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Old 03-08-2012, 05:49 PM
 
8 posts, read 10,374 times
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I work in the natural gas industry in the Haynesville Shale, and I can guarantee you that we haven't seen the end. Just to name one example, Chesapeake's CEO is doing everything in his power to get natural gas prices back up. Once that happens, the rig counts will once again go up in this area. We have 40-50 years of natural gas under our feet in the Haynesville Shale alone, and that's not even considering the Bossier Shale, which overlies the southern half of the Haynesville Shale. Hang tight, it'll come back around.
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Old 06-28-2012, 07:25 PM
 
Location: Shreveport, LA
1,537 posts, read 1,369,489 times
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Quote:
Originally Posted by shreveguy View Post
I work in the natural gas industry in the Haynesville Shale, and I can guarantee you that we haven't seen the end. Just to name one example, Chesapeake's CEO is doing everything in his power to get natural gas prices back up. Once that happens, the rig counts will once again go up in this area. We have 40-50 years of natural gas under our feet in the Haynesville Shale alone, and that's not even considering the Bossier Shale, which overlies the southern half of the Haynesville Shale. Hang tight, it'll come back around.
Well, Encana hosted Energy Camp this year and has been telling us all week about how stable the industry is. I just had to see what this "slowdown" was. I plan on eventually moving elsewhere, but I was concerned that our entire local economy was about to tank.
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Old 06-29-2012, 02:14 PM
 
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It's definitely gonna be a slow couple of years, but Shreveguy is right, there's alot a whole lot more work to be done here. It's just a matter of waiting for it to become more profitable again. In the meantime, alot of the local economy will definitely struggle. Chesapeake is down to 2 rigs in NWLA, and one is fixing to leave.
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Old 07-01-2012, 04:46 PM
 
974 posts, read 2,061,624 times
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FWIW: I'm going to share a few statistics recently published in the S'port Times regarding S'port-Bossier MSA workforce numbers: (starting with 5,000 or better)

S'port-Bossier Metro Statistical Area (INCLUDES Caddo/Bossier/Webster/Desoto Parishes)

CONSTRUCTION JOBS:...2010--12,782 2011--12,180 slight drop of 600 less
MANUFACTURING JOBS:..2010--17,650 2011--17,587 slight drop of 137 less
RETAIL TRADE JOBS:......2010--28,355 2011--28,948 slight increase of 593 more
MINING / OIL-GAS JOBS:.2010-- 7,334 2012-- 8,827 slight increase of 1,493 more
HEALTHCARE JOBS:........2010--44,061 2012--43,584 slight drop of 477 less

This info was from Page 1 Shreveport Times June 14, 2012 issue, stats from US Bureau of Labor Statistics.
I was surprised to see the total number of Mining/O&G jobs as being less than 10,000. With all the talk about
the Haynesville Shale & pipeline activity, I'd have expected more. I remember how the boom was here in the late 70's to early 80's and you couldn't turn in any direction without hitting someone in the O&G industry. While there's activity no doubt, the stats are somewhat interesting as to what the job numbers really are.

FWIW.
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Old 07-02-2012, 10:45 AM
 
974 posts, read 2,061,624 times
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Default Chesapeake: Biz in trouble?

FWIW... couple biz buddies were discussing Chesapeake the other day. The CEO Aubrey McClendon's past actions have drawn concern. Seems the CEO failed to "disclose" to his board that he participated in a hedge fund that traded in commodities, including natural gas as well as participated in the highly speculative O&G derivatives. In case you don't know, derivatitives "derive" their profits from actions of other things...like a company's performance, price levels of commodities (natural gas). So the gist of the conversation was centered on how crazy Chesapeake went in buying a majority of leases in the Haynesville Play back in late 2008. Remember Nat Gas was looking good compared to the spiraling cost of oil (up as much as $145 barell back then). Then Nat Gas bottom fell out to less than $3 mcf. The premise of a CEO authorizing such activities and yet participating in a hedge fund / deriviative unbeknownst to board seems a bit awkward from a fiduciary responsibility toward the company to say the least. Possible conflict of interest anyone? Seems the board of directors would "rubber stamp" anything the chairman/CEO wanted to do without doing what they should by saying: "hold on a second, let's be responsible to the shareholders..."

Wondering if the hedge funds covered all bases? Anyone care to comment?
Why any company would have a CEO also act as Chairman of the Board is impractical at the very least and downright nuts at the most. Like having company have one person write checks and cash checks and approve their own compensation & bonuses. Very slippery slope, indeed. Seems McClendon was allowed to have his cake and eat it too, much to the chagrin of the stockholders.

On another note: Heard there's a court case today supposedly the ruling is supposed to come out as to whether or not Chesapeake should honor leases that were brokered by 3rd party companies (lease letterforms) which supposedly were acting on behalf of Chesapeake. Part of the the case was already ruled in favor of plaintiffs (jurisdiction)... this ruling should determine what remedies (if any) will be doled out. Of course if the case goes on appeal to the 2nd District Courts with their Republican judges...you can pretty much figure it will get tossed as 2nd Court of Appeals has a history of favoring O&G companies. Who do you think contributed to these judges getting elected/appointed in the first place?

Interesting things going on that don't make the general news in Shrevesburg for a variety of reasons. Our local media seems to be more accommodating to press release journalism than actual reporting. Or so it seems. Gawd help Louisiana!
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Old 07-05-2012, 12:38 PM
N8!
 
2,408 posts, read 5,048,956 times
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Moar

Chesapeake Energy cheat sheet: What's been uncovered so far | syracuse.com
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Old 07-05-2012, 04:17 PM
 
Location: USA
3,044 posts, read 7,578,182 times
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Well that's interesting. I never had the high hopes others did about "Haynesville shale", not to mean I didn't think it would be productive but that the boom would slow down or end someday. I was here in the 80's and saw the misery of that decade in Louisiana. History repeats itself but apparently we don't learn a thing from it.

Shreveport and Louisiana have always chosen to build a house on quicksand instead of solid rock. Probably moreso in SBC than anywhere else in La.

I just hate to be ugly about it, but I've seen what can happen when a city doesn't work hard to develop an economy ; rather leaving it to chance. Hope I've offended no one.

Last edited by hdwell; 07-05-2012 at 04:31 PM..
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Old 07-06-2012, 06:19 PM
 
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I work for Chesapeake. I work in one of the many groups that make it all happen. Of course the boom has slowed some, and will eventually end, but we still have between 30 and 35 years left until that happens. Natural gas production has been scaled back because we have too much of it at the moment. But with more vehicles now being built as CNG vehicles, and more municipalities switching their entire fleets over to CNG, we will eventually start producing again. Not long ago, Love's Travel Stores announced that they are going to add CNG pumps at many of their locations nationwide.

It's not doom and gloom. The future of natural gas, and the Haynesville Shale, is very bright.
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Old 07-07-2012, 08:10 AM
 
Location: Wonderland
64,150 posts, read 53,156,277 times
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Stick around the oil and gas industry long enough and if you're busted, you'll be back on top again eventually. And vice versa.

You may have to work where the money (ie, oil and gas) is - but you can always bring that money back home!

We live in East Texas. My husband was working in the Haynesville Shale. We never considered moving to the Shreveport area, because these things play out and we might have to just move again. Sure enough, now he's working up north - 2 wks on and 2 wks off. He's also done some work recently down in S Texas. May go to North Dakota before it's all said and done.

My point is that we're still living right here, and spending our money right here. You can go crazy trying to predict and follow oil and gas productions and plays. No point in packing up and moving everywhere if you don't have to (I understand with many jobs you do have to move though).

Hope things improve in the Haynesville Shale though - that boom was sweet!
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Old 07-07-2012, 01:36 PM
 
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I keep wondering why there aren't CNG conversion services in NW La. for regular folk to get their SUV's & Trucks converted. I spoke to one company but all they do is fleet conversion. And the cost to convert is out-of-sight for the average Joe. Why spend so doggone much when it's still cheaper in the long run to replace a vehicle every 5 to 7 years? If the price per gallon at the pump stays south of $3.50/gal. Why pay more for a CNG? Seems only fleets & municipalities are getting the most benefit from CNG vehicles, not the consumer.
As for the local Haynesville play; let's face it, Chesapeake entered the market like drunk sailors on shore leave with their high lease-bonuses and this is what's helped the slow-down. We've already seen one company get absorbed because they overspent (Petrohawk). Wonder if others will follow suit? Also read where FBI is looking into Chesapeake's alleged collusion with Encana on fixing mineral lease offers, wonder if the "gentlemen's agreement" took hold in NW La. near the waning days of 2008 rush to buy minerals? What fallout if any will hit our neck of the woods?
Sure, Dry Gas plays are solid for years but until more cars & factories switch over to nat gas and until the commodities futures go to about $6/mcf (and that's a looong way off)... things will continue to cool down and stay that way until 2015. Libya wants to rebuild their country and is in a rush to pump more oil. That will help keep fuel costs down as will the general economic slump that we're still in and will continue to be for the foreseeable future. Don't take my word for it, WSJ, NYT and other info resources say as much.

Hey I'm all for more CNG implementation. I checked into getting my SUV converted because I have a few more years left on mine but I'm not going to pay the high cost of conversion as it will take too long to recover and on paper, it don't make sense. CNG vehicle costs have got to come down and I don't see that happening anytime soon.
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