Recent

% | $
Quotes you view appear here for quick access.

Freeport-McMoRan Inc. Message Board

hardwoodjoe 51 posts  |  Last Activity: Mar 21, 2015 10:08 PM Member since: Oct 31, 2005
SortNewest  |  Oldest  |  Highest Rated Expand all messages
  • Reply to

    Any possibility a bigger co buys out LPI

    by julson73 Mar 13, 2015 4:48 PM
    hardwoodjoe hardwoodjoe Mar 21, 2015 10:08 PM Flag

    On Cramer....most likely he is short SN...I don't know if SN is selling assets if it was to sell, it would be the Miss. play....as for the Catarina in Eagleford it seems to be golden goose...Don't get me wrong if oil prices go way way higher than they are now things as everyone knows will change...I cant stand Cramer anymore than the next guy so what he says could be a ploy to drive the stock lower....Good luck on your trades...

  • Reply to

    Any possibility a bigger co buys out LPI

    by julson73 Mar 13, 2015 4:48 PM
    hardwoodjoe hardwoodjoe Mar 21, 2015 9:54 PM Flag

    I don't know anything about BBG or PVA , never looked at those stocks...I try to stay with stocks that I have dealt contracts with...EOG,APA,APC,DVN,LPI,PTEN,OXY,just to name a few others...SN was a sand silica contract with providing sand in Eagleford back in late Nov...
    On LPI and a buyout IDK...I do know what came out of the consultants mouth last NOV..was that OXY was looking at the acreage in the Permian but that was in November and the consultant is longer on contract with LPI. I don't really know if the rumour was legit or if was just being passed around the drillsites....life around drill pads are just as bad as the scandal rags in barber shops so with that in mind I wouldn't bet on it....
    Im not saying it isn't a suitable candidate I was thinking more like APA since their leases are adjacent to each other ....

  • Reply to

    Any possibility a bigger co buys out LPI

    by julson73 Mar 13, 2015 4:48 PM
    hardwoodjoe hardwoodjoe Mar 21, 2015 8:52 PM Flag

    I see and hope that it stays afloat at present levels....I covered SN and then sold it all before the EOD Friday...the bounce in WTI seems to be a dollar inverse move...I did like SN last June at 90 bbl oil but that has changed as well as the PE ratio...If oil continues in low ranges of 40.00 I don't think they will be as profitable...the debt they incurred when buying from Shell bothers me a bit...I know there is argument from SN holders on their message board but In cant see them profitable with low oil for a sustained amount of time...the cutbacks from eagleford have begun and if SN cutbacks so does the flow of money....I think eventually SN could continue to cannibalize itself out of production..This could change if price move upward but for now Im a daytrader on SN.
    LPI management brought in more shares and at first seemed like a dilution ...call it whatever you like but there is more shares. There is argument on this board of what its called ,I call it paying down debt which I think is a decent move. The whipsaw in this stock has subsided for now ....could it be because of managements decision to take this action IDK...The fundamentals of this company seem to be excellent as a long term hold...the acreage in the Permian I like ...vertical drilling is cheaper than horizontals...LPI can drill verticals just to maintain lease obligations...the logistics of having service companies readily a light switch notice is an advantage.
    I don't know whats in store for LPI next week but if oil retracts to low 40 then I see a slight pullback maybe not a whipsaw but some pullback ....
    The price of SN is now lower than LPI or at parity.. if you want to compare charts...last month it was about 2.00 higher so I don't know whats going on there...SN could be trending lower next week ..who knows...

  • Reply to

    Any possibility a bigger co buys out LPI

    by julson73 Mar 13, 2015 4:48 PM
    hardwoodjoe hardwoodjoe Mar 21, 2015 2:29 PM Flag

    Overall, U.S. oil production is set to increase slightly from March to April to 5.6 million barrels a day in six major fields, according to the EIA.

    But output is falling in the Eagle Ford Shale in South Texas, North Dakota’s Bakken Shale and the Niobrara Shale in Colorado, Wyoming, Nebraska and Kansas.

    In those three fields, net production is expected to drop by a combined 24,000 barrels a day.

    The losses were masked by production gains in the Permian Basin in West Texas and other regions.

    Efficiency improvements are still emerging in the Permian, faster than in other oil fields because the region was largely a vertical-drilling zone as recently as December 2013, the EIA said.

    Net crude output in the Bakken is expected to decline by 8,000 barrels a day from March to April. In the Eagle Ford, it’s slated to fall by 10,000 barrels a day. And in the Niobrara, production will dip by roughly 5,000 barrels a day.

    But daily crude output jumped by 21,000 barrels in the Permian and by 3,000 barrels in the Utica Shale in Ohio and Pennsylvania.

  • Reply to

    Oil up and Sanchez lagging

    by axaxax43 Mar 20, 2015 10:45 AM
    hardwoodjoe hardwoodjoe Mar 20, 2015 1:52 PM Flag

    So much for the pop ....sold all..... Im out

  • Reply to

    Oil up and Sanchez lagging

    by axaxax43 Mar 20, 2015 10:45 AM
    hardwoodjoe hardwoodjoe Mar 20, 2015 12:09 PM Flag

    Wow Im up a whole .03 cents.....oil up and oil stocks stuck in the mud...

  • Reply to

    Oil up and Sanchez lagging

    by axaxax43 Mar 20, 2015 10:45 AM
    hardwoodjoe hardwoodjoe Mar 20, 2015 11:36 AM Flag

    Have patience I covered at 11.92 should have a pop by the end day........hopefully...

  • hardwoodjoe hardwoodjoe Mar 18, 2015 10:16 AM Flag

    Cramer is short SN....he didn't say it directly but he did mention that he was short shale to his lemmings months ago....it was said between the lines ....he was expecting SN to plunge when he opened his big mouth yesterday....the guy is a bum and should be investigated by the SEC....

  • Reply to

    W T I was down 4% friday LPI was up a dime

    by thee_shagggmann Mar 15, 2015 11:23 PM
    hardwoodjoe hardwoodjoe Mar 16, 2015 12:34 PM Flag

    WTI down 3 1/2 % not looking good ...continue to be short oil...Iran nuclear deal gets resolved could get ugly for oil...Cushing still building stocks ...one bright spot is that some bargain hunters coming into oil stocks...most of offshore drillers hit 52 week lows, shorting offshore make good bets, but for how low?

  • Reply to

    March 13 calls had a lot of action

    by xdexletx Mar 11, 2015 4:18 PM
    hardwoodjoe hardwoodjoe Mar 13, 2015 1:07 PM Flag

    Julson I would stay away from RIG unless you are going to short it...aging fleet and the day rates are being slashed...Sdrl has a newer fleet but contracts are being canceled...IMO stay away from offshore unless oil recovers but don't bet the house anytime soon...
    Whiting is up for sale and have an office in Wink TX, been there many times the acreage in the Wink area is prime but the mistake they made was acquiring KOG which is Bakken...overpriced and logistics is what eroding profits Whiting is up for sale IMO before oil further collapses I thinking they are trying to command share buoyance ...I haven't heard of any takers but its early...
    as always do you DD when buying these stocks ...

  • hardwoodjoe hardwoodjoe Mar 13, 2015 12:47 PM Flag

    I believe in this company as I know a few of the employees in the bottom end and I was a contractor for LPI...I was contracting for LPI a total of 3 yrs and the upper Management seems to be knowledgeable in the Petroleum industry....They will drill in the most prolific areas given this environment which is the Garden City area in Glasscock Co.they are maintaining one drill rig because of lease obligations . though they have quite a bit of debt but I think they are working that issue out. Im currently long 2k shares and look at adding at cost averaging for a total of 3 -4 shares..
    I did hold SN and day tade it every now and then when oil rallies but as far owning it Im pretty skeptical of management...I think they will cannibalize themselves eventually if oil doesn't recover above 65 bbl...its a shame because they do have prime acreage but they overpaid Shell for it...I don't know much about the Eagleford but if its anything like The West ranch in the Ft Stockton area I would be scared to own it just look an SD price history since they bought that shale area.
    I would be more comfortable with LPI than SN ...but that's just my opinion ,,,and as always do your DD and read, read, read .

  • Reply to

    March 13 calls had a lot of action

    by xdexletx Mar 11, 2015 4:18 PM
    hardwoodjoe hardwoodjoe Mar 13, 2015 12:24 PM Flag

    Oil futures 1$ away from my forecast....it could reach it tomorrow....Rig count due today at 12.00 but probably wont make a difference....I still maintain to short oil...will look at covering with 2 weeks....supply/demand still putting pressure on oil..I don't see operators cutting back on oil , Sanchez could linger above 10.00 don't really see it single digits ...I do see the levels at Oklahoma Cushing to flatten out in the next couple weeks as spring arrives,
    The brutal snow in the northern states as well as refinery outages/srikes also seems to have a factor on the Cushing build but that should flatten out and the supply/demand selloff seems a little overdone but still putting pressure on oil....The Euro selloff and the dollar rally isn't helping oil either....I will be looking into getting back into SN around the 10-11 area...

  • hardwoodjoe hardwoodjoe Mar 13, 2015 12:00 PM Flag

    Sorry to get respond late....been out of town...Apache acquired acreage north of Barnhart I believe its the Deadwood area but not exactly sure, but around this area verticals are ideal but horizontals and fracking was difficult because there is an area in the formation where it is clay dense , and was difficult to pressure the formation in this zone ...I know apa had trouble pressurizing in this zone and had to apply more chemicals therefore raising the costs. I know the water costs were around 500,000$ per well and they were contracting Hydronix and Bosque to centrifuge the waste and reuse it in future wells but this was expensive....Apa is going to maintain 1 drill rig as I was told...its not a bad operator is that like everyone else in this industry the overextended themselves ...I know for a fact they had a 5% layoff in the drilling dept. It is more cash rich and asset rich than LPI.
    The cline isn't all the same as everyone thinks it is ...different formations and density is certain areas. PDC bits are the choice of every driller...you can TD with one bit running 3200 rpms and not putting excessive pressure on it...I visited the Cline in the Sweetwater area and the driller was having problems with the sand in the formation...he kept wore out a PDC and had to tripout 2x he also had problem where the formation collapsed on a previous wells...I know for a fact he was there 1 1/2 months which LPI didn't like...He ended moving his rig south of Big Spring west of Forsan TX....

  • hardwoodjoe hardwoodjoe Mar 13, 2015 11:39 AM Flag

    Dumb move to cover...short to 12,00,,,,oil going to 30... moron Moffit still a nimrod ... will be in the 12 area in 1 month wait it out oil is bleeding and it isn't going to be a quick cure for draw downs....copper going down very low demand in emerging markets...gold ...well everybody knows what happens to it when they raise interests rates 800 an ounce isn't far off....

  • hardwoodjoe hardwoodjoe Mar 9, 2015 1:00 PM Flag

    Glasscock Co. is one of the best drilling in the Permian...wells can be drilled at a low cost....LPI is good at cutting cost they were constantly sending out memos are cutting and trimming fat so if it is losing money it most certainly, in my belief at the top tier. I also kept hearing that OXY was looking at buying LPI but that was 4 months ago recently I heard no more....I don't know if they are still looking and doing the math or if this rumour was just a flat out lie....Im currently 2k shares on this company I bought at 8.23 and as of today still in the money....I think this downturn with low oil is going to last another yr....LPI isn't cutting back production, though they are down to one rig , they still have an obligation to keep drilling on their leases...

  • hardwoodjoe hardwoodjoe Mar 9, 2015 12:45 PM Flag

    I believe the cost are coming down for drilling these wells....I had three rigs out with Reserve Drilling Co. I was asked to come down on my day rates which were 16,000 per day...oil companies are demanding 40% which my boss the owner of these rigs said no way...well guess what they are stacked in our yard...probably wont go out till another yr...doesn't matter to him these rigs were paid for long ago...he said hes going to weather it out ...He stated he isn't going to wear out his equpt for less than 16k....others are going lower ...those ops. that got in late...cash flow is cash flow...
    I got my pink slip in Jan...was a contractor now outside looking in...LPI ,OXY,Element,Athlon,Endeavor,Discovery,Crown Quest,J cleo Thompson, CXO and a few others were the companies I was drilling for...
    So when SN said they are drilling for 1/2 of price as compared to 4 months ago I believe them....its not hard to get contractors to lower the price in this environment. My boss/owner just wouldn't do it...
    In the Permian area d TD is different the normal range is around 11k feet where as the Andrews area is 8k feet those wells can be drilled with a sinlge within a week...as for the cline shale where LPI drills it ranges from 11k to 15 k ...15 k being rare...the cline takes a little longer because of the clay in the formation its harder to penetrate...most of the wells I drilled for LPI were verticals at around 9500 ft at best took 2- 3 weeks at best...very efficient almost no downtime...there is a shale formation 20 miles south of the cline which is the Wolfbone/Wolfcamp which is way easier to drill and almost no clay...these wells are drill 12ft in almost 14 days tops...the problem with the cline shale is the clay....drilling horizontals is almost impossible...just take a look at APA when they tried to drill them....they haven't yet figured out an efficient way to drill them...that lease is in the middle of the cline which is Irion Co....The lease LPI bought is in Glasscock Co,.

  • hardwoodjoe hardwoodjoe Mar 3, 2015 10:51 AM Flag

    $30.00 stock is still not bad....Id rather they pay their debt off than squander it on lavish gifts for themselves....Acreage in the Garden City area is still robust and will be for yaers to come...The Cline shale is just beginning and its fruits are abundance for yrs to come....Oil companies haven't even tapped into its reserves....I don't think investors really know how much the Cline shale is capable of producing....Im long 2k shares and $30.00 would be alright with me....now that this has been digested Im still looking at 1 k more....if it does go lower then Im all in ...but 2k shares is allright also...

  • Reply to

    Earnings Miss + Lowered Outlook...!!

    by sandy_137 Mar 2, 2015 10:23 AM
    hardwoodjoe hardwoodjoe Mar 3, 2015 9:08 AM Flag

    The thing is people hold onto these stocks till they hit bottom then make a decision to sell after frustration....then they try to chase high flyers which are then overvalued only to get burned again ....these oils are out of favor at the moment its going to take time for these to rise to where they were last june...most people would welcome a war, disaster ,etc just to get their stock price up...the waiting is the hardest part about these stocks....dipping to 6.50 wasn't realistic 1 month ago....now its a possibility....Iam doubling down if it gets there...the supply rout in crude inventory ay Cushing isn't going away anytime soon...best to wait and see where these oil stocks are headed for better entry...

  • Reply to

    Earnings Miss + Lowered Outlook...!!

    by sandy_137 Mar 2, 2015 10:23 AM
    hardwoodjoe hardwoodjoe Mar 2, 2015 1:41 PM Flag

    Its because one negative word and the stock will sell off 10%...so be ready to buy or short....So far this sector is on the downtrend so I would expect a selloff when they report...its not that they will make money its that the baby is being thrown out with the bathwater....all oils are trending downward even when WTI is rallying...so when the bargain hunters come back then these stocks will pop...but meantime oil sector will be rangebound for the rest of the year.....if there isn't any geo-politico moves then expect these to continue their momentum...which is down...

  • hardwoodjoe hardwoodjoe Mar 2, 2015 11:47 AM Flag

    Wow !! what a surprise ....short term hit long term gain?...oil futures up and all oils going down....its evident rigs are stacking but production hasn't slowed...more buying opps?

FCX
18.80-0.70(-3.59%)Mar 27 4:00 PMEDT