#071 Oil and Gas This Week Podcast: Oil and Gas MLPs – Safe Bet or Broken Business Model?

 
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Time for another First Friday Q&A. We take your questions on oil and gas MLPs, enterprise risk assessments, surviving the downturn, and more.

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#071: Oil and Gas MLPs – Safe Bet or Broken Business Model?

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Questions

Chris Krieps, Group Executive Roper Technologies

I have two questions, one on economics and one of curiosity.

I read a couple reports from the Oil and Gas Industry for June 2016 and there is some data around Production, Demand and Storage that I wonder if you can shed some light on.

Generally, most feel demand will outstrip supply in mid 2017, +/- a quarter. Storage is at record highs and there will be an additional 800 million barrels added from 2015 to 2016 called “Extra Oil”. I like this term because there is always some storage but this is truly above and beyond.
That “Extra Oil” would take 18 months to deplete starting in mid 2017. That means 2019 until oil storage is back to reasonable levels barring any major new supplies coming on line or dropping off.

So why would oil price recover in 2016 or 17? Here is my curiosity.

The report discuss Rig counts and feet of hole. In the USA, for onshore, there will be 181 million feet of Hole drilled.

What happens to all the drill cuttings for 181 million feet at the average hole diameter? This is not an environmental concern because I see the amount of processing that it has to go through but physically, where do you stack up that much dirt and rock?

Levi Williamson, Midwest Divisional Director Miller Howard Investments

Mark,

Great show. Really appreciate all that you guys do. Question for you.

Given the recent Capex cuts that we have seen come from some in the MLP space, what can we expect from a future cashflow perspective with respects to MLPs that aren’t currently cutting Capex?

Do we have a sense for the future impact of cashflows (current distributions) and cashflow growth (distribution growth)?

I guess in addition, you hear a lot in the market (Wall Street analysts) who claim that the business model is broken. I would be curious to see your opinion as someone who has been in the space for quite some time and with that you might adhere to the mantra, “The cure for low oil prices is low oil prices.”

Regards,

Levi Williamson

Stephen Smythe Jr, Sales at Omni Water Solutions

Hey Mark,

Big fan of the show on Oil and Gas Careers. Listen to it every week.

I didn’t know you are from Louisiana. I’m originally from Lafayette. Geaux Cajuns!

Anyway, the reason for my message is I am one of the many folks in this industry that have been laid off. I worked for a respectable service company in well completions and intervention.

I’m trying to find soe light in this dark forest. Fortunately, oil prices are starting to kick back up slowly. But, I thought I could get your take on a young person’s struggle to find his way in this industry right now.

Best Regards,

Stephen

Jeffrey Larson, Subsea Electronics (MUX) Technician

Mr. LaCour,

First I want to say I am a HUGE fan of our oil and gas podcasts. I am somewhat at a crossroads.

I want to be a subsea engineer offshore. It’s good money and a great schedule. But, I can’t for the life of me even get an interview … even before the crash.

I have the safe play of going back to government work or can continue to pursue oil and gas. Can you suggest any jobs that have travel requirements, will let me live anywhere in the US, and are great paying?

I have 10 years of Electronic (Navy) experience, and am going for a mechanical engineering technology degree in hopes to get the subsea engineer role.

I want the world and will work for it. I just don’t know how to get there.

Thank you for your time. Again, I love your shows and spread the work to anyone that will listen up here in Virginia.

Respectfully,

Jeffrey Larson

Paul, Finance

Hey guys – love your show. Just left you a review on iTunes as well – keep up the good work 🙂

I am a corporate guy for a company (prefer you don’t use the company name since I’m not an official spokesperson) and I don’t get into operations all that much – which is why I love your podcast because it helps me stay closer to the O&G trends.

Each year I help lead an enterprise risk assessment which identifies top risks and mitigation plans that is eventually presented to the CEO and Board. I’m curious to get your thoughts on the top risks are to the industry. We usually use a timeline of 1-5 years. Some general examples include:

– Succession Planning (e.g., crew change)

– Digital media (i.e., content marketing, SEO, social media, customer purchasing trends such as Amazon like disruption, branding, etc.): This could also be an example of if you don’t keep-up you will fall behind.

– Disruptive Technologies (typically the risk of if you don’t innovate/invest in new technologies someone else will pass you up): For example, digital oil field, big data platforms for industry purposes (e.g., Predix)

– Cyber risks

– HSE

– Supply Chain disruption

– Others?

Also, if you could suggest any links that would be helpful for further follow-up I would greatly appreciate it.

Shaun Kleinfelder

New listener to the podcast. I was wondering if you have looked into what is going on in the Marcellus and Utica shale in southern Ohio and West Virginia.

I would be interested in hearing your thoughts and how it has changed the US’s role in the O&G marketplace.

Thank you for your time,

Shaun

Extra, Extra

modalpoint‘s Global Oil and Gas Business Leaders Survey – December, 2015

modalpoint_survey

The Weekly Onion

Man Getting Futon All Dolled Up For Craigslist Photo Shoot

Events On Deck

What: SPRE Reserves and Resources
When: Thursday July 7th, 2016, from 6:00 to 9:00 PM
Where: Nundini Chef’s Table Italian Kitchen & Wine Bar, 500 North Shepherd Dr., Houston, TX 77007

What: Rice Roundtable – Lower for Longer and the Impact on the Houston Construction Market Outlook
When: Friday, July 8, 2016 from 11:15 AM – 1:00 PM
Where: Grand Hall, Rice University Ley Student Center

First Friday Q&A

If you didn’t get your questions in for July, August’s FFQA is will be here in no time.

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Thank you!!

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