Posted on 01/15/2017 12:39:14 AM PST by 2ndDivisionVet
Yesterday ConocoPhillips' (NYSE:COP) Alaskan unit announced a big discovery in Alaska. The Willow discovery lies in the COP's Greater Mooses Tooth ("GMT") unit and consists of two wells which encountered 72 feet and 42 feet of net pay. 3-D seismic appraisal work will start this month, however initial estimates indicate the discovery could contain a recoverable oil potential of 300 million barrels of oil. As a result, Willow could produce up to 100,000 bpd of oil and first oil could come by 2023.
ConocoPhillips has a 78% working interest in the play while Anadarko Petroleum (NYSE:APC) holds a 22% interest....
(Excerpt) Read more at seekingalpha.com ...
She never completely recovered.
She also developed an unreasonable craving for CHEESE and Showers.
I remember in grade school having to go to the gym and sit on the bleachers and listen to some jackass tell us there would be no oil by about 1977.
I’ve never really thought much about time travel, but I would like to go back in time and walk down the bleachers and across the gym floor and kick that guy right in the ass.
You'd think they would have kept their mouths shut for a few more days.
Ummm, we don't want to give the liberal haters any ideas...
Conoco should have waited a few days to announce this.
Fossils From Animals And Plants Are Not Necessary For Crude Oil And Natural Gas, Swedish Researchers Find
http://www.viewzone.com/abioticoilx.html
Woot-woot! Drill baby drill!
the problem is that later this year break even for fracking is headed to about $40@barrel so volumes are going up pressuring prices down. second after 2020—the volumes on electric cars go up by millions of cars annually. by the early 2023 or so when conoco phillips wants to bring their new wells online in alaska—the price of oil will likely not justify production—unless they can be profitable at $35@barrel or so.
He found nothing.
That’s concentration risk, although if you held the stock it has recovered. If you were relying on the dividend income there were hard times I am sure. As regards BPT, it essentially gives you rights to the pool of oil that is gradually depleting and is essentially a pure play on the price of oil. In my case I leave it in an IRA and reinvest the dividends in other stocks.
Absolutely.
Re: “...although if you held the stock it has recovered.”
Unfortunately, no recovery.
My Dad died just after BP hit 80, and oil prices hit $150.
That was followed by the The Great Recession, the Gulf of Mexico blow out, then the total collapse of oil prices due to USA tight shale pumping and Saudi over pumping.
Current BP price - 38.
BP has maintained its dividend, currently well over 6% because of stock price contraction, but they actually have to borrow money to cover it each quarter. Not a sustainable business model.
My Dad and his Dad did brilliantly in Amoco and Exxon (both Standard Oil spinoffs) for 80 years.
But, it looks like our great run in Energy has come to an end.
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