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  1. #151
    dangerous floater Winehole23's Avatar
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    appreciate the informative replies from Halberto, TB and CC.

  2. #152
    Mr. John Wayne CosmicCowboy's Avatar
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    Just read an article...Texas has almost 25% of the oil rigs in the WORLD turning right now.

    Texas has 848 drilling rigs hunting oil and gas – 47.7 percent of U.S. rigs, 24.6 percent of all rigs worldwide, according to the latest Baker Hughes rig count.

    The Permian Basin in West Texas has the biggest share – by a bunch – of the state’s drilling rigs, with 386.

    The Eagle Ford Shale in South Texas has 237 rigs, the Granite Wash in the Panhandle has 48 rigs, the Barnett Shale in North Texas has 30 rigs and the Haynesville/Bossier Shale in East Texas has 21 rigs. (The rest of the Texas rigs are scattered about the state working in “other” formations, according to Baker Hughes).

  3. #153
    Veteran Halberto's Avatar
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    ^I believe it and I expect that number to climb, too. Compe ion for leases in East Texas is near cutthroat. I've tried developing prospects only to find out the area was grabbed by 2 companies (I will not name) before I can get a half decent evaluation... I wish I had mineral rights in East Texas, those people are getting rich.

  4. #154
    🏆🏆🏆🏆🏆 ElNono's Avatar
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  5. #155
    Spur-taaaa TDMVPDPOY's Avatar
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    if texas has 25% of the worlds oil rigs, why the rush for you clowns to dig up and used up whatever reserves you have?

  6. #156
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    if texas has 25% of the worlds oil rigs, why the rush for you clowns to dig up and used up whatever reserves you have?
    BigOil takes as much money now as they can, while bringing forward the point when oil wil be scarce and VERY expensive and BigOil will extract even more $Ts.

  7. #157
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    We sold the land too but kept the mineral rights. I'm sure glad of that.

  8. #158
    Veteran Halberto's Avatar
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    BigOil takes as much money now as they can, while bringing forward the point when oil wil be scarce and VERY expensive and BigOil will extract even more $Ts.
    You betcha, those evil s bags are diabolically plotting for this to happen AFTER they're dead.

    TDMVPDPOY, hothe honest answer you're looking for is that the supply is getting larger by the day with discoveries in just about every state. And of course, they'd like as much money as they can get.

  9. #159
    I play pretty, no? TeyshaBlue's Avatar
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    Cline Shale update.....Got a letter from a production company. They offered $750,000 for current and future production. Called the phone # in the letter to see where their head was. After about 15 minutes of shop talk I asked them if that 750k figure was monthly or annual.

    They thought that was funny too.

  10. #160
    Mr. John Wayne CosmicCowboy's Avatar
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    Cline Shale update.....Got a letter from a production company. They offered $750,000 for current and future production. Called the phone # in the letter to see where their head was. After about 15 minutes of shop talk I asked them if that 750k figure was monthly or annual.

    They thought that was funny too.
    How many acres and what percentage of minerals?

  11. #161
    dangerous floater Winehole23's Avatar
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    After last week’s moderate drop in rig count, the amount of horizontal oil rigs seems to implode this week.



    The U.S. land rig count was down 37 this week and the land horizontal rig count was down 30.


    Is this capitulation? Hard to say but it's the biggest drop since March 2015. And, the Fayetteville Shale play officially bit the dust this week with zero rigs for the first time since the play began in 2005.
    The tight oil horizontal rig count was down by 20 and the key Bakken-Eagle Ford-Permian HRZ rig count was down by 14. The Bakken lost 3 rigs, the Eagle Ford, 4, and the Permian, 7.


    Shale gas lost 8 HRZ rigs. The Haynesville lost 2, the Marcellus, 6, the Utica 1, the Fayetteville, 1. The Woodford and Barnett each gained 1 rig.
    http://oilprice.com/Energy/Crude-Oil...itulation.html

  12. #162
    Veteran Wild Cobra's Avatar
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    Maybe they have to reduce the supply to increase the selling price.

  13. #163
    dangerous floater Winehole23's Avatar
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    more likely to stop the bleeding. shale oil is relatively capital intensive to produce.

  14. #164
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    more likely to stop the bleeding. shale oil is relatively capital intensive to produce.
    Red Queen, decline is so rapid, you have to drill $$$ more wells to keep production stable

    "Now, here, you see, it takes all the running you can do, to keep in the same place. If you want to get somewhere else, you must run at least twice as fast as that!"

    A headline from last January

    North Dakota Admits Half Its Shale Regions Below Breakeven


    http://www.zerohedge.com/news/2015-0...elow-breakeven



  15. #165
    dangerous floater Winehole23's Avatar
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    Source: The Guardian

  16. #166
    Veteran SpursforSix's Avatar
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    Break even point for what? A country's budget?

  17. #167
    Veteran SpursforSix's Avatar
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    Sorry...just clicked the link. Not sure that will determine what OPEC does. They put themselves in a tough spot. As well as many US producers. But I suspect that many of the US producers that are facing financial ruin are going to be producing as much as they can just to service their debt. Maybe the same with the OPEC countries that are seeing their upside down budgets.

  18. #168
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  19. #169
    dangerous floater Winehole23's Avatar
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    permabear Stockman throws cold water on buying the dip:

    The US oil patch is heading for a debt conflagration like never before with more than one-third of industry facing bankruptcy, according to a recent Wall Street Journal survey.

    Crude-oil prices plunged more than 5% on Monday to trade near $30 a barrel, making the specter of bankruptcy ever more likely for a significant chunk of the U.S. oil industry.


    Three major investment banks— Morgan Stanley, Goldman Sachs Group Inc. andCitigroup Inc.—now expect the price of oil to crash through the $30 threshold and into $20 territory in short order as a result of China’s slowdown, the U.S. dollar’s appreciation and the fact that drillers from Houston to Riyadh won’t quit pumping despite the oil glut.


    As many as a third of American oil-and-gas producers could tip toward bankruptcy and restructuring by mid-2017, according to Wolfe Research…..


    More than 30 small companies that collectively owe in excess of $13 billion have already filed for bankruptcy protection so far during this downturn, according to law firm Haynes & Boone.


    Morgan Stanley issued a report this week describing an environment “worse than 1986” for energy prices and producers, referring to the last big oil bust that lasted for years. The current downturn is now deeper and longer than each of the five oil price crashes since 1970, said Martijn Rats, an analyst at the bank.
    Needless to say, the reason that this could be the worst oil industry crash since 1970 is that the bubble which preceded had no precedent, either. The central bank driven scramble for yield resulted in what amounted to an insane inflow of debt into an industry that is inherently risky and subject to massive cyclical swings in commodity prices.


    Indeed, the juxtaposition of the 20004-2009 oil price chart with the staggering $150 billion debt increase in the North American E&P industry alone says it all. After the thundering $100 per barrel oil price collapse between July 2008 and early 2009, no honest and properly priced debt market would have ever advanced that much debt to shale and tar sands producers in a world where the marginal barrel from Saudi Arabia has a lifting cost of less than $15 per barrel.
    http://davidstockmanscontracorner.co...sher-bailouts/

  20. #170
    dangerous floater Winehole23's Avatar
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    alarms flashing red at RBS: "sell everything but high quality bonds"

    RBS has advised clients to brace for a “cataclysmic year” and a global deflationary crisis, warning that major stock markets could fall by a fifth and oil may plummet to $16 a barrel.


    The bank’s credit team said markets are flashing stress alerts akin to the turbulent months before the Lehman crisis in 2008. “Sell everything except high quality bonds. This is about return of capital, not return on capital. In a crowded hall, exit doors are small,” it said in a client note.



    Andrew Roberts, the bank’s research chief for European economics and rates, said that global trade and loans are contracting, a nasty tail for corporate balance sheets and equity earnings. This is particularly ominous given that global debt ratios have reached record highs.



    China has set off a major correction and it is going to snowball. Equities and credit have become very dangerous, and we have hardly even begun to retrace the ‘Goldlocks love-in’ of the last two years,” he said.
    http://davidstockmanscontracorner.co...s-sell-it-all/

  21. #171
    Mr. John Wayne CosmicCowboy's Avatar
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    yeah it's gonna be a great year to go shopping. cash will be king.

  22. #172
    dangerous floater Winehole23's Avatar
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    yeah it's gonna be a great year to go shopping. cash will be king.
    sure, if you've got the cash. Stockman thinks the downturn could be as bad or worse than 08-09.

  23. #173
    dangerous floater Winehole23's Avatar
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    Red Queen, decline is so rapid, you have to drill $$$ more wells to keep production stable

    "Now, here, you see, it takes all the running you can do, to keep in the same place. If you want to get somewhere else, you must run at least twice as fast as that!"

    A headline from last January

    North Dakota Admits Half Its Shale Regions Below Breakeven


    http://www.zerohedge.com/news/2015-0...elow-breakeven


    market share doesn't mean if you can't service your debt. If the rate of return keeps falling, a lot of companies are too leveraged to stay in business.

  24. #174
    W4A1 143 43CK? Nbadan's Avatar
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    Going with High quality bonds will minimize the blow...fairly good advice until this China problem blows over....

  25. #175
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    Oil drillers face $102 billion cash shortfall in 2016


    http://fuelfix.com/blog/2016/01/13/o...16/#36696101=0

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