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nuckin_futz

Saudi Arabia declares oil price war on fellow OPEC (and non OPEC)members.

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5 minutes ago, Ronaldoescobar said:

Prices going up on rumours of a 10-15MB/d cut coming.

A 15 million barrel cut?

 

Unheard of.  But wow

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1 hour ago, Warhippy said:

A 15 million barrel cut?

 

Unheard of.  But wow

That’s what some are thinking. At least a 10M cut if the news on the wires plays out.

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2 hours ago, Ronaldoescobar said:

That’s what some are thinking. At least a 10M cut if the news on the wires plays out.

Reading up on it.  Russia has agreed to not increase production but has not agreed to any reduction as of yet

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19 minutes ago, Warhippy said:

Reading up on it.  Russia has agreed to not increase production but has not agreed to any reduction as of yet

Ya I think they’ll have to have an OPEC meeting first before anything goes into effect.

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This is the kind of thing the brings out the pitchforks

Thu 2 Apr 2020 13:07:26 GMT

 

Whiting execs got $14.6m bonuses days before bankruptcy

I wrote yesterday about former shale star Whiting Peteroleum filing for bankruptcy. The tide is going out on shale in a big way and Trump is meeting with oil executives this week but it's a lost cause.
 
 
Whiting execs got $14.6m bonuses days before bankruptcy
 
What has market watchers outraged today is that Whiting's board approved $14.6m in cash bonuses to top executives to be "paid immediately" just before filing bankruptcy, including $6.4m for CEO Bard Holly.
 
In bankruptcy, equity holders combined will get 3% of the company while the exec bonuses are worth 8%.
 
The reality of shale is that it was a scam from the start. The cashflow projections were always a lie, the breakevens were a lie and the executives were the kind of scumbags who would pay themselves a fortune days before declaring bankruptcy.

The saddest part is that other oil executives are looking at this now and thinking about how they can do the same.
 
*********************
 
"It's their country, you just live there."
 
 
 

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2 minutes ago, nuckin_futz said:

This is the kind of thing the brings out the pitchforks

Thu 2 Apr 2020 13:07:26 GMT

 

Whiting execs got $14.6m bonuses days before bankruptcy

I wrote yesterday about former shale star Whiting Peteroleum filing for bankruptcy. The tide is going out on shale in a big way and Trump is meeting with oil executives this week but it's a lost cause.
 
 
Whiting execs got $14.6m bonuses days before bankruptcy
 
What has market watchers outraged today is that Whiting's board approved $14.6m in cash bonuses to top executives to be "paid immediately" just before filing bankruptcy, including $6.4m for CEO Bard Holly.
 
In bankruptcy, equity holders combined will get 3% of the company while the exec bonuses are worth 8%.
 
The reality of shale is that it was a scam from the start. The cashflow projections were always a lie, the breakevens were a lie and the executives were the kind of scumbags who would pay themselves a fortune days before declaring bankruptcy.

The saddest part is that other oil executives are looking at this now and thinking about how they can do the same.
 
*********************
 
"It's their country, you just live there."
 
 
 

Terrible Douchebags

  • Hydration 2

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56 minutes ago, BabychStache said:

Terrible Douchebags

I would do that if I was in that position :lol:

  • Haha 2

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1 hour ago, nuckin_futz said:

This is the kind of thing the brings out the pitchforks

Thu 2 Apr 2020 13:07:26 GMT

 

Whiting execs got $14.6m bonuses days before bankruptcy

It's not what you know, it's who you know.......became...

It's not who you know, it's who you blow.....which has now become...

It's how you screw everyone

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Posted (edited)
11 hours ago, Jimmy McGill said:

Calgary would be a great location for many things - pharma production, med tech, bio-plastics production, food processing in particular. 

They could build massive greenhouses to grow food.Natural gas is cheap and abundant in alberta.

Edited by Violator

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WTI breaks $28 in the second day of big gains as the crude market embraces socialism

Fri 3 Apr 2020 12:54:55 GMT

 

Crude oil up more than 10% today

Crude oil up more than 10% today
 
WTI crude oil broke yesterday's spike high and ran to the best levels of the day after Russia said it was ready for oil output cuts if the US and Saudi Arabia also join in.
 
WTI is up $2.62 to $27.98 after hitting $28.56 at the highs.
 
I'm starting to think we need to tag $30 before it all falls apart again.

The headline that didn't get enough attention yesterday was from Exxon who said they're not seeking state intervention in energy markets. They said the free market was the best way of resolving oil imbalances.
 
They have a meeting with Trump today and I expect them to tell him the same thing. Exxon alone producers 3.833 million barrels per day. They were downgraded from AAA to Aa1 by Moody's yesterday but they still have a great balance sheet.
 
It's in their best interests to kill small and medium US producers and pick up their assets for pennies on the dollar. That's brutal but it's capitalism.
 
I also love this line from the CEO of Impact Energy Partners:
"Americans have no sympathy for 'oil billionaires' and most of the country benefits from low energy prices," said Mickey Raney, chief executive officer of Impact Energy Partners LLC, a small oil and gas producer in Oklahoma. "Our industry chose to accept the influx of Wall Street money that funded incompetent teams to drill wells that would never pay out. The management teams made millions in high salaries, stock options and cash bonuses for leading their companies into bankruptcy."
"Properly managed companies must now find ways to survive in the mess created by ourselves, not by Saudi Arabia or Russia," Raney said.
********************
 
Some honest talk from the Impact Energy Partners CEO.
  • Upvote 1

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Kudlow: Trump told Russia and Saudis to stop colluding and oversupplying the world with oil

Fri 3 Apr 2020 14:25:55 GMT

 

Comments from Kudlow

The hypocrisy is breathtaking.
 
The US spent 40 years browbeating OPEC for not producing at maximum levels and now it's begging to re-create the cartel. Meanwhile the NOPEC legislation remains in play in Congress.
 
Meanwhile, the WSJ reports that the White House has discussed a mandated shutdown of production in the Gulf of Mexico. Ostensibly this would be to prevent the spread of coronavirus on platforms but I think we all know the real reason.
 
All Gulf production is about 2 million barrels per day.

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2 hours ago, nuckin_futz said:

Kudlow: Trump told Russia and Saudis to stop colluding and oversupplying the world with oil

Fri 3 Apr 2020 14:25:55 GMT

 

Comments from Kudlow

The hypocrisy is breathtaking.
 
The US spent 40 years browbeating OPEC for not producing at maximum levels and now it's begging to re-create the cartel. Meanwhile the NOPEC legislation remains in play in Congress.
 
Meanwhile, the WSJ reports that the White House has discussed a mandated shutdown of production in the Gulf of Mexico. Ostensibly this would be to prevent the spread of coronavirus on platforms but I think we all know the real reason.
 
All Gulf production is about 2 million barrels per day.

It's a temporary.  I just don't see the Saudis or Russians really willing to play ball immediately.  The mention about Exxon is also intriguing.  The big 3 American companies would be able to effectively eat the market as low prices pushed shale and the permian producers in to bankruptcy

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Posted (edited)
On 3/31/2020 at 12:18 PM, nuckin_futz said:

I don't see how that's feasible. It's basically a huge subsidy to the oil companies paid for by a massive tax on consumers.

 

Plus black market oil is a huge industry. Though not so much on this side of the pond.

 

If US shale dies, and Canadian projects survive, eventually it'll be a boon for Canada. If we can ride this out and they can't why keep them alive?

The musing is happening

 

https://www.msn.com/en-ca/money/topstories/trump-threatens-imposing-tariffs-on-oil-coming-from-outside/ar-BB12ciRM?li=AAggFp5

 

Quote

 

Trump threatens imposing tariffs on 'oil coming from outside'

 

U.S. President Donald Trump has threatened imposing tariffs on crude imports "coming from outside" amidst the COVID-19 pandemic and the price war between Russia and Saudi Arabia.

"If I have to do tariffs on oil coming from outside or if I have to do something to protect our — tens of thousands of energy workers and our great companies that produce all these jobs, I'll do whatever I have to do," Trump told reporters during a COVID-19 briefing held Saturday.

Trump's comments come a little more than a week after Alberta Premier Jason Kenney called for an aggressive approach from governments across North America, floating the possibility of imposing tariffs on foreign oil exports.

....

 

 

Edited by Shift-4
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8 hours ago, Shift-4 said:

Positive news for sure!

 

Tbh though I'm sick and tired of Kenney asking for a hand out, the feds don't want to help Alberta. Just cancel equalization and use that money to help out the energy industry. There is days during covid19 where I say JK isn't that bad and then days like today where I say Jason you're an idiot. 

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Posted (edited)

https://www.cbc.ca/amp/1.5523929?__vfz=medium%3Dsharebar&__twitter_impression=true

 

Yep... A selected quote 

 

"There's a lot of smart people who are trying to remain believers [in Alberta], but when you have provincial political leadership, with a singular focus, on a legacy industry — I honestly feel like we're trying to keep coal mines," he said. 

Edited by inane

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2 hours ago, inane said:

https://www.cbc.ca/amp/1.5523929?__vfz=medium%3Dsharebar&__twitter_impression=true

 

Yep... A selected quote 

 

"There's a lot of smart people who are trying to remain believers [in Alberta], but when you have provincial political leadership, with a singular focus, on a legacy industry — I honestly feel like we're trying to keep coal mines," he said. 

province has also closed benefits to people claiming it distributed the entire pot of less than $100 million to over 80k people they say.    But a potential $8+ billion for a private venture from taxpayers is totally cool 

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Posted (edited)
3 hours ago, inane said:

https://www.cbc.ca/amp/1.5523929?__vfz=medium%3Dsharebar&__twitter_impression=true

 

Yep... A selected quote 

 

"There's a lot of smart people who are trying to remain believers [in Alberta], but when you have provincial political leadership, with a singular focus, on a legacy industry — I honestly feel like we're trying to keep coal mines," he said. 

Almost everything they do is short sighted and bass-ackwards. That's what they voted for.

Edited by aGENT

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4 minutes ago, aGENT said:

Almost everything they do is short sighted and bass-ackwards. That's what they voted for.

I mean....

 

https://www.cbc.ca/news/canada/edmonton/laurie-pushor-aer-ceo-saskatchewan-scandal-1.5521162?fbclid=IwAR2ZpiyYIRgWE8QTlBhUAhaBV4pop-jlshfz1swaFhPyLRM9AnYd9Qvktq0

 

The newly-appointed chief executive officer of the Alberta Energy Regulator was a central figure in a Saskatchewan government land-deal scandal that cost taxpayers millions of dollars, was the subject of a scathing audit, and prompted an RCMP investigation. 

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Just now, Warhippy said:

I mean....

 

https://www.cbc.ca/news/canada/edmonton/laurie-pushor-aer-ceo-saskatchewan-scandal-1.5521162?fbclid=IwAR2ZpiyYIRgWE8QTlBhUAhaBV4pop-jlshfz1swaFhPyLRM9AnYd9Qvktq0

 

The newly-appointed chief executive officer of the Alberta Energy Regulator was a central figure in a Saskatchewan government land-deal scandal that cost taxpayers millions of dollars, was the subject of a scathing audit, and prompted an RCMP investigation. 

Honestly though, this is why I've changed my tune on 'wexit'.

 

If that many people in the province have drunk the kool aid and are that far down the rabbit hole that they're going to continue to make short sighted decisions, try to move back in time with legacy industries and continue to put their faith in proven to fail, trickle down economics/governance that are contrary to their own best interests... I'm not sure we need or want those people in Canada.

 

Divide the federal and first nation lands equally between BC, NWT and Saskatchewan and let them have their chosen, race to the bottom ways in New Albertastan.

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27 minutes ago, aGENT said:

Honestly though, this is why I've changed my tune on 'wexit'.

 

If that many people in the province have drunk the kool aid and are that far down the rabbit hole that they're going to continue to make short sighted decisions, try to move back in time with legacy industries and continue to put their faith in proven to fail, trickle down economics/governance that are contrary to their own best interests... I'm not sure we need or want those people in Canada.

 

Divide the federal and first nation lands equally between BC, NWT and Saskatchewan and let them have their chosen, race to the bottom ways in New Albertastan.

Boulder Colorado had the exact same  issues as Calgary is facing.

 

They embraced change.  

 

Check up on it.  Actually a great read on diversification

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