Woe in the oilfield: 213 companies have now declared bankruptcy

http://fuelfix.com/blog/2016/10/25/213-oil-companies-have-declared-bankruptcy-how-hard-it-is-to-be-an-oilfield-service-company/

We need a ten dollar a barrel tariff on imported oil. We no longer need those thankless Arabs. We can stand on our own. We need to revive the oil and gas business.

The coal industry has been killed off by the liberal lie of global warming. Don't let that happen to the oil and gas industry.

Let the Russians kill off the ISIS and Alcaida. As the Russian bear puts its paw into the trap, we can remove ours.

Just what was so horrible about the Assad government anyway. They can't hold a candle to the evil of ISIS.

We narrowly escaped the Obama $10 per barrel tax this past year when domestic oil producers were hit hardest.

Oil imports actually increased after the crash because Exxon/Mobile and other large multinational companies could still sell cheap African oil here with $20 a barrel profit. Remember that Exxon/Mobile went from 4 billion a quarter profit to just under 1 billion a quarter profit, they didn't actually lose any money, just didn't make as much as they would have liked.

I would favor a $20 per barrel import tariff, but I might let you talk me down to $10 per barrel.

I'm convinced it wasn't the Arabs that did it to us, it was the large multinational companies.

I'm not fond of the Arabs but I can't pin this on them because it doesn't fit. The Arabs didn't reduce production but they didn't raise it for the longest time either and when they did raise it, it was a few percent and not the 15% that they could have done had they wished to.

The Saudi's thought they could hold market share vs. USA by contributing the the Clinton Foundation, the State Department and Congressmen for protection. It was a bet against American ingenuity. It was a bad bet. The USA is the best at "getting things done" in spite of our industry surpassing regulations and subversive legislation.

Obama's and Clintons' (both of them) plan for a global, socialistic, centrally planned economy as their plaything, is doomed to fail. They always fail. USSR is the biggest example of the failure of socialism in the face of individual competition that created capitalism. Lets just hope the attempts to enter into a mediocre and bankrupt USA fail on November 8th. The devil we know is better than the devil that smiles at you while picking your pocket and running up your debt.

Proud to be an American that remembers when we were able to control greed and corruption. Lets get back to a a USA where we can be safe and admired for our capitalistic spirit without any more damage.

Gary L Hutchinson

Mineral Economist and Patriot

The globalist want to bring up the rest of the world on the backs of the people of north America. It will not work. The result will be universal poverty. But then again, it seems like that is what they want. Total peonage for the people and total control by the oligarchs.

We need to re industrialize our nation. We need to put our people back to work in decent jobs. We need to stop buying every thing from China. It is far better to buy something in the second hand store than to buy something new that was made in China.

We need to return to tariffs to support our government and to protect our industry. Want to buy an expensive foreign car, be prepared to pay more for it.

We need to eliminate pointless regulations and the agencies that enforce them.

We need to impose a ten dollar a barrel tariff on imported oil. We can be energy independent if we have the will to do so. We need to bring back the oil, gas and coal industries. Global warming is just another liberal lie.

We need to stop penalizing hard work and innovation. We need to end the income tax. We need to stop wealth transfers to parasitic, non productive people.

We need to eliminate foreign aid. The food for peace program should end. Those folks need to raise more wheat and less opium poppies. We have no obligation to feed people that hate us.

We need to vote based upon principles and not upon what some flaky politician promises us. There is no free lunch. There is no mythical one per cent that will pay all of our bills. We have to stand up and take charge of the situation. Stop the debasing of our currency and the wasting of the future of our nation. Interest rates should be set by the market, and not by some ditzy old lady. Currency should be backed by precious metals.

The national debt needs to be retired. Tariffs are the key.

https://www.ft.com/content/c0ff2e20-ab49-11e6-ba7d-76378e4fef24

Saudi Arabia warns Trump! Who needs the two faced Arabs now days? They want someone else to fight their wars, but what is in it for us? It is time to remove the US Navy from the Arabian sea; let the Saudis deal with the Iranians.

Just what do they buy from us anyway, except for Toyota trucks made in Texas that turn up in the hands of ISIS. Yes, Saudi Arabia and Qatar fund ISIS, and they also fund the Clintons. Water seeks its own level.

http://www.star-telegram.com/news/business/article114931993.html

We knew that the Wolfcamp was good, but who thought it was that good.

No more proxy wars for the Saudis. Let them do their own killing. We know them for what they are thanks to Wikileaks.

I have not received any kind of notice from any of the oil companies that I have drilling on my mineral rights telling me anything about bankruptcy…all I know is that I have only received one check in almost a year one just one one the oil and gas companies and have not received anything on a lease agreement on just for oil in Reeves County…I thought all these companies were supposed to keep in touch with us. Do I need to get in touch with the Railroad Committee on this matter? And how can I find out which companies have gone bankrupt?
Looking For Help With My Questions. Thank You,
Carla-Crimp Farrell

Google is your friend. Enter the name of the company with the word bankruptcy. You will know soon enough. But just who owns your wells now? Go to the Railroad Commission GIS map and hold the cursor over the well. Fiddle with it a little, and it will show who is the current operator.

We were with Devon, but now it shows Energy Transfer Company which is a creature of Energy Transfer Partners. This is like a bowl of spaghetti, pull one noodle and God only knows where it goes.

All of these legal entities are intertwined in an incestous manner. The lawyers have been at work.

Good Luck

COMPLETE LIST OF NORTH AMERICAN OIL AND GAS BANKRUPTCIES 2015-2016

(LATEST UPDATE DECEMBER 22, 2016)

http://www.haynesboone.com/~/media/files/alert%20pdfs/2016/year_end_edition/final_energy_eoyreport20161222.ashx

Clint Liles

That is truly a sad story. Worse, it is a self inflicted wound. The government should have acted to save our industry.

From the President's plan:

"For too long, we’ve been held back by burdensome regulations on our energy industry. President Trump is committed to eliminating harmful and unnecessary policies such as the Climate Action Plan and the Waters of the U.S. rule. Lifting these restrictions will greatly help American workers, increasing wages by more than $30 billion over the next 7 years.

Sound energy policy begins with the recognition that we have vast untapped domestic energy reserves right here in America. The Trump Administration will embrace the shale oil and gas revolution to bring jobs and prosperity to millions of Americans. We must take advantage of the estimated $50 trillion in untapped shale, oil, and natural gas reserves, especially those on federal lands that the American people own. We will use the revenues from energy production to rebuild our roads, schools, bridges and public infrastructure. Less expensive energy will be a big boost to American agriculture, as well."

Will it work? I sure hope so.

Memorial Production Partners filed chapter 11. Doesn't that allow them to restructure and keep drilling? I just received a royalty check since I own the mineral rights..So..what happens to my mineral right royalties since I own them?