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The Royal We

Certifiably Surly
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    2009
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Posts posted by The Royal We

  1. 9 hours ago, Pimphand said:

    Never was an Elon fan but his 45 billion purchase of twitter proved you dipshits live in a controlled simulation and instead of being thankful you are all just a bunch of cocksmokers who will defend your slavers.

    Sorry about your brain worms bro.

    You think Elron is thankful for that $45bn being valued at <$12bn now? hE's A gENiuS!!!!!!1!!!!!!!one!!!!

    image.thumb.png.0a39d6e56c82279421a36c377e3363f7.png

    https://fortune.com/2024/03/30/fidelity-x-stake-73-decline-since-elon-musk-twitter-takeover/

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  2. 13 hours ago, Rex Kramer said:

    On Cox?  If so, I think we are talking about the same deal. I’ve got color on the bad underwriting. 

    @The Royal Wei used to bank Taylor in my Houston days from ‘01-‘05. Back when Pat was still alive. Going to NO was fun. I don’t know how any small offshore company makes it. 

    I never knew that. So you banked them when hurricane Ivan shithoused their platform at Mississippi Canyon 20? That's one of the few incidents I know of where pretty much every single policy in place paid out full limits - and then the USCG tried to attach to every OSFR policy they ever had in place covering that block. That USCG stance made for some brutal conversations with clients during renewals earlier this year. ~400% increases on a policy that most operators have never made a claim against and that they are required to carry in order to operate.  #pain

    https://darrp.noaa.gov/oil-spills/taylor-energy

  3. 7 minutes ago, Rex Kramer said:

    Agreed. You know anything about Cox Operating and Amarillo National Bank’s $100MM loss (100% loss)?

    Not too much. Amarillo NB seems like an odd place for them to get financing from...

    I did have an old client in Houston that I became pretty good friends with who was old buddies with Brad Cox. My client was a P&A contractor that focused on state water and shelf stuff and he was telling me ~6 years ago that they were upside down on their ARO/Reserve value and weren't going to be able to make it work. I just remember them having a metric fuck ton of platforms for the number of economic wells they had producing. I'm sure they had bonds running to the majors they acquired fields from, in addition to the bonds for LA and BOEM, that were part of what killed them.

    There are thousands and thousands of abandoned wells out there that are ticking time bombs that taxpayers are going to end up getting proper fucked on.

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  4. Oh man, my red pilled family is freaked the fuck out and already starting to convince themselves that the election will be stolen (just like it was in 2020).
     

    Quote

     

    Highlights from some horseshit going around on social media:

    -pushed Biden out and now selling that he's all in for Kamala

    -Dem machine is forcing everyone to get in line, forced Biden to update his Twitter, forcing wall to wall media coverage of the "record number" of donations (which is just donations being transferred from Biden's campaign to hers)

    -It's an all out coordination to override the people's vote just like they did in 2020.

    -It's a preview of what they're going to do in 2024

    -They (who is they?) don't care about democracy. They only care about power.

     

    Sorry about your old ass sad sack of shit convicted felon candidate that more people HATE than like. Good luck!

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  5. 4 minutes ago, Rex Kramer said:

    Any respectable Republican doesn’t actively support him...

    Man, a lot of the people that we work with/around on a daily basis are still full-throated Trumpaloos. It's hard to understand tbh. Like I said to you on this board a long time ago, he's not even good for the energy industry and he's terrible for the country. Fucking tax cuts I guess?

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  6. 15 hours ago, billfromlaketravis said:

    If Trump eased many of the offshore regulations, I think we would see increased drilling offshore. They’re making money at $25 a barrel. But in $40 oil, nothing is getting drilled onshore. Your best Delaware acreage is probably breaking even at that price point. Big companies would drill to maintain lease. Others will close shop.

    Insurance and bonding costs alone make it almost impossible for small independents to operate offshore. The Coast Guard's stance on Taylor Energy's oil spill and how their OPA/OSFR insurance should respond drive part of this, but it's been a tough place for smaller guys to operate since Katrina and Rita completely changed the market for Named Windstorm insurance.

    These were my best clients for years and years, but hurricanes and platforms don't get along very well. And now host platform issues have become a real problem too. I've got a client that has a great well that was down something like 75% of the time in 2023 because the operator of a host platform went bankrupt and they had no way to get their product to market.

    I think the Feds could give away the leases for free and it would still be a very tough place to make it all work. At least on the shelf. Deep water isn't as big of a problem from an insurance standpoint. Maybe if operators could get a guaranteed $80/bbl buyer for 5 years, but I can't imagine any administration would go that far to boost supply. It's just not needed until the Permian peters out.

    Just my $.02

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  7. 3 minutes ago, Aqua Buddha said:

    Can you explain that to me like I’m a 50 year old man?

    I'm 45 years old myself, but the word on the street (Bluesky tbh) is that there is a young black influencer on TikTok that really started pushing out information on Project 2025 and it really got some traction. Young people who weren't already aware of P2025 were mortified and energized when they got more information about it. Then Trump stepped on his own mushroom in the debate with the "Black Jobs" comment and that started to trend on TikTok. And now Kamala's old comments about falling out of the coconut tree has been given the meme treatment and is keeping the yoots fired up.

    But again, I don't really know anything about anything and could be talking out of my ass...

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