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Hey Oil Barons.......


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3 minutes ago, jimmyjazz said:

I already quoted your comment about it being a shot at the Biden administration and the EU.  Are you drunk?  You don't have to explictly state "yay GOP" for your post to be political.

Precisely because Biden and the EU have terrible policy.  What does that have to do with the GOP?  The fuck man?

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17 minutes ago, jeevsie said:

Agree it's a small percentage. Disagree it's insignificant - it's a signal to the industry.

I didn't say it was insignificant.  I do think its disingenous to blame an administration for oil production constraints when production is close to its all-time high (and climbing), and there are untapped reserves sitting idle.  They sit idle for a reason -- it looks good on the balance sheet.  O&G prices are a function of O&G company policies, writ large and worldwide.

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22 minutes ago, jimmyjazz said:

I didn't say it was insignificant.  I do think its disingenous to blame an administration for oil production constraints when production is close to its all-time high (and climbing), and there are untapped reserves sitting idle.  They sit idle for a reason -- it looks good on the balance sheet.  O&G prices are a function of O&G company policies, writ large and worldwide.

Who here has blamed the Biden admin for constraints being the “nexus”?  I’ve asked several times and you can’t seem to respond. 

Here I am having spent 22 years in this business and I thought demand was the biggest factor in determining prices. Good thing jimmy is here to let us know that it’s really due to E&P company policy. 

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2 minutes ago, MoJames said:

I mean I'd argue the last time the industry ran tight was the late 80s and into the 00s? But what do I know growing up in an O&G family in Midland in the 80-90s.

image.png.c38770accf295278fbd3016b46437e7b.png

Growing up in that family didn’t do shit for your knowledge of the term “tight”. 

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7 minutes ago, Porterhouse said:

Who here has blamed the Biden admin for constraints being the “nexus”?  I’ve asked several times and you can’t seem to respond. 

Here I am having spent 22 years in this business and I thought demand was the biggest factor in determining prices. Good thing jimmy is here to let us know that it’s really due to E&P company policy. 

Seems like you missed the day they talked about "supply" in Macro Econ 101.

Come the fuck on, Rex.  Apparently you haven't learned much in those 22 years.  Good to see you haven't changed, and won't, ever.

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17 minutes ago, MoJames said:

I mean I'd argue the last time the industry ran tight was the late 80s and into the 00s? But what do I know growing up in an O&G family in Midland in the 80-90s.

image.png.c38770accf295278fbd3016b46437e7b.png

tight means shortage relative to potential -- not exploring/appraising/producing/investing/expending as much as they can -- or, rather, to the apparent wishes of the administration.

all the major service companies have stated publicly their shortage of crews and equipment.  they had been fired/scrapped/deprecated/sold from the last go-round.

why invest in people and equipment and capital projects when your industry is threatened to be shuttered? capex dont cash flow until years down the road.  are politicians signaling friendlier tax environment or more hostile?  is there public and political pressure to divest from the industry? 

 

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3 minutes ago, 52-80 said:

why invest in people and equipment and capital projects when your industry is threatened to be shuttered?

Ok second question. I see on this thread discussion on both the fact that going electric on vehicles isn't a huge fix for the use of O&G products. Yet I then see discussion on why would you invest in O&G when the administration is pushing for electric cars, etc.

I honestly don't see O&G going anywhere, with or without electric cars. I also don't feel the inability to drill on federal lands drastically effecting the O&G production. For those of us that are idiots, what coming down the pipeline from a US government standpoint will be the most detrimental to the O&G industry?

36 minutes ago, Porterhouse said:

Growing up in that family didn’t do shit for your knowledge of the term “tight”. 

Also there are some good mom jokes in to be had here.

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25 minutes ago, jimmyjazz said:

Seems like you missed the day they talked about "supply" in Macro Econ 101.

Come the fuck on, Rex.  Apparently you haven't learned much in those 22 years.  Good to see you haven't changed, and won't, ever.

Sigh. Demand is the biggest factor. Single companies for a single country do not determine the supply of a 101 million daily unit global commodity. 

image.gif.32cc13e7a451cfe9234435259b7f45a4.gif

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2 minutes ago, Porterhouse said:

Sigh. Demand is the biggest factor. Single companies for a single country do not determine the supply of a 101 million daily unit global commodity. 

image.gif.32cc13e7a451cfe9234435259b7f45a4.gif

 

If your 22 years in O&G haven't shown you what anyone paying attention can readily see -- that seemingly minor shifts in supply or demand, global, can have massive effects on price -- then you need to turn that meme on yourself.  But you knew that.  Or didn't, if you're actually that stupid.  It's a puzzler, for sure.

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2 minutes ago, MoJames said:

Ok second question. I see on this thread discussion on both the fact that going electric on vehicles isn't a huge fix for the use of O&G products. Yet I then see discussion on why would you invest in O&G when the administration is pushing for electric cars, etc.

I honestly don't see O&G going anywhere, with or without electric cars. I also don't feel the inability to drill on federal lands drastically effecting the O&G production. For those of us that are idiots, what coming down the pipeline from a US government standpoint will be the most detrimental to the O&G industry?

Also there are some good mom jokes in to be had here.

Agreed on all, including your mom’s tightness. SPR releases are a mistake. Asking foreign powers hostile to your country for favors is idiotic and shows weakness. A lack of a sensible domestic energy plan shows how political he is. All are going to be factors why were $150 and $6/gal in 2024, and why he’ll be voted out at that time. Just in time for MAGA II. Barf. 

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Just now, jimmyjazz said:

 

If your 22 years in O&G haven't shown you what anyone paying attention can readily see -- that seemingly minor shifts in supply or demand, global, can have massive effects on price -- then you need to turn that meme on yourself.  But you knew that.  Or didn't, if you're actually that stupid.  It's a puzzler, for sure.

K. 

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17 minutes ago, MoJames said:

Ok second question. I see on this thread discussion on both the fact that going electric on vehicles isn't a huge fix for the use of O&G products. Yet I then see discussion on why would you invest in O&G when the administration is pushing for electric cars, etc.

I honestly don't see O&G going anywhere, with or without electric cars. I also don't feel the inability to drill on federal lands drastically effecting the O&G production. For those of us that are idiots, what coming down the pipeline from a US government standpoint will be the most detrimental to the O&G industry?

Also there are some good mom jokes in to be had here.

Agreed oil consumption is sticking around for a long time.  And that federal lands isn't the sticky point, as most of the production is from Gulf, TX, and ND. 

FWIW I like electric cars and renewables.  16% of domestic energy use is motor gasoline.  That's significant, but obviously not flipping overnight.... (but directionally, it is undeniable)

Business only respect $ economics.  Administration is not anywhere near the #1 cause of price condition.. but they play a non-zero role, and my only umbrage is all the misdirection against that simple reality in favor of boogeyman rhetoric like "price gouging"

 

Edited by 52-80
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7 minutes ago, MoJames said:

As opposed to your mom's lack of tightness.

Back in the 90s when I got ahold of her, things were different. 

Wait a minute. 

Edited by Porterhouse
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2 minutes ago, 52-80 said:

Business only respect $ economics.  Administration is not anywhere near the #1 cause of price condition.. but they play a non-zero role, and my only umbrage is all the misdirection against that simple reality in favor of boogeyman rhetoric like "price gouging"

Yeah that shit pisses me off. Trying to put the price of gasoline on the O&G companies or even the individuals running the gas station. It's nauseating. But that's what the politicians like to do. Take something as non-political as the price of gas at the pump or a virus and politicize it.

2 minutes ago, Porterhouse said:

Back in the 90s when I got ahold of her, things were different. 

Cringe Fetish GIF

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3 hours ago, jeevsie said:

Agree it's a small percentage. Disagree it's insignificant - it's a signal to the industry.

Yeah.

In the North Dakota McKenzie County lease spacing of 2,560 acres where my small mineral rights acreage is located, the federal government owns a 30 acre piece. 
During the previous administration CLS was permitted to drill the first two of a dozen wells…. Which have proven to be very significant producers. The current BLM has refused permitting of the remaining 10 wells. 
That whole township has been a very sweet spot for all the drilling that has been done for the past two or three years.

Pretty disappointing for all the mineral holders there, to say the least.

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2 hours ago, Armybrat said:

Yeah.

In the North Dakota McKenzie County lease spacing of 2,560 acres where my small mineral rights acreage is located, the federal government owns a 30 acre piece. 
During the previous administration CLS was permitted to drill the first two of a dozen wells…. Which have proven to be very significant producers. The current BLM has refused permitting of the remaining 10 wells. 
That whole township has been a very sweet spot for all the drilling that has been done for the past two or three years.

Pretty disappointing for all the mineral holders there, to say the least.

I’d be fucking pissed. Very angry.  But, I’d also never buy on federal lands for this very reason. I have a few rules: no offshore, no Colorado, no Cali, no south Louisiana, no New Mexico (this is new and due to new governor), and no federal lands. 

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11 hours ago, Porterhouse said:

You can search posts from me and Dr. Beeper. Find in 2019 when Beeper was livid about Trump lobbying the Saudis for more crude - with success - and the rest of the thread was pretty silent.

It's convenient to say this when you damn well know your old posts are wiped out. 

Edited by Fudge Nuggets
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If we can't use the SPR when the price of oil quadruples in two years then when can we use it?  According to Rex I guess we need to wait for the PLA to storm the beaches of Los Angeles before we utilize one of our most important strategic assets?  I don't know Rex, might be a little late by that point.

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I’d be fucking pissed. Very angry.  But, I’d also never buy on federal lands for this very reason. I have a few rules: no offshore, no Colorado, no Cali, no south Louisiana, no New Mexico (this is new and due to new governor), and no federal lands. 
Just curious...why no south Louisiana?
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2 hours ago, Fudge Nuggets said:

It's convenient to say this when you damn well know your old posts are wiped out. 

True. But I think most posters in this thread would support me here. 

2 hours ago, Fudge Nuggets said:

If we can't use the SPR when the price of oil quadruples in two years then when can we use it?  According to Rex I guess we need to wait for the PLA to storm the beaches of Los Angeles before we utilize one of our most important strategic assets?  I don't know Rex, might be a little late by that point.

On SPR I think there needs to be independent oversight of it, like the Fed. I have little issue with Biden releasing to temporarily relieve the effects of supply/demand fundamentals with Americans’ gas prices. The problem is not solely with Biden, and moreso with Trump not BUYING a shit ton of crude at $30/bbl average in 2020, and the effects Biden’s releases will have once they stop. Just watch. 

1 hour ago, MadTrapper said:
6 hours ago, Porterhouse said:
I’d be fucking pissed. Very angry.  But, I’d also never buy on federal lands for this very reason. I have a few rules: no offshore, no Colorado, no Cali, no south Louisiana, no New Mexico (this is new and due to new governor), and no federal lands. 

Just curious...why no south Louisiana?

Napoleonic code, coonass Boudreauxs’ corruption, the Railroad Commission equivalent in Louisiana on a money grab because their state is broke, and all of these factors resulting in bad marketability for assets when you might need to sell. 

Edited by Porterhouse
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Whole lotta misunderstanding of our industry in this thread lately in my opinion.
 

Some of y’all would do well to spend a day or two in the offices of small, private upstream O&G companies in Texas. Finding and selling oil and gas in the earth’s subsurface is an absolutely fascinating, challenging, and technically demanding business…
 

Nothing better than your well prospect logging 3-4 pay sands with beautiful neutron-density crossover and off-scale/wraparound resistivity- absolutely knowing you’re about to be the hero at the office that day.

Oh yeah, this is all happening about 2 miles beneath the surface. 

Good shit man. IYKYN.

Edited by Loop 1604
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5 hours ago, Loop 1604 said:

Whole lotta misunderstanding of our industry in this thread lately in my opinion.
 

Some of y’all would do well to spend a day or two in the offices of small, private upstream O&G companies in Texas. Finding and selling oil and gas in the earth’s subsurface is an absolutely fascinating, challenging, and technically demanding business…
 

Nothing better than your well prospect logging 3-4 pay sands with beautiful neutron-density crossover and off-scale/wraparound resistivity- absolutely knowing you’re about to be the hero at the office that day.

Oh yeah, this is all happening about 2 miles beneath the surface. 

Good shit man. IYKYN.

I’m interested in getting into this field professionally 

Any recommendations on which route to go?

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8 hours ago, Loop 1604 said:

Nothing better than your well prospect logging 3-4 pay sands with beautiful neutron-density crossover and off-scale/wraparound resistivity- absolutely knowing you’re about to be the hero at the office that day.

Also having an interest in the well is better...

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2 hours ago, PDX_Horn said:

I’m interested in getting into this field professionally 

Any recommendations on which route to go?

I'm a second generation O&G geologist and when one of my STEM-strong kids asked if if he should also be a geologist, I strongly discouraged him and said if you want to be in O&G, go the production engineering route instead.  Much more stable career as we are always - at least for next 30+ years - going to need someone to manage existing wells and production but keeping a job putting the "X" on the map will always depend on the commodity price...

 

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16 minutes ago, Grimas said:

I'm a second generation O&G geologist and when one of my STEM-strong kids asked if if he should also be a geologist, I strongly discouraged him and said if you want to be in O&G, go the production engineering route instead.  Much more stable career as we are always - at least for next 30+ years - going to need someone to manage existing wells and production but keeping a job putting the "X" on the map will always depend on the commodity price...

 

No offense whatsoever meant to geologists, as oil finders are indispensable. But I totally agree with you. I wish I had a PE degree and had the expertise to really utilize PHDWin. 

Y’all should listen to this. @jimmyjazz @PenelopeWitherspoonhttps://player.captivate.fm/episode/af0e5f4e-46a6-4b82-add8-45a2de483943

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20 minutes ago, Grimas said:

said if you want to be in O&G, go the production engineering route instead.  Much more stable career

Cracking Up Lol GIF by Rodney Dangerfield
 

I’ve watched our production department get cut in half since 2016, single engineers are now handling more production than the entire BU made in 2015 when we had 10+ engineers. 

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I would think downstream would be more stable, if a little less lucrative. We will always need plastics, and whether or not they are made from petroleum products, molecular recycling, or some new sustainable technology, we will always need folks who know how to make them and develop better ones.

Edited by NotActuallyALonghorn
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5 minutes ago, Archer said:

Cracking Up Lol GIF by Rodney Dangerfield
 

I’ve watched our production department get cut in half since 2016, single engineers are now handling more production than the entire BU made in 2015 when we had 10+ engineers. 

Makes total sense, and he’s still right. I’d just pair it with an MBA. 

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30 minutes ago, Porterhouse said:

No offense whatsoever meant to geologists, as oil finders are indispensable. But I totally agree with you. I wish I had a PE degree and had the expertise to really utilize PHDWin. 

Y’all should listen to this. @jimmyjazz @PenelopeWitherspoonhttps://player.captivate.fm/episode/af0e5f4e-46a6-4b82-add8-45a2de483943

I listen to stuff like this at least twice a week on our trader calls. This is kind of what I do.

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2 minutes ago, PenelopeWitherspoon said:

I listen to stuff like this at least twice a week on our trader calls. This is kind of what I do.

Me too. I’ve been reading GoRozen for years now and a lot of what I post here is summarizing what they write/say. I’m hosting an event in April and tried (and failed) to get either Adam or Leigh to speak. Instead we are getting both Sheffields. 

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1 hour ago, Grimas said:

I'm a second generation O&G geologist and when one of my STEM-strong kids asked if if he should also be a geologist, I strongly discouraged him and said if you want to be in O&G, go the production engineering route instead.  Much more stable career as we are always - at least for next 30+ years - going to need someone to manage existing wells and production but keeping a job putting the "X" on the map will always depend on the commodity price...

 

I strongly advised my STEM-leaning kid to avoid the oilfield like the plague.  Even the good times suck these days with management always trying to squeeze every ounce of blood out of all us stones.

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1 minute ago, Fudge Nuggets said:

I strongly advised my STEM-leaning kid to avoid the oilfield like the plague.  Even the good times suck these days with management always trying to squeeze every ounce of blood out of all us stones.

What do you do and for whom?

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6 minutes ago, Porterhouse said:

Not trying anything other than trying to be friendly. 

That’s cool, but saying anything more specific than I’ve worked in upstream for 20+ years for companies small, medium and large could wind up doxxing myself.  Not necessarily that you would do it, but the innertubes is a strange place.

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12 minutes ago, Fudge Nuggets said:

That’s cool, but saying anything more specific than I’ve worked in upstream for 20+ years for companies small, medium and large could wind up doxxing myself.  Not necessarily that you would do it, but the innertubes is a strange place.

Why don’t you break out on your own?

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1 hour ago, Porterhouse said:

No offense whatsoever meant to geologists, as oil finders are indispensable. But I totally agree with you. I wish I had a PE degree and had the expertise to really utilize PHDWin. 

 

Totally agree and the pool of actual oil finders is rapidly shrinking as exploration budgets are cut or disappear all together and a lot of talent is retiring and not being replaced.  Not seeing those who have been doing unconventionals their whole career really having the skillsets or experience to fill these roles either...  And for recent grads, there just aren't as many slots available...

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5 hours ago, Fudge Nuggets said:

My specialization doesn't have a lot of non-field level consultant jobs.  I didn't mind working in the field when I was younger but have no desire whatsoever to go back right now unless it was absolutely necessary.

So what do you do now?

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20 hours ago, Fudge Nuggets said:

I do my specialization as a legitimate company employee.  I have no interest taking my skills as a consultant for some backwardass bullshit entity that may or may not pay my invoice.

Not suggesting that. I don’t know what your specialization is but why not invest directly in what you’re doing?

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