in this thread, we list U.S. drillers going bankrupt

[JiggsCasey]

So what has March brought us from the patch as (ever dirtier) oil's value to the economy continues to plummet and wised up investors begin to run for the hills?

• On Monday (March 9), Houston-based oil and gas company BPZ filed for bankruptcy, one day before defaulting on a $60 million payment due to bondholders.
• On Sunday (March 8) Dune Energy of Houston went into bankruptcy after its sale to another company fell through because of — wait for it — lack of financing.
• On Monday (March 2) American Eagle Energy Corporation of Colorado announced that it would not be able to make a $9.8 million interest payment due on a bond issue of $175 million. The interesting thing is, it would have been the very first interest payment on the bonds, which were issued just seven months ago. American Eagle shares have lost 96 per cent of their value; you can snap them up for 20 cents apiece.
• Whiting Petroleum, one of the larger operators in North Dakota’s Bakken play, and occupier of one of the sweetest of the sweet spots in that field, has put itself up for sale as a last resort to avoid bankruptcy. Sure, it had an operating profit of $1.8 billion last year, but to stay on the well-replacement treadmill it had to spend $2.9 billion. Nearly six billion dollars in debt, the company has an apparent net worth (total equity – total debt) of about 65 million.
• The U.S. Energy Information Agency, a longtime cheerleader for the oil “revolution,” predicts that April will see only a tiny increase — the slightest in four years — in U.S. production, because of the 41% decline since December in the number of oil rigs at work. Doesn’t take a crystal ball to see a flatline, or a decline, in May.

- The Daily Impact

 

[HenryBHough]

Once there are no drillers left in business The Saudi's market share will be nailed down for a long, long time and prices will be right back up where God (Obama) intended.

 

[Toro]

Awesome.

We're buying the defaulted debt.

We're going to make a lot of money.

 

[beagle9]

Once there are no drillers left in business The Saudi's market share will be nailed down for a long, long time and prices will be right back up where God (Obama) intended.

I think we should make sure to use the little (g) when calling Obama a so called god... That is how satan is listed in the bible when ever he is being referred to as a god in which is of his own making, and that is what Obama is (a want a be god of his own making). Yes the gas prices are already climbing again, so I guess America hates low gas prices or they would be raising cane like no body's business about all this mess that keeps happening in this nation.

 

[ogibillm]

Once there are no drillers left in business The Saudi's market share will be nailed down for a long, long time and prices will be right back up where God (Obama) intended.

So now it's the president's fault that some oil companies made bad investments?

 

[beagle9]

Once there are no drillers left in business The Saudi's market share will be nailed down for a long, long time and prices will be right back up where God (Obama) intended.

So now it's the president's fault that some oil companies made bad investments?

No it's the presidents fault that he isn't working out the situation for us, where as we are given an option when it comes to this sort of stuff. Otherwise we as Americans shouldn't have to be subjected to these bad investments and/or otherwise cronyism failures that causes our prices to go sky rocketing high as a result of. We should have an out in this nation always, and our reps should be working tirelessly to give us that out. Why aren't we diversified in this area far better than what we have been ? Why the resistance to the key stone pipe line in which would give us more leverage in the situation ?

 

[HenryBHough]

Be there no mistake on a couple of things:

1. When referring to Obama I capitalize "God" to humor Him. He already has enough disbelief among His own party - He (I capitalize 'He', 'His', etc. for the same reason) gets even more crotchety when we pile on. Of course I might just be mocking......

2. His failure pertaining to petroleum: Remember, He was the president who said your energy costs MUST skyrocket so you'd knuckle under and save His planet. But energy prices are down. Do I really have to do this:

FAIL
EPIC FAIL
FUCKING EPIC FAIL​

 

[JiggsCasey]

lol at both sides missing the point ... and devolving into a debate about Obama, as if he somehow has control over the basic laws of thermodynamics.

the thread is about the fact that tight oil production is doomed... and with it, global total liquids production.

Expect U.S. production decline within 2 years. What that means for global flow rates can be left for the reader to decipher.

 

[Toro]

lol at both sides missing the point ... and devolving into a debate about Obama, as if he somehow has control over the basic laws of thermodynamics.

the thread is about the fact that tight oil production is doomed... and with it, global total liquids production.

Expect U.S. production decline within 2 years. What that means for global flow rates can be left for the reader to decipher.

Er, no.

 

[Mr. H.]

The thread is about Jiggsy gloating over the demise of enterprise and commerce and the loss of tens of thousands of jobs.

 

[ogibillm]

The thread is about Jiggsy gloating over the demise of enterprise and commerce and the loss of tens of thousands of jobs.

Should we artificially inflate the price of oil so those wells can operate profitably?

What's the solution?

 

[Mr. H.]

The thread is about Jiggsy gloating over the demise of enterprise and commerce and the loss of tens of thousands of jobs.

Should we artificially inflate the price of oil so those wells can operate profitably?

What's the solution?

Lifting the 40 year ban on domestic crude exports would pull WTI closer to Brent, effectively raising domestic prices by $3-5/barrel.

Build the goddamned Keystone XL pipeline to alleviate localized inventory gluts which are currently driving various crude markets far below WTI.

Gut Obama's budget of the over $40 billion in new taxes on the oil and natural gas industries.

You're welcome.

 

[JiggsCasey]

Jiggsy gloating over the demise of enterprise and commerce and the loss of tens of thousands of jobs.

LOL... fitting avatar...

I see you still don't understand the dynamic at play here. ... The demise of those sectors are inevitable, regardless of Obama's policy, or your favorite con candidate-of-the-month's potential policy.

Oil's value to the economy is plummeting. That's a geological predicament. NOT a political one. An entire mindset change is required to mitigate this long-predicted emergency on our doorstep. People being perpetually stuck in the anger and denial stages of grief (you) only delays the problem.

 

[Mr. H.]

Jiggsy gloating over the demise of enterprise and commerce and the loss of tens of thousands of jobs.

LOL... fitting avatar...

I see you still don't understand the dynamic at play here. ... The demise of those sectors are inevitable, regardless of Obama's policy, or your favorite con candidate-of-the-month's potential policy.

Oil's value to the economy is plummeting. That's a geological predicament. NOT a political one. An entire mindset change is required to mitigate this long-predicted emergency on our doorstep. People being perpetually stuck in the anger and denial stages of grief (you) only delays the problem.

Mitigate this, Brotch.

You're good at fabricating worlds where you're King.

The demise of our entire solar system is inevitable. What in the fuck are you doing about that?

Hydrocarbons have been, and will continue to be, the savior of humankind for many generations to come.

Some of us make our living from the earth be it food farmers or hydrocarbon farmers. Others, such as yourself, simply make a living spewing worthless manure out the pie hole.

 

[initforme]

Its a shame w2e have built this economy around big oil. I for one don't drive much anymore so I don't give a hoot. After posting record profits quarter after quarter, we are supposed to feel bad for the oil companies. Unfortunately the ones who built the company(doing the actual work, not sitting behind a desk twiddling thumbs, will be hurt). I feel bad for them. The CEO? Sorry, not happening.

 

[JiggsCasey]

You're good at fabricating worlds where you're King.

The demise of our entire solar system is inevitable. What in the fuck are you doing about that?

Hydrocarbons have been, and will continue to be, the savior of humankind for many generations to come.

Some of us make our living from the earth be it food farmers or hydrocarbon farmers. Others, such as yourself, simply make a living spewing worthless manure out the pie hole.

LOL... you mad, bro?

Poor "hydrocarbon farmer." You sound like a poster with no real response to the reality at play here. The industry is slowly dying, and all you have left in your arsenal is empty words like "savior" and "generations to come."

What's the global layoff total in the industry at already? 100K? ... Do you think there'll be a seamless return of those highly skilled workers when (more like IF) prices return to the stratosphere the industry needs to maintain growth? Keep dreaming.

Your "no problem, plenty of oil" argument was always wrong. Ignorant of the laws of thermodynamics, and ignorant of the laws of diminishing returns.

 

[Moonglow]

Once there are no drillers left in business The Saudi's market share will be nailed down for a long, long time and prices will be right back up where God (Obama) intended.

So now it's the president's fault that some oil companies made bad investments?

No it's the presidents fault that he isn't working out the situation for us, where as we are given an option when it comes to this sort of stuff. Otherwise we as Americans shouldn't have to be subjected to these bad investments and/or otherwise cronyism failures that causes our prices to go sky rocketing high as a result of. We should have an out in this nation always, and our reps should be working tirelessly to give us that out. Why aren't we diversified in this area far better than what we have been ? Why the resistance to the key stone pipe line in which would give us more leverage in the situation ?

It has little to do with arm twisting and the truth about business people, they like to see you fail so they can take over...It's like war to these fellows....