Oil & Gas + Coronavirus on Permian Perspective PP040
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. A skinny today show is 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 the people and the planet. Hello everyone welcome to this special edition of Permian perspective. I'm Krista as skinny. Thank you so much for sharing your time with us today. I really appreciate it and I also want to let you know. This is a special edition. I will be visiting with you alone today. I just thought with everything that is going on in the world right now that we could just spend this time talking about what's happening what's happening in the Permian and share what's on my heart so I just WanNa say thank you for being here and it's been almost a year since I ran my first Permian Perspective podcast and what a ride. It has been a short year ago. The Permian was challenged with growth pains housing schools traffic and healthcare and those were the issues that were at the forefront of our community today we are faced with a whole new set of challenges that were sparked by the corona virus which is now a global pandemic as you know and now more than ever we must be permian strong. I know that it has been an emotional week for many of you as stressful. I completely understand. I know I have been right there with you. Every step of the way worried about my kids. My husband my family. My parents my in laws. My brother a the list goes on and I understand what you're going through. I know the developments around the coveted nineteen has really intensified here with school closings and colleges finishing up the semester online the NBA suspending play. The remainder of their season March madness cancelled Disneyland. That's right the happiest place on earth has closed their theme park in California and President trump restricting travel from nearly all of Europe to the United States also this week the World Health Organization who declared the corona virus at pandemic. So I wanted to catch you up a little bit on. What's happening here in the basin with some of the news and events that we have seen here locally so that I could share that with you if you are listening around the World Pioneer Natural Resources Chief Executive Scott Sheffield told The Washington Post this week that the company is preparing for two years of low prices and will make the necessary adjustments to maintain our great balance-sheet Sheffield also told the Post that pioneer is secure. But there will be. Many bankruptcies are industries and tens of thousands of layoffs over the next twelve months also according according to the Midland reporter telegram earlier this week diamondback reported it was immediately reducing its completion crew count from nine to six and will lay down to drilling rigs in April and a third rig later in the quarter this week according to CBS seven news Apache says it will reduce its permian rig. Count Two zero over the coming weeks and plans to lower activity in Egypt in the North Sea. According to seeking out the DOT com it also announced plans to cut twenty twenty capital spending to one billion to one point two billion which is actually down from one point six billion to one point nine billion a thirty seven percent. Drop at the midpoint now. The company says it has ample liquidity throughout its fourbillion dollars undrawn revolver and flexibility to manage the nine hundred and thirty seven million dollars of bonds maturing between twenty twenty one and January of two thousand twenty three. Those are just a couple of the interesting stories. I wanted to share with you coming out of the business world. Of course we will be hearing more over the next couple of weeks and I will definitely do another follow up on what's happening businesswise here. In the basin of course we also have the University of Texas Permian Basin that is a wonderful education facility here in Odessa. Texas and they are continuing to track the rapidly evolving Kovic nineteen virus. As of right now there are no reported are known cases in the Midland. Odessa area. Now you TB is extending their spring break and hold no face to face classes from March sixteenth to the twentieth. That is what they have just announced. They will not cancel current online classes. That are in progress now during this time. Utd Faculty and staff will begin the process of preparing for a possible transition to online classes. If it's needed sometime in the future however the university will remain open during the spring semester. Of course all of this information is unfolding and by the time you listen to this podcast at will have changed even more but I hope that I can bring a little bit of hope to you during this time. What it all boils down to is uncertainty when we are uncertain about what the future holds. It is easy to become fearful right. Just go to the grocery store you can see the toilet papers out here locally also water and of course hand sanitizer but I wanNA remind you something that. My husband reminded me of today. He said do not. Fear is in the Bible three hundred sixty five times one for each day of the year. If there's one thing I know about all of the leaders of the companies I mentioned above and those leading in the Permian is they are fearless so as this may be Challenging Week. I referred to one of my favorite quotes. You know how I love quotes right. Well this is a good one. Remember this story to will run out of rain. Yes this too shall pass and so to all my friends in the Permian. We will prevail and be better and stronger. I wish you and your families a healthy week please be safe and I look forward to seeing you all soon. Thank so much for joining us. This concludes this special edition of Permian perspective. The story behind the oil and gas leaders in the Permian Basin of course remember my favorite quotes on life. Matas 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 won't be from forty seven and will feature a live recording of oil and gas this week with Jake Corley and Markel Corp so be sure to check that out. You can sign up our social. Media's we have bent 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 as some of our social media followers may know we are headed to Aberdeen Scotland. The first week of March in a couple of days actually for Doku con creating high impact sales and Energy Dokru is excited to launch. Its very first sales development conference and Jeans 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 Petroleum 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 event is filling up very quickly so make sure to get a team in as soon as possible. The BP Energy Outlook Two thousand 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 as offer this month. Everybody hope you guys have a good month and check back in next month to see what we're having thanked tune in next week for another episode of Permian Perspective a production of the oil and gas global network learn more at www dot org G. N. dot com.