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    Originally posted by RiverRat1 View Post
    And is that not what happened?

    Isn't OPECs job mainly to stabilize the price of oil? If so they're not doing very well watching it drop 2-5% every day down from 80 and then say they will not cut back to stop the fall.
    I don't know if we are in on it but Putin is making sure that the failing economies of the world know we are in on it. Not Good!!!!!

    Comment


      Originally posted by hammer63 View Post
      The biggest headache for US companies when dealing with nationalized oil is the trust issue. I worked (engineered) a $40B Joint venture project with a major US company in Venezuela and the major was constantly managing their exposure to loss in the event that the Venezuelan gov't decided to kick the major to the curb.
      I could see that. I know one of the biggest complaints that I heard from anyone that worked down there (or almost anywhere international) was the locals on the rig that they were required to keep. Basically the locals were doing the drilling, deck work, etc and Americans were only there for maintenance. Heard that when they decided it was break time, they just shut down, same thing with holidays, and major soccer games were another one that they said gave them lots of issues and the American crew was not allowed to get on the brake, trip pipe, rig lifts, nothing but maintenance. Combined with them being extremely tough on equipment, lot of the guys said it was almost more trouble than it was worth.

      Comment


        Originally posted by RiverRat1 View Post
        And is that not what happened?

        Isn't OPECs job mainly to stabilize the price of oil? If so they're not doing very well watching it drop 2-5% every day down from 80 and then say they will not cut back to stop the fall.
        I'm not sure where you got the idea that was OPEC's "job".

        OPEC is looking out for OPEC's best interest.

        In this case, it is in their best interest to shut down the higher cost oil producers. Unfortunately that included our higher cost shale plays here in Texas.

        Comment


          Originally posted by cosmiccowboy View Post
          I'm not sure where you got the idea that was OPEC's "job".

          OPEC is looking out for OPEC's best interest.

          In this case, it is in their best interest to shut down the higher cost oil producers. Unfortunately that included our higher cost shale plays here in Texas.
          This is the truth. The funny thing is the smaller OPEC countries want cutbacks, but the Saudis will only agree to cutback if all OPEC countries cut back the same percentage. The Saudis learned a very important lesson in the 1980s about market share and they for sure aren't going to give it up to another OPEC country or the US.

          Comment


            Originally posted by duckmanep View Post
            Commodities go up, commodities go down.
            When prices of a commodity are high, one industry will thrive, another will suffer.
            When prices of a commodity are low, one industry will thrive, another will suffer.

            IMO lower oil prices are a symptom of a weakening economy, not the cause.
            I agree 100% with your last statement. The global economy is weakening. See BRICS, Europe, China, etc.

            Comment


              Don't know anything about this company, but one down already. More to follow.

              Comment


                Originally posted by txjustin View Post
                Don't know anything about this company, but one down already. More to follow.

                http://oilpro.com/post/9485/first-us...il-price-crash
                Wow. That is crazy and quick!

                Comment


                  2600 acres in the Barnett tells me they were NG producers. Right?

                  Comment


                    Originally posted by txjustin View Post
                    Don't know anything about this company, but one down already. More to follow.

                    http://oilpro.com/post/9485/first-us...il-price-crash
                    And it begins.....hope yall oil guru's learned how to save money

                    Comment


                      Originally posted by gingib View Post
                      And it begins.....hope yall oil guru's learned how to save money
                      Read that story real close...

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                        As of 2007, some experts suggested that the Barnett Shale might have the largest producible reserves of any onshore natural gas field in the United States.[1] The field is thought to have 2.5×1012 cu ft (71 km3) of recoverable natural gas, and 30×1012 cu ft (850 km3) of natural gas in place.[1] Oil also has been found in lesser quantities, but sufficient (with recent high oil prices) to be commercially viable.

                        Comment


                          Originally posted by txjustin View Post
                          Don't know anything about this company, but one down already. More to follow.

                          http://oilpro.com/post/9485/first-us...il-price-crash
                          If you look at O&G producers there are a LOT with terrible balance sheets even at high crude prices. There are some that a destined to fail at any price. This just speeds it up a little. And it's not just the small operators like this company. Some decent size operators have bad financials.

                          Those companies with good balance sheets and practices will take advantage of this time and come out the other end stronger.
                          Last edited by RJK70; 01-08-2015, 09:42 AM.

                          Comment


                            Originally posted by Brooks View Post
                            Read that story real close...
                            I did.

                            I was making a general reference to oil/gas employees because I am afraid the long excellent run will terminate many employees and most I have seen can't manage a $1.......spend baby spend

                            Comment


                              Originally posted by gingib View Post
                              I did.

                              I was making a general reference to oil/gas employees because I am afraid the long excellent run will terminate many employees and most I have seen can't manage a $1.......spend baby spend


                              this coming from people who rejoice over the life changing status they derive from $1/gallon cheaper gas.... yeah, that's where I want to get my financial advice from...someone who actually see's a tangible difference from a couple hundred dollars a month.

                              go ahead and enjoy the cheaper prices while you can, because when the gas goes back up, all of us oilfield folk will be back at full throttle taking those dollar bills right out of your wallet

                              Last edited by kyle1974; 01-08-2015, 09:20 AM.

                              Comment


                                Originally posted by kyle1974 View Post


                                this coming from people who rejoice over the life changing status they derive from $1/gallon cheaper gas.... yeah, that's where I want to get my financial advice from...
                                I don't get this mentality. So folks that want to save a buck are financially incompetent???
                                Everyone enjoys cheaper fuel prices. I know I do. It's not the consumers fault that oil prices are dropping. Quite the opposite actually.
                                I hate to see anyone lose there job but it's totally out of my control.
                                Now do I want to pay $3 a gallon so a select few can get $$$fat$$$ and live high on the hog? Nope.
                                Does that make me a bad person? I don't think so.

                                Comment

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