The Day After. No, not the famed 1983 TV Movie “The Day After” about the joys of nuclear holocaust. The day after Valentine’s Day. Or as General Michael Flynn calls it, “When’s the next space shuttle off the planet?” day. Are you not relieved? Are you not upset? Are you not entertained?! Either way, the lovey dovey day of love is over, but the oil & gas news remains. So as T-Koolio would say… or should say – Let’s gas it up!
U.S Shale Industry On The Rise
With rig counts increasing for 14 straight weeks and oil prices holding at around $50 a barrel, U.S. energy companies are hoping for double-digit growth for 2017. But hold your horses… some warn that the consequence of this accelerated development and the steady price per barrel could result in higher costs and less efficiency for producers.
Guess it’s the ole “damned if you do, damned if you don’t” deal here. At the 2017 NAPE Summit business conference, Robert Clarke, research director at Wood Mackenzie, said, “I think we’re at a point now where it’s going to be a bit challenging. It’s not that we can’t continue to add more [rigs], but costs are going to go up and that’s going to impact breakevens.”
Not sure where my invite was to the NAPE Summit, but I’ll take that up with the board at a later date. Until then, I’ll trust Bob Clarke’s take.
Higher Salaries For Alberta Oil & Gas Workers
Let’s keep the good vibes rollin’ with some good news from up north. The Conference Board of Canada’s Mid-Year Pulse Check is reporting a 1.4% to 1.6% rise in salary projections in the oil & gas biz this year. The increase may not be earth shattering, but hey, Rome wasn’t built in a day. So how can you expect Alberta to be built in an hour? I realize that doesn’t make a lot of sense, but the point is iron clad… if iron clad means “mesh at best”.
I’ll let Allison Cowan, Conference Board of Canada director, take over while I get a hold of myself… she says:
“We are seeing energy sector organizations responding to the steadied price of oil with greater confidence in business conditions and a slightly better compensation outlook.”
Thanks, Ali C. I’m back now.
Bellatrix Appoints Brent Eshleman President/CEO
In a move that was made temporarily in November, Eshleman will now call the shots for the foreseeable future at Bellatrix Exploration Ltd – an oil & gas company based in Western Canada where they explore, acquire, and develop the production of oil and natural gas reserves in the provinces of Alberta, British Columbia, and Saskatchewan.
The fact that this is what Bellatrix does is news to me. From the sound of their name I thought they were either some cool new protein bar or a spin-off of The Matrix movies, showcasing beautiful Italian people. #Bella.
Again, I’m not that bright… some refer to my brain as “One of the most forgettable minds of our time”. But I carry on for you… the people, my people, for our future.
Anyway, best of luck to Brent. Maybe after reading this, he’ll name an oil rig after me.
Put a fork in this round of The Nightly, it’s cooked. Tomorrow could bring us news we never imagined… that’s the magic of the oil & gas biz, it’s like the box of chocolates that ping pong playing sucker for Jenny mumbled about… you never know what you’re gonna get. But now you get to look forward to The Morning Surge with TK. Until then… night night.