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Linn Energy, LLC (LINE) Message Board

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  • sandonthebeach47 sandonthebeach47 Jan 3, 2013 6:59 PM Flag

    QRE acquiring Jay field

    Any info on the type or quality of the oil or the oil field?

    what quantity the field produced so far,
    what quantity of oil might still be left there,
    how long it is producing,

    percentage of gas without EOR production,
    out of the ground is the oil sour or sweet oil,

    does it need to be refined first to get the mentioned light sweet price?

    .....and who now owns the refinery that was the Exxon refinery there?

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    • google is a useful tool, you should try it someday.
      Jay has been producing since 1970. As big as Prudhoe Bay, it has accounted for three quarters of the oil ever produced in Florida. You can find newspaper articles from 30 years ago talking about production from Jay being on the decline. But as we know they keep being able to extract more and more oil from those old fields. And that is what MLPs do - take the mature fields and go out and produce with no exploration risk. All accretive and hedged, this should drive meaningful distribution growth at QRE and it further increases their oil:gas ratio which was already oil heavy.

      Again, for answers to your questions about the Jay field, try google. Lots of info readily available.

    • To follow up on my earlier response, they won't need to do anything to the oil to sell on an LLS index price if the crude oil purchase agreement has quality deducts for sulfur. However, another option is that they could engage in some blending activities (more likely their marketer would do the blending) to bring the sulfur content down and meet the LLS spec. No refining necessary, nor would the products produced after refining meet the LLS spec anyway. The two real options are blending or sulfur deducts.

 
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