And there was much rejoicing in the land.... Gas Prices

[Ruffdaddy]

I was in drilling 08-10. I had no idea there were 4x as many rigs during this last boom!

Yeah $100/bbl actually messed a lot of stuff up. It made several people think they were much better than they were....and drove capital purchases that never should have happened.

[no4njnk]

It is amazing to see all of the units sitting in yards and several big boys are shutting them down.

Rumor is the Wilks brothers are buying companies up again, buy low sell high.

[Strychnine]

Fun fact:

The Yates 1 well was drilled in 1926 and this was said about it (and I hope this part makes a few people in the EPA have heart attacks and retire)

"When the well came in oil sprayed hundreds of feet up into the sky, raining down across the desert. Since there were no methods at that time of controlling the pressure, an earthen dam was built at the base of the canyon and a small lake filled with oil until the pressure subsided."

That was just 450 barrels/day


But on this day in 1929 the Yates 30-A well started producing near Iraan, TX. (The field and the town are named after Ira and Ann Yates who owned the ranch the wells were drilled on)

It produced a world record 8,528 barrels per hour.

That's 204,672 barrels per day.

At today's low WTI price (44.24) that comes out to $9,054,689.28 PER DAY

Because of the high production rate from the field and lack of storage and transport, the State of Texas Railroad Commission – the entity that oversees petroleum production – required a proration of the field for the first time in Texas history. Under this rule, all operators were given an equal share in the pipeline outlet based on what their wells could produce, based on the total field production. Additionally, operators were restricted in the depth they could drill into the cavernous reservoir, to give each an equal advantage.[8]

The field produced its 1 billionth barrel in the 80s, and even now it's estimated there are still 1 billion barrels recoverable.



Until the early 2000s they were still using some of the original wood tanks out there.




Aerial shot of the Yates Field (pic is 10 miles across)







Oh and today also marks the founding of OPEC (1960)

[Strychnine]

Sunrise from somewhere outside Rankin.




Had this guy stop us on the way to a rig today.




And for anyone doubting - that Raptor stereotype exists for a reason.

[GrayStangGT]

We have more raptors in midland odessa than anywhere I've been. There are 3 on my street alone. King Ranches and platinums are also plentiful out here.

[Gasser64]

Are they going back up soon?

[Bputacoma]

The raptor and Jeep srt8 index need to trend downward quicker...

[Strychnine]

US land rig count -6 this week.

-8 Oil
+2 Gas

[HarrisonTX]

$1.79 unleaded in burleson

[Ruffdaddy]

$1.79 unleaded in burleson

Its about damn time...high gas prices with low crude prices makes me unhappy.

[Ruffdaddy]

US land rig count -6 this week.

-8 Oil
+2 Gas

Hows the new gig been so far?

[Strychnine]

Hows the new gig been so far?

Absolutely love it. Could not be happier.

[Strychnine]

LMFAO. E&Ps are racist now. I'll save my comments and just leave this here:

There Are 45 Fracked Wells Within 2 Miles of My Daughters' School

I believe California is illegally discriminating against students of color by permitting wells that are disproportionately close to the schools they attend.

By Rodrigo Romo / The Guardian
September 17, 2015



Every morning, I send my daughters off to school with a kiss on the cheek and a heavy heart. School is supposed to be a safe and supportive environment where children are able to learn without worrying about threats to their health. Unfortunately, this is not the case in my hometown of Shafter, California.

California state laws have allowed oil companies to hydraulically fracture oil wells perilously close to my daughters’ schools, exposing them to dangerous air toxins and putting their health and safety at risk on a daily basis.

Earlier this summer, two weeks after California’s first-ever hydraulic fracturing, or fracking, regulations went into effect, my family filed a lawsuit against Governor Jerry Brown and California Oil and Gas Supervisor Steve Bohlen. We are challenging the regulations for illegally discriminating against students of color by permitting wells that are disproportionately close to the schools they attend.

Fracking is a process used to extract oil from the ground that involves injecting a mixture of water, sand and hundreds of different chemicals into the ground at very high pressures to fracture the rock and release oil.

There are 45 fracked wells within a mile and a half of my daughter’s junior high school. At Sequoia Elementary School, which she attended for years, there are three separate fracked wells within a half-mile of the school, and one that is just 1,200 feet from the school.

Many students at the school suffer from asthma and serious, debilitating illnesses. What is causing this spike in health problems in normally healthy children? Fracking. It exposes our children to unsafe levels of air toxins that can cause a broad variety of serious health complications, including asthma. Students at my daughter’s schools were often forced to stay inside for weeks at a time because of the noxious fumes from the fracking sites. They think it’s strange when people don’t get nosebleeds every day. For too many of California’s Latino public school students, this is normal.

Shortly after fracking began near her school, my youngest daughter began to suffer from unexplainable epileptic attacks. We’ve taken her to numerous doctors and specialists, but no one has been able to tell us the real cause of her illness. As a result of these health complications, her life has been forever changed. My daughter, a girl who loved sports and learning, no longer plays outside. She fears for her health and safety every day because of how close fracking occurs to her school.

This is unacceptable for any Californian, but it is especially disturbing given the fact that fracking overwhelmingly occurs close to schools that serve predominately Latino public school students, the majority of whom live in communities already overburdened by pollution and the resulting negative health impacts. My own town of Shafter is ranked in the top 10% of the most polluted communities in the state - our children can’t afford exposure to these additional toxins.

The children of Shafter are not the only ones who suffer from this injustice. More than 60% of the 61,612 California children who attend school within one mile of a stimulated well are Latino. Statewide, Latino students are over 18% more likely to attend a school within a mile and a half of a stimulated well than non-Latino students.

I’m fighting back and speaking up because this injustice cannot stand. Oil companies should not be able to endanger the health and safety of Latino children across the state. My children’s education means everything to me.

It means a chance at a vibrant, fulfilling and happy future. It is their path to opportunities I never had. My daughters deserve to be able to go to school without fearing for their health and safety. They deserve play outside without the air they breathe poisoning them.

My family has faith that the courts will stand up for our children’s rights, and hold our state accountable for allowing this dangerous activity to interfere with the quality of their education.

[SMKR]

Good lord...

[GrayStangGT]

Meanwhile in Texas we are building brand new elementary schools in the middle of wells.

The construction site is the new Fasken Elementary and all the other pads are wells, but don't worry its on the north side so should be mostly white kids lol.