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    Hey Oilfield Guys!!

    We are making our second cuts this week. We are evaluating each employee to see if we have to keep them or can we get by without them! Sad times for me, I hate this stuff!!!
    Last edited by KR-oldmexico; 08-24-2015, 03:54 PM.

    Comment


      Originally posted by denowt View Post
      Hopefully it will hit a happy medium instead of sky-high prices.
      High enough where the long-term/lifelong oil guys are back to work, but low enough to where we don't have $5/gal diesel/gas.
      When fuel was that high before, every delivery had a fuel surcharge added.
      The only people that could afford to take a vacation were the guys making money hand over fist in the oil patch. But they were always working and didn't have time to go anywhere.
      I think we would all be happy with $3, maybe $4, gas.
      Yea I sure hope it can settle out and not be extreme either direction

      Comment


        Originally posted by KR-oldmexico View Post
        We are making our second cuts this week. We are evaluating each employee to see if we have to keep them or can we get by without them! Sad times for me, I hate stud stuff!!!

        That sucks
        Hope it turns around for yall soon

        Comment


          Originally posted by KR-oldmexico View Post
          We are making our second cuts this week. We are evaluating each employee to see if we have to keep them or can we get by without them! Sad times for me, I hate stud stuff!!!
          Man I sure don't envy that position. I feel bad when anybody loses their way to make a living no matter what industry their in, even the volatile ones that have to come down eventually

          Comment


            Originally posted by KR-oldmexico View Post
            We are making our second cuts this week. We are evaluating each employee to see if we have to keep them or can we get by without them! Sad times for me, I hate stud stuff!!!
            Sad times indeed. Prayers sent for you and your guys.

            Comment


              Originally posted by Rage em View Post
              I saw the same thing, it's not making sense. Most people don't realize the hedges are not out until next year so they are dumping the stock. Samson will be the next to be picked up by a big boy, I think. They are hurting and have a ton of new wells someone could pick up for cheap in a time like this.
              It does make sense (sadly). Several of these upstream MLP companies are going to fail shortly and it remains to be seen if they will even emerge from (coming) bankruptcy. 3 dollars a share may sound inexpensive; however, it may be overpriced by 3 dollars!

              Comment


                I hate paying at the pump, but hate to see the effect of oil prices falling so low. Effects a lot of good people that I know and lots of good folks I don't know. Hoping for a quick turnaround.

                Comment


                  Originally posted by RR 314 View Post
                  It does make sense (sadly). Several of these upstream MLP companies are going to fail shortly and it remains to be seen if they will even emerge from (coming) bankruptcy. 3 dollars a share may sound inexpensive; however, it may be overpriced by 3 dollars!
                  I think it doesn't make sense why the stock was $30 or $20 or $12 or heck $6

                  Now it's near $2. But what has changed? Either something held it up and then let it fall or some other manipulation. It just tanked from $12 to $3 when oil dropped from $44 to $39

                  Comment


                    close $38.24

                    Comment


                      Originally posted by RiverRat1 View Post
                      I think it doesn't make sense why the stock was $30 or $20 or $12 or heck $6

                      Now it's near $2. But what has changed? Either something held it up and then let it fall or some other manipulation. It just tanked from $12 to $3 when oil dropped from $44 to $39
                      Not my thoughts. . .but I concur.

                      "The banks will look back at the last twelve months of WTI prices, which on average has been about $45 a barrel if not lower," said Sen. "And suddenly the amount of money available to these U.S. producers to borrow is half, less than half in some cases, compared to a year ago. That makes it very, very difficult for them to continue investing, continue drilling."

                      If prices stay at current levels or drop further, Sen said she expects some companies will be forced to file for bankruptcy as early as October.


                      Linn Energy (LINE - Get Report) and Energy XXI (EXXI - Get Report) have already exhausted more than 75% of the credit available to them, and they are in a "more tricky position" than some of the bigger companies, Sen said, and pointed to them as possible bankruptcy candidates.

                      In research published Monday, Sen wrote there are several companies likely to see their borrowing bases reduced by over 50%.

                      She added that Midstates Petroleum (MPO - Get Report), Resolute Energy (REN - Get Report), W&T Offshore (WTI - Get Report), Breitburn Energy (BBEP - Get Report), Energy XXI and Comstock Petroleum have seen their borrowing facilities reduced the most.

                      A reduction in credit will force further capital expenditure cuts among energy companies, said Sen.

                      What's driving Monday's crude selloff, according to Sen, are fears of weakening demand from China, along with continued oversupply.

                      But she added the supply/demand situation will improve, adding that Energy Aspects has identified at least 5-million barrels a day of projects that have been delayed or cancelled. By the end of next year, Sen predicts, supplies will tighten, and prices could easily more than double from where they are today.

                      Comment


                        Originally posted by RR 314 View Post
                        Not my thoughts. . .but I concur.

                        "The banks will look back at the last twelve months of WTI prices, which on average has been about $45 a barrel if not lower," said Sen. "And suddenly the amount of money available to these U.S. producers to borrow is half, less than half in some cases, compared to a year ago. That makes it very, very difficult for them to continue investing, continue drilling."

                        If prices stay at current levels or drop further, Sen said she expects some companies will be forced to file for bankruptcy as early as October.


                        Linn Energy (LINE - Get Report) and Energy XXI (EXXI - Get Report) have already exhausted more than 75% of the credit available to them, and they are in a "more tricky position" than some of the bigger companies, Sen said, and pointed to them as possible bankruptcy candidates.

                        In research published Monday, Sen wrote there are several companies likely to see their borrowing bases reduced by over 50%.

                        She added that Midstates Petroleum (MPO - Get Report), Resolute Energy (REN - Get Report), W&T Offshore (WTI - Get Report), Breitburn Energy (BBEP - Get Report), Energy XXI and Comstock Petroleum have seen their borrowing facilities reduced the most.

                        A reduction in credit will force further capital expenditure cuts among energy companies, said Sen.

                        What's driving Monday's crude selloff, according to Sen, are fears of weakening demand from China, along with continued oversupply.

                        But she added the supply/demand situation will improve, adding that Energy Aspects has identified at least 5-million barrels a day of projects that have been delayed or cancelled. By the end of next year, Sen predicts, supplies will tighten, and prices could easily more than double from where they are today.
                        This is obviously what happened but again it didn't happen overnight, in one week, or even in a month. I just wonder how/why no big firms can figure this out prior to the stock tanking. Seems like as the risk increases the stock price should drop accordingly, not just one morning you wake up and they're on the verge of BK.

                        Comment


                          Starting to feel the heat on the production side...no one has been laid off yet, but man I feel like I'm on a see saw with someone about to jump off the other side and I land on my *** real hard. Thankfully I am a company employee...not sure if that'll do me any good if the **** hits the fan for real, guess I'll just keep on keeping on and pray for the best for everyone in O and G!

                          Comment


                            Linn's CFO left the company today.

                            Comment


                              Originally posted by MassMan View Post
                              Linn's CFO left the company today.
                              Ouch!!!
                              That hurt me bad
                              Couple months ago I bought 1k shares
                              Guess I need to load up on 3k more shares at these prices

                              Comment


                                Originally posted by texansfan View Post
                                Ouch!!!
                                That hurt me bad
                                Couple months ago I bought 1k shares
                                Guess I need to load up on 3k more shares at these prices

                                Brave man.
                                Good luck.

                                Comment

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