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As we enter 2021 and reflect on the hellish year that was 2020, it's time remember the insanity and hilarity of it all, particularly in the energy corner many of us find ourselves in.
May I humbly present:
*THE TOP TEN EFT/ENERGY MOMENTS OF 2020*
May I humbly present:
*THE TOP TEN EFT/ENERGY MOMENTS OF 2020*
10/ After a quiet start to the year (anyone remember it?), the Covid-19 virus goes global.
On March 8th, the energy industry faces Doomsday. The combo of a demand implosion plus an OPEC+ supply Black Swan, leads to a record 1 day drop for the E&P index. https://twitter.com/ShaleCo_Energy/status/1237177893417074689?s=20
On March 8th, the energy industry faces Doomsday. The combo of a demand implosion plus an OPEC+ supply Black Swan, leads to a record 1 day drop for the E&P index. https://twitter.com/ShaleCo_Energy/status/1237177893417074689?s=20
9/ The birth of "EFT", the infamous $WLL short report, nails the 1st victim of the oil price decline.
In Apr, Whiting mgmt pays themselves $14.6M in bonuses the day before bankruptcy.
Bankruptcy Bucks
are born, and E&P executive comp rationality dies. https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/whiting-issued-nearly-14-6m-in-executive-bonuses-before-bankruptcy-filing-57862707
In Apr, Whiting mgmt pays themselves $14.6M in bonuses the day before bankruptcy.
Bankruptcy Bucks
are born, and E&P executive comp rationality dies. https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/whiting-issued-nearly-14-6m-in-executive-bonuses-before-bankruptcy-filing-57862707
8/ As the whole industry curled into the fetal position, we watched in horror as prices collapsed to the low of -$37.63/barrel, exacerbated by ETFs & paper oil traders misunderstanding contract roll.
The image of posted Plains prices will be framed on walls for posterity.
The image of posted Plains prices will be framed on walls for posterity.
7/ With most of the industry in paralysis glued to the news, the Energy FinTwit community takes off. Reuters profiles the group.
The Godfather, @Mr_Skilling, is recognized as our leading modern-day EFT muckraker. https://www.reuters.com/article/us-global-oil-twitter-idUSKCN21W0E7
The Godfather, @Mr_Skilling, is recognized as our leading modern-day EFT muckraker. https://www.reuters.com/article/us-global-oil-twitter-idUSKCN21W0E7
6/ In May, many oil executives plead in front of the TRRC to enforce proration (oil cuts) to save their ailing investments/firms.
The billionaire founder of Quantum complained that no business can succeed with such volatile prices, comparing the price of oil to iPhones.
The billionaire founder of Quantum complained that no business can succeed with such volatile prices, comparing the price of oil to iPhones.
5/ In June, retail traders with stimulus bucks decide it’s time to light it up.
$CHK attracts the Robinhood mob’s attention. It jumps 182% on June 9th & has multiple trading halts, the same day it files bankruptcy.
If Aubrey was here, he’d be on the phone to tap that cash.
$CHK attracts the Robinhood mob’s attention. It jumps 182% on June 9th & has multiple trading halts, the same day it files bankruptcy.
If Aubrey was here, he’d be on the phone to tap that cash.
4/ In Oct, as ShitCos seek merger partners, $PE found itself dancing alone. Founded by brunch aficionado B. Sheffield with properties inherited from granddaddy, it resorted to Plan B (Plan A?).
Call Daddy!
$PXD bought $PE in what we all hope to be a low point in E&P corp gov.
Call Daddy!
$PXD bought $PE in what we all hope to be a low point in E&P corp gov.
3/ We love SPACs, incl. their great track record and excellent alignment features. 
To date, [42] ESG SPACs have been raised targeting mostly unprofitable yet *promising* cos.
30 ESG SPACs are in the wings.
God bless you on your quest, & may he have mercy on your shrhldrs.
To date, [42] ESG SPACs have been raised targeting mostly unprofitable yet *promising* cos.
30 ESG SPACs are in the wings.
God bless you on your quest, & may he have mercy on your shrhldrs.
2/ Turnaround of the yr: PINK PETRO.
In Aug, its leader accused EFT of placing dog poo in her mailbox (*maybe* was her pissed off neighbor– MAYBE, JUST F*CKIN MAYBE).
4 mos later, EFT is named the #1 Ally Voice for ESG.
I’m no Robert Frost, but that is damn poetic.
In Aug, its leader accused EFT of placing dog poo in her mailbox (*maybe* was her pissed off neighbor– MAYBE, JUST F*CKIN MAYBE).
4 mos later, EFT is named the #1 Ally Voice for ESG.
I’m no Robert Frost, but that is damn poetic.
1/ To end on a high note– the EFT community came together this holiday season to help those in need.
336 donors raised $88,777, matched by an anon donor, to contribute to the Oilfield Helping Hands org.
$177,554 is amazing.
Let's do more in 2021- both here and in real life.
336 donors raised $88,777, matched by an anon donor, to contribute to the Oilfield Helping Hands org.
$177,554 is amazing.
Let's do more in 2021- both here and in real life.
Postscipt 1/2:
It was a tough year full of tragedy – both for human health but also trust in our nation's leaders and institutions.
The greed and incompetence at the top was disappointing and worthy of incessant shaming. Energy had its fair share.
It was a tough year full of tragedy – both for human health but also trust in our nation's leaders and institutions.
The greed and incompetence at the top was disappointing and worthy of incessant shaming. Energy had its fair share.
Postscipt 2/2:
But the selfless charity from the bottoms up emerged and was heartening - it is worthy of our unflinching support.
Let’s all pray for a better 2021 and beyond, and take ACTION in our daily lives to step in and step up where there is need.
HAPPY NEW YEAR!
But the selfless charity from the bottoms up emerged and was heartening - it is worthy of our unflinching support.
Let’s all pray for a better 2021 and beyond, and take ACTION in our daily lives to step in and step up where there is need.
HAPPY NEW YEAR!
