[bert]

I’m not sure how to respond

The large production increases were a change from “normal” and time will probably tell, disruptive to the status quo all around the world. I am not familiar with the current level of imports so can’t say much on that subject.

I was speaking of my perception of jobs in Texas. The number of jobs increased as the drilling increased and people came to fill them. That includes payroll clerks and waitresses and a host of other work that was tied to the boom. A fourth or fifth waitress or another cook at a Bar B Que place in Monahans is no longer required when the workers in the field are gone

I can’t say much about production decrease. That is a different and seemingly very complex animal. I expect some of the smaller companies will fall on hard times, but somewhere in Texas there is someone more than willing to buy their holdings.

The only constant is change but the rate seems quite variable.

[thackney]

The drilled and completed wells will continue to produce, but they will continue to decline in production rates without sufficient additional capital investment. That hasn't changed, but with the newer shale field wells, the initial decline is much faster.

Without sufficient addition drilling, hydrofrac, etc, overall production declines. Some joke if you are not drilling wells, you are not in the oil business; if you are just keeping wells, you are going out of the oil business (eventually).