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EIA says 100K bpd was shaved off domestic supply last week. Then we just got an unexpected draw on inventories this morning. This is a roller coaster ride from week to week. I think we have to shave off another million bpd before things start shaping up. It is going to be a while.
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Originally posted by racrguyOriginally posted by racrguy -
FTS has a lot of red tractors. That's a pic of a FTS crew in Chickasha, OK on a Continental location.Originally posted by no4njnk View PostComment
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Does anyone know anyone in Sanford Oil? Particularly in the fuel delivery guys that work on frac sites pumping diesel into equipment.Fuck you. We're going to Costco.Comment
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IEA's estimation is that global oversupply will be <200,000 bbl/day in 2H16... down from 1,500,000 bbl/day in 1Q16.Originally posted by Broncojohnny View Post
The expectation is that mid year the floor will fall, and that it will fall fast... and many think that the labor and equipment shortage will cause a snapback, not a smooth pendulum swing.Comment
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I used to. Haven't talked to any of them in a while.Originally posted by KBScobravert View PostComment
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Sandridge filed Chapter 11 this week and C&J elected to "educate their employees on bankruptcy" (based on their their 10Q which included a debt covenant breach), but they haven't filed yet.
What a time to be alive.
Did you ever find someone to talk to?Originally posted by KBScobravert View PostLast edited by Strychnine; 05-18-2016, 09:28 PM.Comment
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Want to play some Fantasy WTI Pricing?
Gotta have a reddit username, but someone's doing this:
The /r/oil fantasy game - Guess the future price of oil!
Seems like everyone is predicting and speculating on the price of oil around here. So i'm giving you a chance to put your money where your mouth is. Free to enter, all you have to do is guess the price of oil for the next 19 months. Each month your score is the difference between what you entered and the average of that month's WTI oil price.
Similar to golf, at the end of 2017 the low score wins and i'll send that person $100. I'll also update this post with some graphs.
Good luck! Link to enter is here: http://goo.gl/forms/2fIoNFx3KKMR9Iq82Comment
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For anyone that's been in O&G for more than 6 years...
BJ Services rides again!
Baker Hughes, CSL Capital Management and West Street Energy Partners (WSEP), a fund managed by the Merchant Banking Division of Goldman Sachs, has announced an agreement to create a pure-play North American land pressure pumping company.Under the terms of the agreement, Baker Hughes will contribute its North American land cementing and hydraulic fracturing businesses, which comprises assets in the U.S. and Canada. This includes personnel, expertise, technology and infrastructure. Upon closing, CSL Capital Management will contribute its Allied Energy Services platform, which provides hydraulic fracturing and cementing services on land in North America. Further, CSL Capital Management and WSEP will together contribute $325 million in cash to the new company, of which $175 million will be used to strengthen its balance sheet and position it for growth, while the remaining $150 million will go to Baker Hughes.CSL Capital Management and WSEP together will own 53.3% of the new company, and Baker Hughes will retain a 46.7% ownership stake. The new company will operate under the BJ Services brand and will be headquartered in Tomball, Texas.Comment
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The Basic Energy location close to where I work is gearing back up, they just called in an order to me today, and a coworker that lives near the location says they're starting to bring equipment into the shop to prepare it for use after being mothballed for something like 2 years. (at least it seems that long)Comment
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Anyone seeing a comeback in the job market for O&G guys yet?
Rig count still below 1,000?Fuck you. We're going to Costco.Comment
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there were a few O&G related businesses that were down south of burleson, but only one is still there, and they are down a couple of buildings that they were leasing. A trucking company built a big place, and then promptly cleared out.Originally posted by KBScobravert View Post"If I asked people what they wanted, they would have said faster horses." - Henry FordComment
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It is starting to pick up out here, traffic has gotten noticeably worse going to work in the last month.Comment
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597 last week.Originally posted by KBScobravert View Post
OPEC agree to a production cut (from 33.8 to 32.5M bbl/day) in Q1 2017, but there's not much confidence that it will do much.
Not much hope in post-OPEC rally. A poll by Reuters among nearly 30 analysts forecast prices for Brent crude will average $57.01 in 2017. It says OPEC would have to extend its deal beyond the six month period currently agreed upon to balance the market.
There were some anecdotal stories of recruiting calls picking up across the board the morning after the election, but I call BS.
Tangentially related, Trump picked Oklahoma Attorney General Scott Pruitt to head the EPA.
Pruitt:
“The American people are tired of seeing billions of dollars drained from our economy due to unnecessary EPA regulations, and I intend to run this agency in a way that fosters both responsible protection of the environment and freedom for American businesses.”
Trump:
“For too long, the Environmental Protection Agency has spent taxpayer dollars on an out-of-control anti-energy agenda that has destroyed millions of jobs, while also undermining our incredible farmers and many other businesses and industries at every turn,” Pruitt “will reverse this trend and restore the EPA’s essential mission of keeping our air and our water clean and safe. “My administration strongly believes in environmental protection, and Scott Pruitt will be a powerful advocate for that mission while promoting jobs, safety and opportunity.”Comment
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Talking is all that is going on right now, one of the major players said they were planning on bringing 500 pumps back online but I will believe it when I see it.Comment
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H&P have been making calls and bringing out rigs for over a month now.Comment
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