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Joined: Sep 2011
Posts: 45,236 Likes: 19
Campfire 'Bwana
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Campfire 'Bwana
Joined: Sep 2011
Posts: 45,236 Likes: 19 |
I can see summer fun with the boat being really cheap. My boat holds 70 gallons !
Sorry, but I quit moving rigs 6 years ago, and dont miss it one bit. The ups, the downs, the 100 hour weeks, the loss of having a life, the missing of special days, etc.
50 cent a gallon gas ! You betcha !
How bout diesel prices?? I can see souping my power stroke up, or buying a real cheap new, Ford F350 !! boat we fish in holds 500 My proline 2510 carried 200gal. Fuel was $4.00/gal after Katrina, and Everytime the wife was on board I'd only put 50gal in her at $200.00. She'd bitch about what I was paying to play and we'd all laugh knowing if she knew we were blowing $600 a trip out she'd probably kill me. Twin Yamaha 225 saltwater series II's were burning 1.5 gal a mile at W.O.T. yup running a 100+ miles offshore and trolling takes fuel, the cat we fish in has twin Yamaha 300 4 strokes. Best part is your buddies wonder why you're pissed when they swear they're going all week then bail the night before, too late to find a fill in. Stuck splitting $800 trip 2 ways instead of 4. Could you get the money up front? Geno
The desert is a true treasure for him who seeks refuge from men and the evil of men. In it is contentment In it is death and all you seek (Quoted from "The Bleeding of the Stone" Ibrahim Al-Koni)
member of the cabal of dysfunctional squirrels?
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Joined: Dec 2007
Posts: 11,211
Campfire Outfitter
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Campfire Outfitter
Joined: Dec 2007
Posts: 11,211 |
Filled my 2000 gallon off road tank. At theses prices its money in the bank.
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Joined: Sep 2004
Posts: 8,173
Campfire Outfitter
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Campfire Outfitter
Joined: Sep 2004
Posts: 8,173 |
I'm going to do some serious boating in this summer. Hope it drops to $2.50 Even at $3.00 (now) it's a bargain.
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Joined: Sep 2012
Posts: 2,613
Campfire Regular
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Campfire Regular
Joined: Sep 2012
Posts: 2,613 |
The Global Oil Market Is Broken, Drowning in Crude Nobody Needs
I need it, and I'm burning and storing the schitt out of it.
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Joined: May 2001
Posts: 4,124
Campfire Tracker
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Campfire Tracker
Joined: May 2001
Posts: 4,124 |
They say this is a price war between the Saudis and the Russkies, but I see it as an attempt by both, colluding to put the US frackers out of business. Bingo we have a winner. COVID-19 is just an added complication.
You can hunt longer with wind at your back
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Joined: Jan 2018
Posts: 2,387
Campfire Regular
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OP
Campfire Regular
Joined: Jan 2018
Posts: 2,387 |
https://uk.reuters.com/article/us-whiting-petrol-bankruptcy-idUKKBN21J5KS?taid=5e84b97d01cef40001c15862&utm_campaign=trueAnthem:+Trending+Content&utm_medium=trueAnthem&utm_source=twitter&utm_source=reddit.com
U.S. shale company Whiting becomes first major bankruptcy of oil-price crash
(Reuters) - Whiting Petroleum Corp filed for Chapter 11 bankruptcy, the U.S. shale producer said on Wednesday, the first publicly traded casualty of crashing crude oil prices that are expected to bite into record U.S. output.
Whiting was once the largest oil producer in North Dakota, now the second-biggest oil-producing state in the country. It has agreed with creditors to cut its debt by about $2.2 billion through an exchange of some of its notes for 97% of new equity. Existing shareholders will own 3% of the reorganized company.
Notably, Whiting said in a regulatory filing that on March 26, in response to the circumstances affecting the oil industry, it revised its compensation program to pay out more than $13 million bonuses to several executives, including $6.4 million to CEO Brad Holly.
Numerous shale oil and gas producers, faced with burdensome debt loads, have cut spending aggressively as oil prices have plunged by about two-thirds this year with the coronavirus pandemic slamming fuel demand and Russia and Saudi Arabia flooding markets with extra crude.
A U.S. drilling boom over the last three years lifted national oil production to a record of roughly 13 million barrels per day, but investors have grown frustrated with poor returns. Callon Petroleum and other companies have hired advisors to restructure debt.
Shares of Whiting fell 32 cents, or 47%, to 36 cents each on Tuesday.
The company’s market valuation has shrunk to $32 million from as much as $15 billion at its peak in 2011, when investors were discovering the burgeoning shale sector. As of Dec. 31, Whiting had $2.8 billion in debt and more than $585 million in cash on its balance sheet.
Whiting is among the most shorted oil and gas stocks, with more than 60% of its outstanding shares borrowed for short selling, according to FIS Astec Analytics data.
Analysts believe the energy sector is primed for more defaults in coming months. Whiting’s bankruptcy brings the trailing 12-month high-yield energy default rate to more than 11%, and the year-end figure could ultimately surpass the 19.7% level set in January 2017, according to Fitch Ratings.
Energy producers Chesapeake Energy Corp and Chaparral Energy Inc as well as natural gas producer Gulfport Energy Corp are working with debt restructuring advisers or investment banks to shore up cash reserves.
SunTrust Robinson Humphrey analyst Neal Dingmann said filing for bankruptcy “was more of a temporary solution than a long-term sustainable plan.”
“We believe this financial demise was due to a combination of difficult macro conditions combined with sub-par operations for several quarters,” Dingmann said.
The company was also hampered by debt after purchasing rival Kodiak Oil & gas in mid-2014, just before shale’s 2015-2016 crash, for $6 billion, which included $2.2 billion in debt.
Whiting was expected to produce about 42 million barrels of oil equivalent in 2020. It said it would continue to operate without material disruption to vendors, partners or employees.
In training to be an obedient master to my two labs
Shooting, fishing and hunting
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