everyone. 
 

And yes, it would lower differentials for oil sands crude, but why do we want to do that again? That process is environmentally destructive af and we are swimming in domestic production. 

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3 minutes ago, The Royal We said:

Exactly - it’s a talking point for people that want to scare everyone. 
 

And yes, it would lower differentials for oil sands crude, but why do we want to do that again? That process is environmentally destructive af and we are swimming in domestic production. 

This. It is nasty, nasty business. I know it was developed at a time when the US/Canada were desperate for North American oil, but I'm still shocked the Canadian government approved it. 

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1 minute ago, billfromlaketravis said:

This. It is nasty, nasty business. I know it was developed at a time when the US/Canada were desperate for North American oil, but I'm still shocked the Canadian government approved it. 

Maybe you guys have never been to the heavy oil fields in San Joaquin valley. We are doing the exact same shit in California boys. 

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21 hours ago, The Royal We said:

My thought too. 

This is only phase IV and I thought that was mainly to transport Canadian syncrude and oil sands crude down to Nebraska.  So it might effect Bakken producers, but I don't think there are takeaway issues there currently anyway, correct? 

The spread between Bakken crude and WTI has been running about $10/bbl for the past few years. Mostly because of higher transportation costs. Last month’s royalty check from Continental Resources reflected a sales price average of about $37/barrel. 

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