EFT Bot's Dad

No one, and I mean no one, does a worse job operating water assets than Select. And yet somehow they operate a lot of them!

And even if you start, it almost never happens that way, for numerous reasons: - program doesn’t work - someone is willing to pay you more for undeveloped sticks on a risk-adjusted basis (this is where most home runs are generated…usually for the seller and not the buyer) - extraneous factors (oil price, fund dynamics, economic outlook, regulatory, etc) cause it to get shut down. It’s just amusing that everyone has 30+ year reserve reports, with most locations forecasted to be mowed down in 5-10 years, but no one ever sees that to fruition and gets to the post-development world to find out if it ever was the correct underwriting paradigm or not.

The first picture reminded me of the now-closed old Holiday Inn with the Holidome in Midland, TX (on West Wall St). Missing the putting green and astroturf but the carpet/pool/interior rooms all fit. Great place for a Midland staycation in the 90s as a kid.

Given that the short expression was largely in the futures contracts (and elevated), and the long expression was largely in calls, seems like we’re in the middle of a short *and* gamma squeeze in WTI as we get into the 90s. We’ll see if it can be TACO’d.

These soft as baby shit international soccer fans are showing why they have exactly zero SEC championships.

I would like to wish everyone, including all the haters and losers (of which, sadly, there are many), a truly happy and enjoyable 250th Fourth of July Weekend! 🇺🇸 (Suck it, whiners)

This headline is not particularly true, at least in their historical bread and butter areas. Diamondback has performed valiantly at maintaining early time production as noted in the article (basically via frac optimizing). However, just looking at Martin County (where 80%+ of their wells in the last few years were drilled), early productivity is ~flat, realized GORs are up 20%+, forecasted oil EUR / ft (per Enverus) are down 15%+. Barnett / Woodford may change that trend at the company level, and longer laterals can still offset productivity losses via cost savings, but it is observable. All to be expected when you're developing a full cube and dealing with infill and offset development. Just the way things go, particularly in a basin like the Midland which is experiences much more interaction among its primary targets than the Delaware. I still think they're doing a great job, and outside of a few primo areas of NM Delaware, you'd be hard pressed to get better returns in the Permian than by pairing this productivity with FANG's cost structure.

Statement for immediate release: With the recent events surrounding Texas Tech football, and in solidarity with the integrity of college sports, I will not be selling any of my Permian acreage to Double Eagle*. Thank you for your attention to this matter. *(for <$25k per acre)