Impacts of COVID-19 on Permian Perspective PP042
the Permian Basin is an abundant oil and gas producing area already one of the world's leading oil producing regions the area in West Texas and southeastern New Mexico could nearly double crude oil production by the year. Twenty twenty three but who are the leaders behind this economic powerhouse and what is their story. This is permian perspective. I'm your host Krista as skinny today show a sponsored by Baker Hughes who recently launched a new and reimagined Baker Hughes Brand has an Energy Technology Company. They strive to make energy safer cleaner and more efficient for people in the planet. Hello everyone and thank you for joining us for the special edition of Permian perspective. It is so wonderful to be spending this time with all of you. I hope and pray that you and your family are doing well. During this difficult time I know many of you are likely working from home while listening. Or maybe you're out enjoying a walk. The weather has been absolutely beautiful here in West Texas little windy but were used to that but it has been really really nice so hopefully. You're taking advantage of that. I know we've seen a lot of people in our neighborhood out walking and it is such a joy to see families together spending that time so let us know what you're doing during this time if you're working from home or if you are going into the office on a limited schedule just let us know what is going on. We can stay connected through social media. I'm on facebook instagram. And of course on Lincoln so I would love to hear from all of you speaking of hearing from you. I heard a wonderful review from one of our listeners and I wanted to share it with all of you a special thank you to slide jumper for this five star review. Whoever you are slide jumper I want to thank you for these kind words. Here's what you had to say. The different perspectives that make up the Permian Basin all one podcast with a great interviewer and facilitator of conversation. If you live West Texas you should have this on your list. Very very kind. Thank you. So much jumpers for those kind words I really appreciate it and if you would like to leave a five star review please feel free to do. So you can head over to itunes or Google play or you can just shoot us an email and let us know your thoughts on in perspective. We appreciate all of you so much for listening so this week. I wanted to catch you up on the very latest on what is happening here. In the Permian Basin due to the COVE NINETEEN CORONA VIRUS. As you know we are all affected by the pandemic the economy across the nation. And of course right here in the epicenter of oil and gas is taking a big financial hit so I wanted to begin with where oil is trading at an remember this as at recording time of this podcast. Wti is at twenty dollars and fourteen cents. A barrel. Now rig counts dropped dramatically last week. According to the weekly count from Baker Hughes the impact of cuts layoffs are starting to show more than half the weeks losses came here in the Permian Basin which lost twenty three rigs for account of three hundred eighty two now the US rig count dropped forty four to seven twenty eight. It was the largest single week. Drop since the bottom of last oil downturn according to the Houston Chronicle New Mexico the only other producing state with the triple digit recount lost three rigs down to one. Oh nine in other news. Pioneer Natural Resources. Ceo Scott Sheffield spoke to CNBC. Recently and said the current price downturn reminds him of nineteen eighty six and opposition to a settlement with the Saudis from companies like Exxon Mobil threaten the future existence of independent companies. He went on to say that it will take a long time to the market and the next on is an example of the oil industry. Heavyweights that WANNA see all independence. Go bankrupt and then pick up the scraps. He also predicted there will only be ten out of the seventy four independence left at the end of twenty twenty one that will have decent balance sheets once again. Those were the words. Scott Sheffield the CEO of Pioneer Natural Resources recently on CNBC and the layoffs continued. Hit our area hard pro. Petro notified the state Friday at plans to lay off three hundred eighty eight employees in its hydraulic fracturing division according to the Houston Chronicle slumber j. The Largest Oilfield Service Company in the world plans to cut up to thirty percent from its budget as oil prices continue to drop and cove nineteen cases rise. The company also expects to lay off workers and reduce compensation in North America Shumba. Jai Joins Chevron and numerous other companies in the energy industry who are cutting billions of dollars in response to the falling oil prices Kirk Edwards. Who is an odessa-based independent oil and gas producer wrote a letter to President trump that was printed in our local paper? The Odessa American in it he says the following to President trump quote. I asked President trump to immediately place. They've forty dollars per barrel tariff on Saudi oil coming into the United States. I ask you to quit defending Saudi Arabia with our troops and aircraft carriers and start defending your most critical domestic industry. The one that keeps US country moving with affordable gasoline and electricity the forty dollar TARIFF IS THE DIFFERENCE IN PRICE. American energy producers. Were getting just two months ago versus the twenty dollar per barrel that we are getting this week that tariff would generate nearly one point two five billion dollars per month to the US government. The government can direct that revenue back to the oil producing states like Texas Louisiana New Mexico and Oklahoma in an effort to help those states. That are being massively impaired by the current dumping on Saudi Arabia filling the Strategic Petroleum Reserve. Twenty dollar oil does nothing for the American energy producer. We need jobs and we need a price. We can economically drill for and twenty dollars per barrel. Certainly. Isn't it end quote once again that was from Kirk Edwards who is an odessa-based independent oil and gas producer? Writing a letter to president trump. That was permitted in our local paper. The Odessa American in Other News Governor Greg Abbott Expanded Quarantine Orders for travelers heading into Texas on Sunday any air traveler entering Texas from Miami Atlanta Detroit Chicago and the states of California in Washington must self quarantine for fourteen days at it said his original order which included air travel from New Orleans now includes any road travel from people entering Texas from Louisiana. He also recently announced an executive order requiring a mandatory self quarantine for air travelers arriving to Texas from airports in New York New Jersey Connecticut and New Orleans here on the local front. The city of Midland has confirmed thirteen positive covered. Nineteen patients and actor county has confirmed five positive cases the city of Midland Memorial Hospital mist acs. D have done a phenomenal job. Keeping the residents of West Texas updated on the situation most residents on the Permian Basin or following the advice of our local and state officials and staying home. Now Land is following governor. Greg Abbott's executive order limiting social gathering to ten people prohibiting eating and drinking at restaurants and bars while still allowing takeout closing gyms bannon's people from visiting nursing homes except for critical care and temporarily closing schools now. The city of Odessa decided this week to sign a limited shelter in place that will close many businesses including hair and nail salons gems massage businesses food courts parks and pavilions and ratliff ranch golf links. They're also asking real estate. Businesses to close on homes. Virtually not face to face and childcare can stay open but not have more than ten kids at a time. Of course. Most of this information can be found on facebook. You can go to actor county health department. You can also find nightly updates on midland mayor. Patrick Payton's facebook page and of course all of our local news are covering these stories from top to bottom. Of course also these regulations and rules are changing. Is this as a fluid situation. So by the tiny here this they may be different but as of recording. These are the very latest happenings here in West Texas. Now I know this is all hard news to hear and I wanNA share some good news with you and what I've been calling. Tell me something good. If you WANNA sing along with me feel free. Tell me somethin' good. Let's right we have to find the good. I know that this is a difficult time. But there's always a beacon of light and I would love to share good stories with all of you just like this one was shared with me. I love it in front of Middleham Memorial Hospital. Someone surprised the nurses and doctors with the sign out front that reads heroes work here. It's one of those huge signs. I believe it's Card my yard. Who does these and it is just a fantastic way for those nurses and doctors to be reminded that we are so thankful of them and they truly are the heroes. They're working the front lines and that is why for the second week in a row our community. Mvp Our nurses and doctors who are the real heroes. Working to heal those west Texans who are sick and we cannot thank you enough now. They're truly has been so much good. That has come out of the pandemic kids all over town or Writing Bible verses on the sidewalks in front of their houses and in front of stonegate church there is an entire block of encouraging words in scripture so beautiful to walk by just brightens your day. If you are feeling a little bit down and you need to get out and get some fresh air highly encourage you to walk up and down the sidewalk there and you will immediately feel your spirits lifted. I've witnessed over and over the past couple of weeks. The Permian standing firm and helping others their restaurants who are delivering to nurses and doctors the elderly the homebound of course West Texas Food Bank just doing outstanding work here in our community the volunteers and in so many others that are just helping out Libyan Craig everyone. There are just wonderful people and they are doing their part to make sure that nobody goes hungry. During these times so in in traditional West Texas Manner Permian Basin is coming through for each other. Like no other. I do want to thank you all for joining me for this. Very special edition. I'm going to do this from time to time as we just have these weekly updates and everything is changing so much that way all of you who are not here in the Permian can know what is going on here in West Texas. I would love to hear from you. Reach out to me on Lincoln on Instagram. I'm also on facebook at KRISTA ESKIN MIA and we can keep the conversations going. Tell me the good that you're seeing in the world because there is so much good and we want to spread that and spread that joy with that said I wish you all good health love and joy and take care of yourself stay healthy. This concludes this episode of Permian Perspective. The story behind the oil and gas leaders in the Permian Basin. Remember my mottos dream. Big believe in yourself and never give up. You make it a great day. Hey everybody Alex here. With the events on deck for the next month we have some exciting things coming up to happy hours one in Pittsburgh and one in Denver so the first one will be happening on March twenty second at Bubbas Gourmet Burgers and beer. This event will be from four to seven and will feature a live recording of oil and gas this week with Jake Corley Markel Corp so be sure to check that out. You can sign up via our social. Media's we have an event bright sign up and should be good to go from there. The next event will be a happy hour in Denver at Liberty Oilfield Services on April second once again. Check our social media's for the event bright sign up and sign up there ask some of our social media followers no we are headed to Aberdeen Scotland the first week of March. But he had a couple of days actually for. Doku con creating high impact sales and energy dokru excited to launch its very first sales development conference and Obgyn's mark and Patrick will be hosting a panel and recording alive podcasts. That we're really excited to be joining map. The leaders in industry luncheon is on March eleventh at the betraying club of Houston. Port of the future is happening on March tenth and Eleventh in Houston your registration to the port of the future conference also allows you access to exclusive events including TSA security and terrorism research showcase and many more so be sure to view the agenda and see what they are offering the Houston energy. Breakfast will be on March twentieth at the Norris Conference Center in Houston the API Energy Houston three gun. Chapter will be on March twentieth this spilling out very quickly so make sure to get a team in as soon as possible. The BP Energy Outlook Twenty twenty edition will be on April twenty. First it's happening online and this event is about transitions that will take place to a low carbon energy system. That's offered this month. Everybody hope you guys have a good month and check back in next month to see what we're having. Thanks tune in next week for another episode of Permian Perspective it production of the oil and gas global network learn more at www dot org G. N. dot com.