Oil Price MEGA THREAD - Yeah baby it's MEGA

[Xtrema]

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I know they aren't officially correlated but what's the expectation of premium gas price by end of March? $2 per L

The only thing you can bet on is 3c more of carbon tax is coming on Apr 1st.

[ThePenIsMightier]

$1.80 this morning in Vancouver.
*For REGULAR...

[Twin_Cam_Turbo]

The solution is don’t be poor.

I also use Costco fuel in my shitbox.

[redline]

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The solution is don’t be poor.

I also use Costco fuel in my shitbox.

Costco is top tier gas …

[troyl]

Wow WTI up ~$10/bbl $105!

[vengie]

I won't lie, I had a double meat and double cheese sub today...

[killramos]

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I won't lie, I had a double meat and double cheese sub today...

I had a double meat viet sub! That’s living!

[ExtraSlow]

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I won't lie, I had a double meat and double cheese sub today...

Braggart. (jelly)

[ExtraSlow]

https://www.bnnbloomberg.ca/devon-ce...-oil-1.1730169

[suntan]

Biden and the current WH administration are a bunch of morons, so this isn't surprising.

Strangely, Alberta is now part of OPEC+, so I guess that's good for us.

[Xtrema]

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https://www.bnnbloomberg.ca/devon-ce...-oil-1.1730169

https://financialpost.com/commoditie...ng-keystone-xl

Been landing on deaf ears ever since he ask OPEC for more oil meanwhile you get all the access you want in Canada.

Part of me thinks it's punitive since the Chinese is playing in our backyard.

[ExtraSlow]

Don't tell coupe we have a mega thread.

[r3ccOs]

Having stayed in touch with my friend at Cenvous, CNRL etc.. I'm glad to see that nobody is urgently lighting up capital projects, land plays or major acquisitions.

Being cashflow positive and liquid over the most uncertain period of Petrochem is kinda a smart move

[ExtraSlow]

Currently you can still buy assets for less than drilling new wells. There will be some more consolidation coming before huge capital budget increases.
Service companies will need to raise prices next. 20-40% depending on the market segment is my guess.

[r3ccOs]

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Currently you can still buy assets for less than drilling new wells. There will be some more consolidation coming before huge capital budget increases.
Service companies will need to raise prices next. 20-40% depending on the market segment is my guess.

100% labour, logistics, consumables...

[schurchill39]

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Currently you can still buy assets for less than drilling new wells. There will be some more consolidation coming before huge capital budget increases.
Service companies will need to raise prices next. 20-40% depending on the market segment is my guess.

I'd say your guess is probably pretty spot on. I know we have a few guys a little closer to the dollars and cents on the board here but I'm hearing targets for frac being of 20% increase for long term contacts and one off/spot work being 40% plus. Service rigs are poised for a 25% or so increase along with all the other auxilliary services. I'm too far removed from drilling to know what costs look like there but lots of chatter is happening.

Lots of my contacts are talking about keeping D&C plans relatively flat or only a minor uptick until price increases have been realized

[killramos]

*Halliburton announces it has bought out the entirety of stadium for Super Bowl 2023*

[ExtraSlow]

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I'd say your guess is probably pretty spot on. I know we have a few guys a little closer to the dollars and cents on the board here but I'm hearing targets for frac being of 20% increase for long term contacts and one off/spot work being 40% plus. Service rigs are poised for a 25% or so increase along with all the other auxilliary services. I'm too far removed from drilling to know what costs look like there but lots of chatter is happening.

Lots of my contacts are talking about keeping D&C plans relatively flat or only a minor uptick until price increases have been realized

I have a view into a pretty narrow market niche, but I can say that field service providers are very busy and need to buy more equipment, materials and parts to maintain current activity levels, let alone any increase in activity. Some smaller service providers are confident enough to order long-lead materials that won't be field-ready until Q4. And prices have gone up substantially in the last year. That kind of confidence has been really rare for a very long time. Handy for me, I have a couple deals on some long-lead items that could make my boss happy.

[suntan]

We have lots of service providers as clients and they've been busy for quite a while.

[ExtraSlow]

Yes.