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IADD News

 Texas has a message for $30 crude doomsayers: Bring it on.

A handful of shale patches in the state, which would be the world's sixth-largest oil producer if it were a country, are profitable with crude below $30 a barrel, according to an analysis by Bloomberg Intelligence. In DeWitt County, which produced more than 100,000 barrels a day in November from the Eagle Ford formation, the average well can be profitable with U.S. benchmark crude at $22.52 a barrel, $4 below the lowest level this year.

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One hundred and seventy-six years after the birth of John Boyd Dunlop, and the crude complex is coming under pressure again.

It is Nonfarm Friday, which means that the market is all a’flustered, digesting the soon-to-be-revised official monthly US unemployment report. The report was fairly underwhelming from a headline perspective; only 151,000 jobs were created last month, versus an expectation of 190,000.

That said, there was some solace to be found for those of a glass half-full persuasion, as not only did the unemployment rate tick to a new eight-year low of 4.9%, but average weekly hours worked ticked higher, and the participation rate continued to clamber away from multi-decade lows, reaching 62.7%. A little bit for everyone here.

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HOUSTON — The world’s oil producers aren’t rolling over for $35 oil.

Though crude is cheaper than during the financial crisis seven years ago, global oil prices haven’t fallen far enough yet to force oil producers to shut in more than 0.1 percent of the world’s daily supply, a new oil-field analysis shows.

Energy research firm Wood Mackenzie says on a daily basis, 3.4 million barrels around the world currently lose money but only 100,000 barrels have actually been shut in. The world gets at least 1 million barrels a day more than it needs.

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 U.S. Rig Count is down 48 rigs from last week to 571, with oil rigs down 31 to 467, and gas rigs down 17 to 104.

U.S. Rig Count is down 885 rigs from last year at 1,456, with oil rigs down 673, gas rigs down 210, and miscellaneous rigs down 2.

The U.S. Offshore rig count is 26, down 2 from last week, and down 24 rigs year over year.

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 U.S. Rig Count is down 18 rigs from last week to 619, with oil rigs down 12 to 498, and gas rigs down 6 to 121.

U.S. Rig Count is down 924 rigs from last year at 1,543, with oil rigs down 725, gas rigs down 198, and miscellaneous rigs down 1.

The U.S. Offshore rig count is 28, down 1 from last week, and down 21 rigs year over year.

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ST PETERSBURG, Russia/DUBAI (Reuters) - Russia said on Thursday that OPEC had proposed oil production cuts of up to 5% in what would be the first global deal in over a decade to help reduce a glut of crude and prop up sinking prices.

It remained unclear whether Russian Energy Minister Alexander Novak was referring to a months old proposal by OPEC members Venezuela and Algeria or a new proposal backed by OPEC leader Saudi Arabia. Saudi officials did not immediately comment on the proposal, and a Gulf OPEC delegate said it came from Venezuela and Algeria.

For non-OPEC member Russia, the world's top producer, that would represent an output cut of around 500,000 bopd. 

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 LONDON (Bloomberg) -- Pierre Andurand, the founder of the $615 million Andurand Capital Management who correctly predicted the slump in oil prices, said the commodity has probably hit bottom and will end the year higher.

The price of oil will probably rise to $50/bbl this year and $70/bbl in 2017, though investors should expect heightened volatility along the way, he said Friday in an interview on Bloomberg TV.

"We are in a world where we see very low prices followed by very high prices," Andurand said in the interview. "I actually think it has bottomed."

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Last week we visited locations and found ourselves fortunate enough to run into some unlikely individuals out on the rig site. No....not EPA, OSHA or fracking activists....owners! We were blessed to be able to sit down and speak with none other than the President of a small but successful operating company.

"Wow didn't expect to roll up and introduce myself on a location to the President/CEO of an oil company!"
 

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HOUSTON (Bloomberg) -- Oil is in free fall and Terry Clark couldn’t be happier. In mid-2014, when the crude price topped $100/bbl, Clark made an offer to buy properties from Dune Energy Inc., a small driller with money trouble. Dune turned him down. A year later, as oil plunged to $60/bbl, Dune filed for bankruptcy and Clark’s White Marlin Oil & Gas Co. picked up the assets at auction at a deep discount.

“What we offered versus what we got it for, it’s a great price,” Clark said. “We’re going to continue to play these bankruptcies. We’re participating in two more right now.”

Winners and losers are emerging from the energy bust. What’s a meal for Clark is indigestion for banks that financed the boom using oil and gas properties as collateral. The four biggest U.S. banks—Bank of America Corp., Citigroup Inc., JPMorgan Chase & Co. and Wells Fargo & Co.—have set aside at least $2.5 billion combined to cover souring energy loans and have said they’ll add to that if prices stay low. 

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The Great Crew Change is once again the top long term talent issue cited by oil & gas executives in our annual survey. The recently released Oil & Gas Executive Outlook 2016 details the expectations of over 250 oil & gas executives on a variety of topics such as talent, capital spending, mergers and acquisitions, oil and gas prices, industry segment performance and more. In this article, we highlight the talent portion of the Executive Outlook. To download the entire report, go to www.reinsvold.com. 

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