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Feb 7th, 2025
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 WTI below 12 bucks, (Women and Children hurt most)
#7812476
04/20/20 12:27 PM
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Joined: May 2006
Posts: 31,086
HWY_MAN
OP
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OP
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Sorry tried to write a headline like our media does.
WTI below 12 bucks a barrel. We're fixing to reach the point where things are fixing to start happening that some have never seen before and some painfully remember. Might want to put your spurs on!
Yes! A Weatherby does kill them deader.
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Re: WTI below 12 bucks, (Women and Children hurt most)
[Re: HWY_MAN]
#7812477
04/20/20 12:29 PM
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Joined: Jul 2008
Posts: 35,080
bigbob_ftw
Big Sprocket Bob
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Big Sprocket Bob
Joined: Jul 2008
Posts: 35,080 |
Not good at all. that's 70s prices.
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Re: WTI below 12 bucks, (Women and Children hurt most)
[Re: HWY_MAN]
#7812481
04/20/20 12:32 PM
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Joined: Jan 2014
Posts: 13,309
Paluxy
THF Celebrity
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F*** the saudis, hope everyone remembers the timing of what they have done
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Re: WTI below 12 bucks, (Women and Children hurt most)
[Re: bigbob_ftw]
#7812484
04/20/20 12:34 PM
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Joined: May 2006
Posts: 31,086
HWY_MAN
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Not good at all. that's 70s prices. We went below that in 98, you quit worrying about keeping your hand up and you legs out, you just grabbed onto the saddle and hung on.
Yes! A Weatherby does kill them deader.
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Re: WTI below 12 bucks, (Women and Children hurt most)
[Re: HWY_MAN]
#7812497
04/20/20 12:48 PM
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Joined: Jan 2012
Posts: 29,253
TXHOGSLAYER
THF Celebrity
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Not good at all. that's 70s prices. We went below that in 98, you quit worrying about keeping your hand up and you legs out, you just grabbed onto the saddle and hung on. I remember that. The QT by my house in Atlanta was 68 cents a gallon.
LETS GO BRANDON
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Re: WTI below 12 bucks, (Women and Children hurt most)
[Re: Paluxy]
#7812501
04/20/20 12:52 PM
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Joined: May 2006
Posts: 31,086
HWY_MAN
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F*** the saudis, hope everyone remembers the timing of what they have done I'm starting to have some second thoughts about this Saudi, Russia, OPEC blow up. I'm not much of a conspiracy person but. I couldn't put together a better plan to take out the American oil and gas industry than what we're witnessing. They know we're not energy dependent as far as Crude Oil is concerned. Are we witnessing a conspiracy disguised as a feud? We didn't do it last time even though I hoped we would. Every time this happens we need to expand our Natural Gas foot print here in the US. We have an incredible energy source in Natural gas that we barely touch.
Yes! A Weatherby does kill them deader.
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Re: WTI below 12 bucks, (Women and Children hurt most)
[Re: HWY_MAN]
#7812530
04/20/20 01:18 PM
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Joined: Nov 2009
Posts: 91,416
bill oxner
THF Celebrity
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Quail hunting is like walking into, and out of a beautiful painting all day long. Gene Hill ![[Linked Image]](https://texashuntingforum.com/forum/pics/usergals/2017/07/full-3669-105539-full_16668_105507_image.jpg)
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Re: WTI below 12 bucks, (Women and Children hurt most)
[Re: HWY_MAN]
#7812543
04/20/20 01:28 PM
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Joined: Sep 2008
Posts: 6,718
Cochise
THF Trophy Hunter
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The solid companies could withstand a few months in the 20s even high teens. At $11-12 you're going to witness most independents being wiped out. I've had 30+ proposed wells be shelved in the past 5 days.
Lots of people going to be losing their jobs - if they hadn't already.
You're witnessing the worst oil crash in history.
[censored] the Saudis and [censored] Russia. Need to rip the band-aid off and get this economy going. We're simply out of storage space.
Last edited by Cochise; 04/20/20 01:29 PM.
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Re: WTI below 12 bucks, (Women and Children hurt most)
[Re: HWY_MAN]
#7812565
04/20/20 01:51 PM
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Joined: Nov 2008
Posts: 9,952
LFD2037
THF Trophy Hunter
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I’m guessing it won’t affect me seeing as I don’t know what WTI even means?
R.I.P. CPO Matt Mills-(DEVGRU)- You will NEVER be forgotten!
10-25-75 / 8-6-11 *K.I.A.*
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Re: WTI below 12 bucks, (Women and Children hurt most)
[Re: HWY_MAN]
#7812567
04/20/20 01:52 PM
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Joined: Sep 2015
Posts: 3,564
Lakhota
Extreme Tracker
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Extreme Tracker
Joined: Sep 2015
Posts: 3,564 |
I have a question I hope someone in the oil field industry can answer for me. When I well is shut down that is currently producing oil or gas is a valve or something turned off and then the production stopped and the well can be turned back on at a later date or does the well have to be capped in a more permanent way? I know that it’s not as simple as just flipping a switch and have to assume that turning a producing well off or s not the normal thing that is done for a long period of time with the money that was put into it to make it productive.
I really don’t think the American public really know or understand how much that the oil industry touches their life and not just by the gas in their vehicles or natural gas to heat their homes.
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Re: WTI below 12 bucks, (Women and Children hurt most)
[Re: HWY_MAN]
#7812568
04/20/20 01:53 PM
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Joined: Mar 2013
Posts: 5,691
jetdad
THF Trophy Hunter
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You can't support any debt at this level. Companies that have leveraged will most likely not survive. Being smart and conservative doesn't even help at this price. Sad deal for those in the industry and Texas as a whole.
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Re: WTI below 12 bucks, (Women and Children hurt most)
[Re: LFD2037]
#7812569
04/20/20 01:54 PM
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Joined: May 2006
Posts: 31,086
HWY_MAN
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OP
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I’m guessing it won’t affect me seeing as I don’t know what WTI even means? At this price it effects everybody. WTI means West Texas intermediate crude. 39 oil producing states are fixing to start looking for new ways to create revenue. They're severance tax income has taken a major hit.
Yes! A Weatherby does kill them deader.
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Re: WTI below 12 bucks, (Women and Children hurt most)
[Re: Lakhota]
#7812572
04/20/20 02:03 PM
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Joined: May 2006
Posts: 31,086
HWY_MAN
OP
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OP
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I have a question I hope someone in the oil field industry can answer for me. When I well is shut down that is currently producing oil or gas is a valve or something turned off and then the production stopped and the well can be turned back on at a later date or does the well have to be capped in a more permanent way? I know that it’s not as simple as just flipping a switch and have to assume that turning a producing well off or s not the normal thing that is done for a long period of time with the money that was put into it to make it productive.
I really don’t think the American public really know or understand how much that the oil industry touches their life and not just by the gas in their vehicles or natural gas to heat their homes. In many cases it's just that simple, just flip a switch. I'm shutting down all but two of my electric wells, don't even need to close a valve. My AJAX wells are still running as well as all my flowing and gas lift wells, these wells run themselves. The gas we just keep producing because you still have to have income coming in along with as much oil as we can profitable or as close to profitable as we can get. When the oil doesn't pay for the electricity to produce, you shut it down. I'll tell right now we don't like shutting them down, that's hard on all your equipment from top to bottom.
Yes! A Weatherby does kill them deader.
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Re: WTI below 12 bucks, (Women and Children hurt most)
[Re: HWY_MAN]
#7812612
04/20/20 02:40 PM
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Joined: Oct 2008
Posts: 18,839
68rustbucket
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What happened to the meeting Russia and the Saudi were gonna have to cut production?
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Re: WTI below 12 bucks, (Women and Children hurt most)
[Re: HWY_MAN]
#7812613
04/20/20 02:41 PM
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Joined: Oct 2008
Posts: 18,087
Jasb
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We need to build and update our oil refineries....damn epa
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Re: WTI below 12 bucks, (Women and Children hurt most)
[Re: Jasb]
#7812627
04/20/20 02:52 PM
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Joined: Mar 2019
Posts: 19,504
TCM3
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couldn't have said it better myself
Christ is King ⬇️✝️⬆️ ⬇️
(R-TX)
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Re: WTI below 12 bucks, (Women and Children hurt most)
[Re: HWY_MAN]
#7812654
04/20/20 03:12 PM
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Joined: Nov 2008
Posts: 9,952
LFD2037
THF Trophy Hunter
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THF Trophy Hunter
Joined: Nov 2008
Posts: 9,952 |
I’m guessing it won’t affect me seeing as I don’t know what WTI even means? At this price it effects everybody. WTI means West Texas intermediate crude. 39 oil producing states are fixing to start looking for new ways to create revenue. They're severance tax income has taken a major hit. Out of curiosity, how will this be bad for me? I’m genuinely asking.
R.I.P. CPO Matt Mills-(DEVGRU)- You will NEVER be forgotten!
10-25-75 / 8-6-11 *K.I.A.*
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Re: WTI below 12 bucks, (Women and Children hurt most)
[Re: HWY_MAN]
#7812664
04/20/20 03:16 PM
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Joined: Oct 2006
Posts: 19,074
ducknbass
THF Celebrity
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You're neighbors loosing jobs always effects you.
You take that much money out of the state economy it effects you.
If demand is that low it means money is not being spent. I don't know what you do public or private sectors will both be effected.
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Re: WTI below 12 bucks, (Women and Children hurt most)
[Re: LFD2037]
#7812669
04/20/20 03:19 PM
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Joined: Sep 2004
Posts: 11,212
DannyB
THF Celebrity
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I’m guessing it won’t affect me seeing as I don’t know what WTI even means? At this price it effects everybody. WTI means West Texas intermediate crude. 39 oil producing states are fixing to start looking for new ways to create revenue. They're severance tax income has taken a major hit. Out of curiosity, how will this be bad for me? I’m genuinely asking. I found this link regarding the Severance Tax, or oil production tax. If I have the math right oil Severance Tax made up 6.7% of state revenue in 2019. I can't just rattle off everything pulling from state revenue, but all state agencies, education, and roads come to mind first. https://comptroller.texas.gov/about/media-center/news/2019/190904-sales-tax.php
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Re: WTI below 12 bucks, (Women and Children hurt most)
[Re: 68rustbucket]
#7812678
04/20/20 03:31 PM
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Joined: Sep 2005
Posts: 6,537
ndhunter
THF Trophy Hunter
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Joined: Sep 2005
Posts: 6,537 |
What happened to the meeting Russia and the Saudi were gonna have to cut production? They had it and agreed to cut production. They are contemplating 2nd round of cuts. Demand is where the problem is.
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Re: WTI below 12 bucks, (Women and Children hurt most)
[Re: ndhunter]
#7812682
04/20/20 03:33 PM
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Joined: Oct 2006
Posts: 19,074
ducknbass
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What happened to the meeting Russia and the Saudi were gonna have to cut production? They had it and agreed to cut production. They are contemplating 2nd round of cuts. Demand is where the problem is. My wife has not filled up her explorer in 3 weeks.
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Re: WTI below 12 bucks, (Women and Children hurt most)
[Re: HWY_MAN]
#7812693
04/20/20 03:42 PM
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Joined: Jul 2010
Posts: 7,031
HuntnFly67
THF Trophy Hunter
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Joined: Jul 2010
Posts: 7,031 |
Hope those $20/hour burger flippers out west didn't get used to the money. If prices stay this low for a year, it is gonna hurt West Texas in a bad way. Overleveraged companies can dodge banks for a few months, but eventually the debt collectors will get them.
Private equity guys were already getting anxious about the lack of returns that their money was SUPPOSED to be getting and wasn't.
Last edited by HuntnFly67; 04/20/20 03:43 PM.
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Re: WTI below 12 bucks, (Women and Children hurt most)
[Re: Paluxy]
#7812700
04/20/20 03:53 PM
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Joined: Nov 2009
Posts: 91,416
bill oxner
THF Celebrity
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Posts: 91,416 |
F*** the saudis, hope everyone remembers the timing of what they have done Please help me try to understand why you always hold back. Why don't you ever post how you really feel? 
Quail hunting is like walking into, and out of a beautiful painting all day long. Gene Hill
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Re: WTI below 12 bucks, (Women and Children hurt most)
[Re: DannyB]
#7812701
04/20/20 03:54 PM
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Joined: Nov 2008
Posts: 9,952
LFD2037
THF Trophy Hunter
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THF Trophy Hunter
Joined: Nov 2008
Posts: 9,952 |
I’m guessing it won’t affect me seeing as I don’t know what WTI even means? At this price it effects everybody. WTI means West Texas intermediate crude. 39 oil producing states are fixing to start looking for new ways to create revenue. They're severance tax income has taken a major hit. Out of curiosity, how will this be bad for me? I’m genuinely asking. I found this link regarding the Severance Tax, or oil production tax. If I have the math right oil Severance Tax made up 6.7% of state revenue in 2019. I can't just rattle off everything pulling from state revenue, but all state agencies, education, and roads come to mind first. https://comptroller.texas.gov/about/media-center/news/2019/190904-sales-tax.php since Texas now collects retail sales tax from purchases made online, it can offset some of the loss from low oil/gas prices. Maybe?
R.I.P. CPO Matt Mills-(DEVGRU)- You will NEVER be forgotten!
10-25-75 / 8-6-11 *K.I.A.*
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Re: WTI below 12 bucks, (Women and Children hurt most)
[Re: LFD2037]
#7812705
04/20/20 03:56 PM
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Joined: Feb 2012
Posts: 9,935
Mickey Moose
THF Trophy Hunter
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Joined: Feb 2012
Posts: 9,935 |
I’m guessing it won’t affect me seeing as I don’t know what WTI even means? No, everybody will be affected.
Social Engineering is easy like taking candy from a baby.
- Mickey Moose
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