I did this three years ago after a cold rainy day in the oilfield and a few too many scotch and sodas before going nighty night. I think it's still pretty funny, but then again I can often be a twisted soul.
2020 was the Year of Great Gift From China, prices were tanking and lenders had a belly full of the growth over profit scheme in the shale patch. It was bleak for everyone in 2020. Best to have a sense of humor about stuff, particularly at the expense of the tight oil sector.
One of the things that pissed me off the most back then was the $4 billion bucks of the Fed's Payroll Protection Plan the upstream tight oil and gas sector took and never paid back. They still fired 200.000 oilfield workers and a few companies used that PPP money for stock buybacks.
I think this was the year Whiting went down, after it paid all of its upper management $29 million in compensation. Chesapeake filed bankruptcy and a Chief General Counsel for a big Bakken company got fired for taking videos of his secretary's privates from under his desk. Before they kicked him out the door he got a big compensation check. Who was that ? I seem to recall making this little video while thinking about all those particular shale oil dickheads.
Bakken wells, for the record, are better than Permian wells and the Bakken play has made a lot of money; short of bankruptcies it has paid most of its debt back. That is very unlike the Eagle Ford shale play that I estimate to this day has only paid back 4o-45% of all the wells drilled in it since 2008.
By the bye, I took no PPP handouts in 2020. All of my employees stayed on full salary the entire year. I paid them from the operating account and from my personal savings. I am proud of that and did not, still don't, feel bad in the least bit about this little video. Fuck 'em if they can't take a joke !
This is how a lot of Monday morning operations meetings are going for the US shale oil industry these days, no matter what language you speak. Banks are closing the valve, product prices are in the dirt and the end is near for many...
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