$30 barrel oil?

[revelations]

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That is so fucking shady.
Someone is going to Jail for that.

Nothing unusual there. They had quarterly agreements that they met (the execs). Bad optics, yes.

[ExtraSlow]

Corporate governance is incredibly weak to allow that to happen. Bonuses, even based on prior agreements, are not automatic, and for the board, who knew they were headed to chapter 11, to approve that, it's disgusting.

[killramos]

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Corporate governance is incredibly weak to allow that to happen. Bonuses, even based on prior agreements, are not automatic, and for the board, who knew they were headed to chapter 11, to approve that, it's disgusting.

This. I blame the board here not management. Good luck with lenders and shareholders ever working with these clowns again.

[ExtraSlow]

Had a conversation this week about the "drill baby drill" attitude of many american producers. It was about a specific asset in the Rockies region where one of my customers is still very active drilling new wells. I couldn't understand why they haven't laid down their rigs to preserve capital and their balance sheet. Actual quote from that customer: "Growth is more important than profits"
Fuck me, that's a guy admitting he'd rather lose money than change course.

[sabad66]

Oil up after Trump's tweet saying he talked to MBS and expects OPEC and Russia to cut 10-15M barrels of daily production.

[Darkane]

Trump had a virtual beer with his friends Putin and the Crown prince.

He fixed oil for the day.

Cuts up to 15million?! Unfathomable.

[ZenOps]

I don't see why they would cut. They can smell the blood, this is the perfect opportunity to dominate.

[msommers]

Canada trying to feel important globally...

[nzwasp]

I cant imagine they would agree to cut if the US would still be pumping out all their oil with no cuts at all.

[ExtraSlow]

OPEC+Russia would be INSANE to cut oil production right now. They are so close to actually winning this game. Pump hard for at least another 3 months, destroy USA capability, profit.

[Disoblige]

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OPEC+Russia would be INSANE to cut oil production right now. They are so close to actually winning this game. Pump hard for at least another 3 months, destroy USA capability, profit.

It's a show. They're gonna pretend to be in talks just before the US hits the pavement, only to pull them up and drop them from even higher.

[blitz]

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This. I blame the board here not management. Good luck with lenders and shareholders ever working with these clowns again.

I feel like that was a final cashout for those guys.

[sabad66]

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It's a show. They're gonna pretend to be in talks just before the US hits the pavement, only to pull them up and drop them from even higher.

This. US is getting played. I won’t believe any cuts are coming until I see them officially announced

[killramos]

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I feel like that was a final cashout for those guys.

One way or another. Yes.

[pheoxs]

I doubt it'd ever happen (and especially doubt trump would go for it) but I wonder if the US would ever agree to limit production as well? Cap things at 13 million bpd

[killramos]

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I doubt it'd ever happen (and especially doubt trump would go for it) but I wonder if the US would ever agree to limit production as well? Cap things at 13 million bpd

Trump doesn’t care nearly as much about oil and gas as some give him credit for. He’s not militantly against it like Obama.

If the rest of the economy was booming and oil prices were in the tank Trump would be ecstatic because the US runs in cheap energy.

He spent a big part of his first term criticizing Saudi for propping up oil prices and making gas more expensive at the pump for Americans.

[ExtraSlow]

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I doubt it'd ever happen (and especially doubt trump would go for it) but I wonder if the US would ever agree to limit production as well? Cap things at 13 million bpd

That would be literally useless, and probably illegal on a federal level. The Texas RRC might have the ability to do this. But they should not.

[pheoxs]

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That would be literally useless, and probably illegal on a federal level. The Texas RRC might have the ability to do this. But they should not.

Why illegal though? Saudi and Russia limit production. Alberta has its curtailment. Is it just the US being weird with federal vs state rights?

[lasimmon]

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Why illegal though? Saudi and Russia limit production. Alberta has its curtailment. Is it just the US being weird with federal vs state rights?

The Feds here couldn't curtail Albertas production as far as I know. Same in the USA.

[pheoxs]

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The Feds here couldn't curtail Albertas production as far as I know. Same in the USA.

ahhh