Saudi announces oil war. Massive price cuts and more production coming

The guys are leaving the Permian as we speak, asking me if I know anyone who needs work. They have skills though, the pay won't be as good but there's always work for welders and mechanics.

Midland/Odessa is such a funny boom/bust town. I learned all about the Texas economy from my dad back in the 70/80's. Seen it, done it, prepare for the next one.

 

You would think so because it always has. The industry is just changing more and more. They’re trying like hell to engineer people out as much as they can.

 

Not touching mine for another 10-20 years, but....

Think it's a good time to at least re-balance? That's essentially buying low and selling high, right?

Also what effect (if any) could this have on me putting a rental property in Houston on the market this month?

 

Renting will be a lot better than selling

 

Many portfolios rebalance themselves after every quarter (mine does). In terms of rental property you'll be fine since there is still more demand for housing here than supply.

 

Thanks Trump.

DD

 

Brutal week for OXY employees. 30% paycut and Carl Ichann has his people on the board now.

 

Agreed. CVX and XOM stocks are at their lowest in years and those will for sure rebound. They're committed to paying the dividend.

 

Wti up 30%...looks like the Russians and Saudis may play nice.

Let's hope for the sake of Houston it holds.

 

You think the Russians and Saudis play nice without the US also contributing something in turn?

 

Saudis get a free pass to kill people here I guess

 

No agreement to do anything yet, it bounced simply on the basis of Trump's tweet that they "might" agree to cut production.

We'll see what they end up doing, the Saudis say it's dependent on everyone else cutting production. State of Texas is trying to figure out if we can, if it's even legal (since it's a private industry), to mandate cuts statewide.

 

OPEC meeting delayed...I'd guess we are going back to $25 or lower this week.

 

Yeah, the oil plays were all very short plays on stock, now with this delayed, I'm glad I didn't hold anything over the weekend...

With that said, I was preferring good news sooner than later, this and Covid-19 hitting have made it substantially worse than the normal oil wave trend etc.

I hope some agreement is reached for everyone working in the oil industry - I personally have family/friends that have been hit by this (like I'm sure everyone from Houston on the board does), just a damn mess. And seriously BS time to be screwing around with an already fragile world eco system.

 

Exodus of transplants. Enjoy Michigan, New York or whatever East coast you came from

 

Is H-Tine furloughed?

 

Always thought how unfortunate it was for Tilman to have every aspect of his career be directly impacted by COVID-19, but imagine if it was some oil typhoon who bought the Rockets few years ago. Worse or better situation?

And damn this pandemic. Hoping oil returns to at the very least $30 a barrel by the end of the year... positive $30.