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Did you all forget the "drill baby drill" republican motto and trump calling for ramping up oil production a cpl years ago ?

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(edited)

Now the chickens are coming home to roost. How about accepting a little responsibility and not blame everybody else aka "the trump way" ?. Always short term vision with his guy and how come no one brings up the "drill baby drill" motto small term small minded republicans used to tout or Trump call to deregulate all oil production sites including deep water drilling ( when objection was that we have enough, high costs and risk of ocean contamination) regardless of strategic plans, long term outlook or a little concern for the environment?. Just a little not much. Instead blaming everyone else and saying shove it up mbs ass when he retaliated vs Russian production hikes etc.. These same companies they drummed up are coming for help.. Simply amazing and sad for the simple minded hypnotized people !. Another thing, it's not so bad if storage runs out forcing the smaller players to go out therefore consolidating and production cut by default. 

Edited by Bighornz
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23 hours ago, Bighornz said:

Now the chickens are coming home to roost. How about accepting a little responsibility and not blame everybody else aka "the trump way" ?. Always short term vision with his guy and how come no one brings up the "drill baby drill" motto small term small minded republicans used to tout or Trump call to deregulate all oil production sites including deep water drilling ( when objection was that we have enough, high costs and risk of ocean contamination) regardless of strategic plans, long term outlook or a little concern for the environment?. Just a little not much. Instead blaming everyone else and saying shove it up mbs ass when he retaliated vs Russian production hikes etc.. These same companies they drummed up are coming for help.. Simply amazing and sad for the simple minded hypnotized people !. Another thing, it's not so bad if storage runs out forcing the smaller players to go out therefore consolidating and production cut by default. 

Or just ending imports that are not needed including foreign refinery production.

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On 4/9/2020 at 10:17 AM, Bighornz said:

Now the chickens are coming home to roost. How about accepting a little responsibility and not blame everybody else aka "the trump way" ?. Always short term vision with his guy and how come no one brings up the "drill baby drill" motto small term small minded republicans used to tout or Trump call to deregulate all oil production sites including deep water drilling ( when objection was that we have enough, high costs and risk of ocean contamination) regardless of strategic plans, long term outlook or a little concern for the environment?. Just a little not much. Instead blaming everyone else and saying shove it up mbs ass when he retaliated vs Russian production hikes etc.. These same companies they drummed up are coming for help.. Simply amazing and sad for the simple minded hypnotized people !. Another thing, it's not so bad if storage runs out forcing the smaller players to go out therefore consolidating and production cut by default. 

So you are saying that the shale oil patch is the only oil patch in the US, and that their actions are representative of the US oil industry as a whole?

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(edited)

On 4/8/2020 at 11:17 PM, Bighornz said:

Now the chickens are coming home to roost. How about accepting a little responsibility and not blame everybody else aka "the trump way" ?. Always short term vision with his guy and how come no one brings up the "drill baby drill" motto small term small minded republicans used to tout or Trump call to deregulate all oil production

@Bighornz I see your new, you will get a lot more traction by not politisising your thread, your onto a non starter here and won't have much fun, you can make your point without mentioning the T or D words. But you are on the money with Drill Baby Drill - Yourself Out of A Job moto.

We have been discussing the LTO sector for a long time, but the situation now is dire for all sectors not just the Shale Patch. WTI currently in free-fall even after the news today, oversupply and no demand coupled with no real commitment form the US players is taking us to the inevitable teen market. Covid hit creating the perfect storm, but the problem is that after this pandemic has passed the damage will be long lived. Oil prices will stay low for the next year, plus people will have changed habits after this lock down IMO, we may just go leaner forever, this lockdown has given us all a  lot of time to reflect and enter into habits, some good some bad. 

Edited by James Regan

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(edited)

I never have been in favor of DBD, it's stupid.  I would blame Wall Street for more of these sad sack companies that don't have any infrastructure of their own and simply drill a well and then hire out subs to produce them.  Those companies are "stories" which is all that Wall Street sells.  I didn't realize they were doing that with shale and oil until about 2013.  I lived through them doing it in the 90s with high tech, I was involved with a lot of worthless startups that were just money sinks.  The intention was to make a lot on the IPO and who cares what it took to get there.

Well in 2013 we had spent two years failing to get a good lease from Range, Devon and some other smallish outfit that was a flipper.  This was on a lot of acreage we own in East Texas. In February of 2013 we started talking to a small outfit called ZaZa that was actually listed and had been a recent IPO.  They needed to get a significant amount of acreage on lease in order to have good numbers for their quarter.  They hoped that they could flip our lease to EOG but that's only part of the story.  Turns out that they had a small war chest to close leases with so we took most of that warchest and leased them 3400 acres.  This was pure, free money, we closed in mid March.  It happens with Wall Street supported outfits all the time.  

We closed the deal in their posh offices on McKinney street overlooking Minute Maid field.  They were all pretty young, 30s-40s compared to us in our late 50s.  They had no other place to get the lease because we were the largest landowner that could give them all the acreage in a short time frame.  So we had the leverage and we got a great deal.  They went broke of course but we walked away with about $2.5m and they never touched our land.  This is a colossal waste of funds but it's a part of the oil business that doesn't get talked about.  I can only imagine how much money gets wasted out in the field by companies like this that actually get to the production side of things.  These guys were supposed to get there eventually but never did.

So instead of just blaming "shale" remember that Wall Street backed most of these plays.  Put the blame where it should be, Wall Street.

Edited by wrs
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^

Very good explanation for the madness in the shale story. 

There were an awful lot of rookies making tens of millions there for a while. 

They all wanted to be like Aubrey McClendon, who was (if you don't count George Mitchell) infatuated to a fault with shale. He was larger than life, paid outrageous prices on the spot for acreage he wanted, and there for a while accumulated wealth hand over fist. Of course, it all caught up with him, just as it caught up with most everyone who emulated him (ZaZa--HaHa--I remember them).

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We import 5 million barrels.  Even Trump can't get a new refinery built!    Period.

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I do not think he has tried....wish he would!

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15 minutes ago, Douglas Buckland said:

I do not think he has tried....wish he would!

Need the enviros funds to dry up!  Fat chance.  Toooooo much juice in the warm, cold, freakout climate change orgs.  I mean, let's understand, why bother, we'll be dead in 11 years?

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You remember when we closed a bunch of military bases not long ago? Some of those are well sited for a refinery. They would not need to be remediated to ‘pristine’ conditions prior to construction...if they are still owned by the government.

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2 minutes ago, Douglas Buckland said:

You remember when we closed a bunch of military bases not long ago? Some of those are well sited for a refinery. They would not need to be remediated to ‘pristine’ conditions prior to construction...if they are still owned by the government.

Remember Keystone.  The hoards will be in any state en-masse to stop a refinery from being built.  

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Typical NIMBY syndrome, but eventually we will need to build new refineries.

Imminent Domain???

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Let's look on the bright side, we are carbon based and will require said commodity for a long time, this current CV19 shit storm has shown our requirements, unfortunate for wind and gas (dubious renewable) don't make solid state. We're hooked and so is the world, its like the opioid  epidemic and heroin trade, we are all hooked but don't know who the dealers are, the doctors or the traffickers , just need a hit.....

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