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

[Strychnine]

I just put an interesting event on my calendar...


Crude Oil Markets: Where are they going?
Speaker: Helen Currie, Ph.D.
ConocoPhillips Senior Economist, Chief Economist’s Office, Corporate Planning and Strategy

Helen Currie is the Senior Economist for ConocoPhillips Corporation. She manages strategic planning initiatives, oversees the company’s long range plan development, and advises on investment analyses, political risk and scenario planning. Her previous roles since joining Conoco in 2001 include Upstream and Downstream business analysis, leadership roles in Commercial risk management across all commodity groups (crude, refined products, NGLs, natural gas, power), Commercial risk systems project management and designing a front-to-back office training program for the Commercial organization.

[Strychnine]

WBH Energy LP (small TX drilling company) filed for bankruptcy protection over the weekend. That's not your friend's company is it GrayStang?


" Over the past five years, oil and gas companies have upped their debt by 55 percent in order to keep up with the industry’s fast-paced expansion."

"Quicksilver Resources Inc KWK 10.98% is one name to watch. The company was downgraded by S&P in October and has a debt to operating income ratio of 12.6."

[Sean88gt]

Really, after just a few months? That tells me they were living loose and fast, expecting the boom to never go bust. Perhaps they'll pick up a history book next time.

[Trip McNeely]

WBH Energy LP (small TX drilling company) filed for bankruptcy protection over the weekend. That's not your friend's company is it GrayStang?


" Over the past five years, oil and gas companies have upped their debt by 55 percent in order to keep up with the industry’s fast-paced expansion."

"Quicksilver Resources Inc KWK 10.98% is one name to watch. The company was downgraded by S&P in October and has a debt to operating income ratio of 12.6."

I'm surprised at all of the mid-stream/gathering pipeline companies on there, holy shit.

[Strychnine]

I'm surprised at all of the mid-stream/gathering pipeline companies on there, holy shit.

Yeah, Key Energy surprised me too.

That's not a comprehensive list either. Like the quote above says, Quicksilver is at 12.6, but they are not charted.

[Broncojohnny]

Really, after just a few months? That tells me they were living loose and fast, expecting the boom to never go bust. Perhaps they'll pick up a history book next time.

Welcome to the oil business, it is high risk and get financed with shitty debt because of that. It is very fragile.

[Trip McNeely]

It's also interesting a few of those companies on that list have been acquired by companies also on that list. lol

[Denny]

Halliburton has started a new round of layoffs... shaking some dead leaves off the tree it appears.

Weird, we just had a meeting and part of that was asking if we knew anyone else looking to get on.

We're not slowing. In fact, they are preparing to start up a new crew.

[GrayStangGT]

WBH Energy LP (small TX drilling company) filed for bankruptcy protection over the weekend. That's not your friend's company is it GrayStang?

No sir, the company I was talking about is very conservative and in good financial shape.

[GrayStangGT]

I'm surprised at all of the mid-stream/gathering pipeline companies on there, holy shit.

No joke. I see half of those companies show up on my digtest emails for pipelines.

[Ruffdaddy]

Weird, we just had a meeting and part of that was asking if we knew anyone else looking to get on.

We're not slowing. In fact, they are preparing to start up a new crew.

It's the main offices with pencil pushers like me...engineers, PMs, finance...etc. people that you can afford to cut short term without major immediate impact at a huge company. And it sounds like the people that were probably low on the ranking scale...the dead leaves you know. I haven't heard of it hitting field personnel yet.

At least rigs are laying down so this damn recovery can start.

Are yell doing straight new fracs?

[GrayStangGT]

Weird, we just had a meeting and part of that was asking if we knew anyone else looking to get on.

We're not slowing. In fact, they are preparing to start up a new crew.

The people I know at medium sized service companies(tiny compared to Halliburton) are starting with the people who should be at 7-11 and not in the oilfield for their first round of layoffs.

[Sean88gt]

Welcome to the oil business, it is high risk and get financed with shitty debt because of that. It is very fragile.

I don't think that is limited to just oil business. Every bust seems to come with immediate memory loss.

[Strychnine]

I don't think that is limited to just oil business. Every bust seems to come with immediate memory loss.

[Sean88gt]

Nice!