[Midnight Oil]

Those so called colorful eye-catching and attractive EIA projections sure convinced me....were they validated by the Trump Administration?
Nah, perhaps rubber stamped by the Panel of Economic Development?
Sure they are rock solid (pun intended).

[kublikhan]

Those so called colorful eye-catching and attractive EIA projections sure convinced me....were they validated by the Trump Administration?
Nah, perhaps rubber stamped by the Panel of Economic Development?
Sure they are rock solid (pun intended).

3.1.11 Moderator evasion: Attempts to evade moderators, including deceptive alternative login IDs, change of moderator edited content, or other behavior that seeks to circumvent moderation. Moderator evasion is regarded as a serious and intentional violation of the COC. The poster will be banned for a minimum of two weeks.

THE PeakOil.com Code of Conduct

[Midnight Oil]

Boy, that applies to many of your friends, kubbie!

[ROCKMAN]

Just amazing that so many US companies are willing to lose many tens of $BILLIONS to develop noncommercial reserves just to of prove the time line of the Hill Group model is bullsh*t. Those foolish bastards! Obviously they understand nothing about thermodynamics. They are dead but don't have the decency to stop breathing. LOL.

Shale Drillers Are Outspending the World With $84 Billion Spree

"U.S. shale explorers are boosting drilling budgets 10 times faster than the rest of the world to harvest fields that register fat profits even with the recent drop in oil prices. Flush with cash from a short-lived OPEC-led crude rally, North American drillers plan to lift their 2017 outlays by 32 percent to $84 billion, compared with just 3 percent for international projects, according to analysts at Barclays Plc. Much of the increase in spending is flowing into the Permian Basin where producers have been reaping double-digit returns even with oil commanding less than half what it did in 2014. Wood Mackenzie Ltd. estimates that new spending will add 800,000 barrels of North American crude this year, equivalent to 44 percent of the reductions announced by the Saudi- and Russia-led group. “The specter of American supply is real,” Roy Martin, a Wood Mackenzie research analyst in Houston, said in a telephone interview. “The level of capital budget increases really surprised us.”

So far, independent American explorers such as EOG Resources Inc. and Pioneer Natural Resources Co. are holding fast to their ambitious growth plans. Some recently finished wells in the Permian region yielded 70 percent returns at first-quarter prices, EOG Chief Executive Officer Bill Thomas told investors and analysts during a conference call on Tuesday. EOG, the second-largest U.S. explorer that doesn’t own refineries, plans to boost spending by 44 percent this year to between $3.7 billion and $4.1 billion. Pioneer is eyeing a 33 percent increase to $2.8 billion. The sub-group that includes North American shale drillers like EOG and Pioneer is collectively targeting $53 billion in spending this year, up from $35 billion in 2016, according to the Barclays analysts led by J. David Anderson. U.S. oil production is already swelling, even though output from the new wells being drilled won’t materialize above ground for months. The Energy Department’s statistics arm raised its full-year 2017 supply estimate to 9.31 million barrels a day on Tuesday, a 1 percent increase from the April forecast.

To be sure, most of the biggest U.S. and European explorers -- an elite caucus of five companies known as the supermajors -- are pursuing a contrary path and cutting expenditures this year. As deepwater, oil-sands and other high cost, high risk investments soured during the slump, the supermajors were battered and had to regroup.

But shale drillers, unburdened by such large-scale projects, have been better able to quickly respond to price changes. WTI lost 14 percent since April 11. The price hasn’t poked above the $50 mark since April 26. Shale drillers can afford to be sanguine despite oil’s recent tumble because they’ve cushioned themselves with hedges, Martin said. Hedges are financial instruments that lock in prices for future output and shield producers from volatile market movements. “There is some price malaise creeping in,” Martin said. “But the aristocracy of the U.S. independents have insulated themselves” through hedging.

[AdamB]

Those so called colorful eye-catching and attractive EIA projections sure convinced me....were they validated by the Trump Administration?
Nah, perhaps rubber stamped by the Panel of Economic Development?
Sure they are rock solid (pun intended).

The Trump folks haven't yet appointed anyone to run the EIA. The projections came from the same gang that wasn't suckered by peak oil, and underestimated the shale revolution all along the way. So when it comes to this kind of credibility, they've got most folks beat prettily handily.

[AdamB]

Those so called colorful eye-catching and attractive EIA projections sure convinced me....were they validated by the Trump Administration?
Nah, perhaps rubber stamped by the Panel of Economic Development?
Sure they are rock solid (pun intended).

They banned all the ETP salesmen! Good for the mods, people get enough sales calls on the phone, we don't need salesmen pitching faux science here.

[asg70]

Those so called colorful eye-catching and attractive EIA projections sure convinced me....were they validated by the Trump Administration?
Nah, perhaps rubber stamped by the Panel of Economic Development?
Sure they are rock solid (pun intended).

They banned all the ETP salesmen! Good for the mods, people get enough sales calls on the phone, we don't need salesmen pitching faux science here.

How long before Midnight Oil's profile icon is added to that rogue's gallery?

[Midnight Oil]

Well, looks like I've gained a fan club here!
Seems if you are the ones dishing it out...all fun and games
But if I do it..there is more TRUTH in jest!
Take those projections and file them...

[coffeeguyzz]

Rock
If you haven't checked out EOG"s Whirling Wind wells in Lea county, you might want to do a quick Google to get a glimpse of future Permian production.
4 wells, one pad, just turned to sales, average 30 day IP over 3,500 bo EACH ... and that's not boe, that's bo .

So ... first month's production, 420,000+ barrels of oil, one pad, lottsa liquids and gas also,
Most productive area, possibly, on the planet .

[ROCKMAN]

coffee - Thanks but I don't tend to follow an individual well result unless it makes me money. LOL. I suspect what's happening is companies are taking advantage of the learning curve developed while drilling the other trends during the boom. And perhaps seeing results better then anticipated. I looked at a few early PB horizontal redevelopment projects 4 or 5 years ago and wasn't very impressed.

And with respect to EOG: as I just mentioned elsewhere who is drilling the well can have a greater impact on the ROR then the oil price. If you were going to roll the dice who would you partner up with instead of EOG? LOL.

[kublikhan]

Well, looks like I've gained a fan club here!
Seems if you are the ones dishing it out...all fun and games
But if I do it..there is more TRUTH in jest!
Take those projections and file them...

You just can't wait to get yourself banned again. I'm starting to think you enjoy it.

[Midnight Oil]

Kubbie, may I suggest you call Mama today, wish her a Happy Day, you big baby!

[AdamB]

Well, looks like I've gained a fan club here!

That isn't how folks think of sock puppet salesmen, no.

[Midnight Oil]

Obviously, you don't .....think with intelligence!

[AdamB]

Obviously, you don't .....think with intelligence!

And what would the ETP salesmen know about that? You folks can't even apply basic modeling techniques to your ideas, to test them.

Show up and present, and we'll let the professionals judge.

http://www.internationalenergyworkshop. ... gs-10.html

[Midnight Oil]

Like ANYTHING that is put forth in front of your eyeballs would matter in the least...see you could not understand my former post.
P.S. Common sense is beyond some members posting what they deem professional (meaning getting PAID to do it!)

[AdamB]

Like ANYTHING that is put forth in front of your eyeballs would matter in the least...see you could not understand my former post.
P.S. Common sense is beyond some members posting what they deem professional (meaning getting PAID to do it!)

Convince your handlers to show up and present Mr. Salesman. Would be a great help to your sales efforts don't you think? Increase your commissions even!

[Cog]

ETP'ers are well aware that if their model can't even pass the modest scrutiny that it is given here, they have no chance with professionals. So they continue to hock their wares to the uninformed. I give them the same credence as the Anti-Vaxxers, Birthers, Moon landing deniers, and 911 Truthers.

[farmlad]

Cog You're exactly right, finally!!!!!!!. Our kind never believed the establishment when they said the earth is flat, that the supply of bufallo hides is endless, or that blood letting will save us all. We fought against DDT and now study with an open mind the state of our energy supply.

[Cog]

But wait. ETP says the price of oil can never go up. Foiled again by those dastardly Saudi's and Russians. Oil stocks have responded positively. Back in the black again.




http://www.reuters.com/article/us-globa ... SKCN18B02Y

By Alex Lawler | LONDON

Oil hit a three-week high on Monday above $52 a barrel after top exporter Saudi Arabia and Russia said supply cuts needed to last into 2018, a step toward extending an OPEC-led deal to support prices for longer than originally agreed.

Energy ministers from the two countries said on Monday that supply cuts should be prolonged for nine months, until March 2018. That is longer than the optional six-month extension specified in the deal.

Brent crude, the global benchmark, had risen $1.54 to $52.38 a barrel by 1005 GMT (6.05 a.m. ET) and traded intraday at $52.52, the highest since April 24. U.S. crude was up $1.48 at $49.32 a barrel