Caustic Burno
Well-known member
Pumpers blocking in the wells today.
Haven't heard a tanker truck all day.
Haven't heard a tanker truck all day.
Noticed
- Thread starter Caustic Burno
- Start date
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Ya most companies are making cut backs so they dont totally kill oil. Some of the majors are cutting back thousands of barrels a day.
I saw that last night. I agree 100%.
Ours are still pumping. But the checks are getting smaller!
They are speculating we might see a bump in natural gas due to all the gas being taken off the market from shutting in resource play wells.
1982vett
Well-known member
TCRanch said:
Been small for a long time....
Up until last month, our wells average age was 23 years. Have 2 new units come online in December and January that are doing well but my interest in them is quite small. Something like 2 1/2 barrels out of 10,000 on one well and 1 barrel out of 3500 on another. Once again, our bigger pieces will have the rug pulled out from under them. Happened in 2015, Anadarko was surveying for permits. That went away during the last oil price plunge and Wildhorse bought the leases. Had some more activity just before Chesapeake bought them out. Now we will have to wait and see who ends up with Chesapeake's remnants after this. Anyway, Mailbox Money is my favorite kind.
1982vett
Well-known member
But Russia is helping them this time...along with the Chinese thing and the Media interests in this country.
bird dog
Well-known member
Forced shut in's. Storage tanks are full. It would be a good time to own a few VLCC's for the storage contango.
The traders are buying now for less than $20 and selling futures a year or so away. Easy money if and a big if, you can find a storage spot.
The traders are buying now for less than $20 and selling futures a year or so away. Easy money if and a big if, you can find a storage spot.
hurleyjd
Well-known member
Apache will be cutting expenses by 300 million you know what that means job losses.
sim.-ang.king
Well-known member
shaz said:
One problem the Saudis will have is most of their fund are tied to the stock market, and global stocks are down, so they are pulling money out at a loss. They are hoping we break before the money runs out. Going to be a challenge for everyone.
On a side note, it might be a good time to hire a crew to drill a well, then just cap it off and sit on it for a while.
greybeard
Well-known member
shaz said:
The Saudis and Opec didn't cause this..not this time anyway.
Russia, it's private producers and it's own little Non-OPEC trading block did.
Leading up to the meeting in Vienna in early March, Saudi/Opec signaled they would cut production to keep prices stable or even raise prices. Saudi had met with Russia in a series of meetings and Saudi believed Russia was on board this move, as it had been in the past. OnMarch 6 at the meeting between Saudi oil minister Prince Abdulaziz bin Salman Al-Saud and his Russian counterpart Alexander Novak, to everyone's suprise Novak balked and stated his country and their own little group would raise production to drive out North American shale producers. The meeting got heated, and both men left separately by different exits. Novak immediately told it's non-opec producers they were free to pump as much as they wanted to and prices immediately began to drop. Saudi told the media it would wait and see.Traders tho, didn't wait. They jumped on the now cheaper Russian oil and that left OPEC sucking hind tit and 2-3 days later, OPEC was forced to begin discounting their own oil. Now, Saudi/OPEc and Russia are in a price war and the rest of the world is having to sit back and pick up the pieces. Good for the consumers but bad for North American energy sector.
Never trust a Commie.
https://www.bloomberg.com/news/articles/2020-03-06/opec-and-russia-face-off-in-high-stakes-talks-to-stem-oil-rout
https://www.aljazeera.com/indepth/opinion/fall-opec-age-oil-price-wars-200312124946313.html
https://www.pbs.org/newshour/economy/why-russia-just-torpedoed-global-oil-prices
1982vett
Well-known member
greybeard said:
Or a multitude of others players....
1982vett said:TCRanch said:
Been small for a long time....
Anyway, Mailbox Money is my favorite kind.
Our leases are with small oil companies and we only have 5 wells on the ranch. Started with Lasso in western KS, purchased by Toto out of TX and subsequently purchased by Sierra in OK last fall. I did inherit interest in wells in western KS from my great grandfather but they're truly marginal - the only real value is sentimental.
OP
OP
Caustic Burno
Well-known member
1982vett said:TCRanch said:
Been small for a long time....
Anyway, Mailbox Money is my favorite kind.
Most of my mail box money is on wells so old you would lucky to take someone to Whataburger.
I have royalty rights from my Grandma around the county. They were going to start drilling on a high pressure sight that I have rights on when all this popped up.
It looks to be a very promising well, if and when things get back to normal.
This is from the producer "Additionally, during the very limited testing operations performed, the well produced natural gas, condensate and black oil."
greybeard said:
The US producers caused this. They ramped up and flooded the market.
greybeard
Well-known member
Well, that too Brute..I was referring to the more recent event timeline.
greybeard
Well-known member
oil futures today jumped on speculation Russia and Saudi may have agreed to cut production 10-15 mill bbls/day
greybeard said:
What good will that do if we caused all this?
