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Big Oil Roars Back
Texas Monthly Magazine, by Loren Steffy

Original Article

Posted By:StormCnter, 2/1/2017 10:32:10 AM

Last May, things looked so bleak in the Texas oil patch that the service company Halliburton decided to write a $3.5 billion check to get out of a planned merger with its major rival, Baker Hughes. The deal had made some sense when it was signed, in November 2014, but a year and a half later the companies’ rationale fell apart as crude oil prices experienced a precipitous, months-long slide. The merger’s demise was just one of many indications that the oil and gas sector was in the midst of its worst bust in three decades. In Texas, the average

Comments:
Texans are ready!

      


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Reply 1 - Posted by: MattMusson, 2/1/2017 10:58:04 AM     (No. 11137262)

The current Fracking process drills a single hole down and then christmas trees out horizontally at the different shale levels. This dramatically cuts pipe usage. They also reuse water which dramatically reduces deliveries. And, cuts down on the amount of fracking fluid. Plus - thanks to 4D seismic data - it has been over 2 years since a dry hole was drilled.

And, one rig is now producing as much oil as 3 rigs just 3 years ago. So, rig counts are no longer a reliable year to year comparison.

AND - fracked natural gas has replaced fuel oil (#2, #3 and #4) in NYC and according to Scientific America - the air quality has improved SO much that it is saving lives.

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Reply 2 - Posted by: StormCnter, 2/1/2017 11:01:56 AM     (No. 11137274)

Natural gas is what the deep wells on our place are producing and we´re ready for a price rebound.

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Reply 3 - Posted by: texaspast, 2/1/2017 11:42:32 AM     (No. 11137361)

Have a friend here in East Texas who owned a tool and equipment rental service (drilling, fishing, completion, site prep, etc.). When things were going hot he became big enough to be an irritant to a humongous company that bought him out at an unbelievable price. That big company has been selling off that equipment over the past couple of years since things went south in the oil field. Guess who is buying it up at pennies on the dollar getting ready for the big rebound? Things are already coming back and it will be small businesses that can act quickly that will be profiting big-time.

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Reply 4 - Posted by: lawdoc, 2/1/2017 11:43:18 AM     (No. 11137364)

Haliburton withdrew from the merger and paid the cancellation fee because Obama´s regime scuttled the deal on anti-trust grounds. It was not scuttled due to the drop in oil prices. More fake news.

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Reply 5 - Posted by: tiger1981, 2/1/2017 2:13:38 PM     (No. 11137674)

The price of oil has risen recently only because OPEC has decided to cut output. The trouble with that is, all those fracking wells that were shut down because of the price of oil, are about to come back online. When they do, OPEC´s cutback won´t amount to much, because while those wells were shut down, technology found a way to extract oil from those wells at an even lower price.

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Reply 6 - Posted by: dvc, 2/1/2017 6:47:12 PM     (No. 11138107)

Great news for jobs, the economy and our country as a whole.

Puts our foot in the face of the Saudis and cripples the Russians who have very, very little beyond selling natural resources like oil, gas, iron, gold, platinum. Not much that they manufacture is wanted anywhere else. A few aircraft, some other weapons, but their client states keep getting badly beaten in wars, not a great advertisement for their stuff.

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