BP will slash oil production by 40% and pour billions into green energy - GoHaynesvilleShale.com2024-03-28T09:30:05Zhttps://gohaynesvilleshale.com/forum/topics/bp-will-slash-oil-production-by-40-and-pour-billions-into-green?xg_source=activity&feed=yes&xn_auth=noOman and UAE are two long tim…tag:gohaynesvilleshale.com,2020-08-07:2117179:Comment:39181312020-08-07T16:11:02.288ZRock Manhttps://gohaynesvilleshale.com/profile/MarkP
<p>Oman and UAE are two long time and top notch projects. Some company is going to be picking up some gems with this divestment plan.</p>
<p>Oman and UAE are two long time and top notch projects. Some company is going to be picking up some gems with this divestment plan.</p> BP poised to sell 'stranded a…tag:gohaynesvilleshale.com,2020-08-07:2117179:Comment:39181282020-08-07T16:07:34.562ZSkip Peel - Mineral Consultanthttps://gohaynesvilleshale.com/profile/ilandman
<p><strong>BP poised to sell 'stranded assets' even if oil prices rally</strong></p>
<p>The strategy was discussed at a BP executives meeting in July, the sources said, soon after the oil major lowered its long-term oil price forecast to $55 a barrel, meaning that $17.5 billion worth of its assets are no longer economically viable</p>
<ul>
<li><a href="https://energy.economictimes.indiatimes.com/agency/12345678/Reuters">Reuters</a> August 07, 2020, 06:53 IST</li>
</ul>
<p>LONDON:…</p>
<p><strong>BP poised to sell 'stranded assets' even if oil prices rally</strong></p>
<p>The strategy was discussed at a BP executives meeting in July, the sources said, soon after the oil major lowered its long-term oil price forecast to $55 a barrel, meaning that $17.5 billion worth of its assets are no longer economically viable</p>
<ul>
<li><a href="https://energy.economictimes.indiatimes.com/agency/12345678/Reuters">Reuters</a> August 07, 2020, 06:53 IST</li>
</ul>
<p>LONDON: <a href="https://energy.economictimes.indiatimes.com/tag/bp">BP</a> is preparing to sell a large chunk of its oil and gas assets even if crude prices bounce back from the COVID-19 crash because it wants to invest more in <a href="https://energy.economictimes.indiatimes.com/tag/renewable+energy">renewable energy</a>, three sources familiar with BP's thinking said.<br/> <br/> The strategy was discussed at a BP executives meeting in July, the sources said, soon after the oil major lowered its long-term oil price forecast to $55 a barrel, meaning that $17.5 billion worth of its assets are no longer economically viable.<br/> <br/> But even if crude prices bounce back to $65-$70 a barrel, BP is unlikely to put those assets back into its exploration plans and would instead use the better market conditions as an opportunity to sell them, the three sources said.<br/> <br/> Major oil companies typically hold assets for the long term, even when crude prices plunge, with a view to start bringing more marginal production online when market conditions improve.<br/> <br/> However, BP's new divestment strategy, which has not previously been reported, means there will be no way back for the <a href="https://energy.economictimes.indiatimes.com/tag/british+energy">British energy</a> company once it has offloaded its so-called stranded oil and gas assets.<br/> <br/> BP did not respond to requests for comment.<br/> <br/> The new strategy also sheds more light on chief executive <a href="https://energy.economictimes.indiatimes.com/tag/bernard+looney">Bernard Looney</a>'s plan to reduce BP's oil and gas production by 40 per cent, or at least 1 million barrels per day, by 2030 while expanding into renewable energy.<br/> <br/> "It is a simple calculation of natural production decline and planned divestment," said a BP source, explaining how BP became the first big oil company to pledge a large cut in its oil output.<br/> <br/> For decades, BP and rivals such as <a href="https://energy.economictimes.indiatimes.com/tag/royal+dutch+shell">Royal Dutch Shell</a> and Exxon Mobil have promised investors that production would continue to rise.<br/> <br/> But as climate activists, investors, banks and some governments raise pressure on the industry to reduce emissions to help cool the planet, European oil firms are changing tack and pledging to invest more in renewable energy sources.<br/> <br/> U.S. rivals are under less government pressure and have not made similar commitments on renewables.<br/> <br/> "As we look at the outlook for BP over the next few years and as we see production declining by 40 per cent it is clear we no longer need exploration to fund new growth," Looney said this week. "We will not enter new countries to explore."<br/> <br/> He said BP would continue to explore for oil near its existing production infrastructure as those barrels would be low cost - and help boost BP's cash flow to fund its transition to cleaner energy.<br/> <br/> FROM CANADA TO ANGOLA<br/> <br/> BP also raised its target this week for returns from asset sales to $25 billion between 2020 and 2025, of which about $12 billion has already been lined up.<br/> <br/> It has yet to name the other assets it wants to sell.<br/> <br/> Sources have previously told Reuters that BP has identified Canadian <a href="https://energy.economictimes.indiatimes.com/tag/oil+sands">oil sands</a> assets and projects in deep water off Angola as being uneconomical under its new oil price scenario.<br/> <br/> For a graphic of BP's stranded assets, click on <a href="https://tmsnrt.rs/3fNShQX" target="_blank">https://tmsnrt.rs/3fNShQX</a><br/> <br/> One of the three sources said BP's divestment targets could easily be exceeded if it sells most of its assets currently viewed as stranded.<br/> <br/> Parul Chopra, analyst at <a href="https://energy.economictimes.indiatimes.com/tag/rystad+energy">Rystad Energy</a>, said in addition to Angola, he expected BP to move out of Azerbaijan, Oman, the United Arab Emirates and Iraq.<br/> <br/> "In Iraq, the rates of returns are quite low. That fits into that profile, with high greenhouse gas emissions, they would want to exit that," he said.<br/> <br/> BP is planning a 10-fold increase in investment in low carbon energy sources to about $5 billion per year by 2030 and wants to deliver a 20-fold increase in renewables capacity to generate 50 gigawatts through new projects and acquisitions.<br/> <br/> But with debt of close to $50 billion, BP will essentially be moving from one capital intensive business - oil - to another capital intensive business with lower margins - renewables.<br/> <br/> At the moment, such a shift might be attractive to BP investors demanding the company move away from fossil fuels, but analysts say they should be prepared for lower margins.<br/> <br/> Oil majors generally target a 12 per cent to 15 per cent return on their investments in oil. BP has said it is aiming for a return of 8 per cent to 12 per cent for renewables.<br/> <br/> "Investors are pushing for a faster transition, but weak balance sheets mean the pivot is a challenge, leading companies to dismantle core businesses in order to facilitate the ramp up in capex (capital spending)," said Biraj Borkhataria at <a href="https://energy.economictimes.indiatimes.com/tag/rbc+capital+markets">RBC Capital Markets</a>.<br/> <br/> Borkhataria said he expected BP to divest as much as 500,000 barrels a day of production while losing a similar amount through the natural decline in output from oilfields.</p>
<p> </p> First comment - not the same…tag:gohaynesvilleshale.com,2020-08-06:2117179:Comment:39179592020-08-06T17:50:03.824ZRock Manhttps://gohaynesvilleshale.com/profile/MarkP
<p>First comment - not the same BP (Amoco) I worked for from 1977 to 1994.</p>
<p>Their sale of two legacy refining properties (Texas City and Napierville) was a good move (as to getting away from OLD refining properties / probably a big liability there). Most likely part of the master plan to re shape the company for the future.</p>
<p>I wonder what the timing will be when BP gets swallowed up or merged with another major player????????????</p>
<p>As an explorationist, I have a hard time…</p>
<p>First comment - not the same BP (Amoco) I worked for from 1977 to 1994.</p>
<p>Their sale of two legacy refining properties (Texas City and Napierville) was a good move (as to getting away from OLD refining properties / probably a big liability there). Most likely part of the master plan to re shape the company for the future.</p>
<p>I wonder what the timing will be when BP gets swallowed up or merged with another major player????????????</p>
<p>As an explorationist, I have a hard time understanding how a company like BP can stop exploring? Where will future "new assets" come from? All acquisition??</p>
<p>The Jim Vanderbeek's of Amoco's past (Jim was President of Exploration in the old days) are spinning like a rotating head as they hear this!</p> You're welcome. I think the…tag:gohaynesvilleshale.com,2020-08-05:2117179:Comment:39178092020-08-05T21:21:35.828ZSkip Peel - Mineral Consultanthttps://gohaynesvilleshale.com/profile/ilandman
<p>You're welcome. I think the exploration decision is a fairly stunning pronouncement.</p>
<p></p>
<p>You're welcome. I think the exploration decision is a fairly stunning pronouncement.</p>
<p></p> Thanks. Appreciate the insigh…tag:gohaynesvilleshale.com,2020-08-05:2117179:Comment:39178072020-08-05T21:19:16.766ZEastTexasFarmerhttps://gohaynesvilleshale.com/profile/EastTexasFarmer
<p>Thanks. Appreciate the insight.</p>
<p></p>
<p>Thanks. Appreciate the insight.</p>
<p></p> I agree that BP will continue…tag:gohaynesvilleshale.com,2020-08-05:2117179:Comment:39178892020-08-05T18:21:58.653ZSkip Peel - Mineral Consultanthttps://gohaynesvilleshale.com/profile/ilandman
<p>I agree that BP will continue with the assets currently being developed. The big news here is a commitment to stop exploring.</p>
<p></p>
<p>I agree that BP will continue with the assets currently being developed. The big news here is a commitment to stop exploring.</p>
<p></p> Thanks for the additional inf…tag:gohaynesvilleshale.com,2020-08-05:2117179:Comment:39177932020-08-05T18:20:43.545ZSkip Peel - Mineral Consultanthttps://gohaynesvilleshale.com/profile/ilandman
<p>Thanks for the additional information. It makes sense to tout what you are planning to keep when announcing a cessation in new exploration. $3 gas over any extended yearly quarters still seems like wishful think without a major rebound in global economics. Here is the forward HH strip through 2021, only two months of $3.…</p>
<p></p>
<p>Thanks for the additional information. It makes sense to tout what you are planning to keep when announcing a cessation in new exploration. $3 gas over any extended yearly quarters still seems like wishful think without a major rebound in global economics. Here is the forward HH strip through 2021, only two months of $3.</p>
<p></p>
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<td><a rel="nofollow" href="https://www.cmegroup.com/trading/energy/natural-gas/natural-gas_quotes_globex_options.html?optionExpiration=U0" class="cmeInlineButtonLinkIcon cmeOptionsButtonLinkIcon"><span>SEP 2020</span></a></td>
<td><a rel="nofollow" href="https://www.cmegroup.com/apps/cmegroup/widgets/productLibs/esignal-charts.html?code=NG&title=SEP_2020_Henry_Hub_Natural_Gas_&type=p&venue=1&monthYear=U0&year=2020&exchangeCode=XNYM" class="cmeIconListItem cmePriceChartImageIcon"><span>Show Price Chart</span></a></td>
<td id="quotesFuturesProductTable1_NGU0_last"><strong>2.180</strong></td>
<td id="quotesFuturesProductTable1_NGU0_change" class="statusAlert">-0.013</td>
<td id="quotesFuturesProductTable1_NGU0_priorSettle">2.193</td>
<td id="quotesFuturesProductTable1_NGU0_open">2.178</td>
<td id="quotesFuturesProductTable1_NGU0_high">2.261</td>
<td id="quotesFuturesProductTable1_NGU0_low">2.163</td>
<td id="quotesFuturesProductTable1_NGU0_volume" class="cmeTableRight">147,795</td>
<td id="quotesFuturesProductTable1_NGU0_updated" class="cmeUpdatedField">13:12:33 CT<br/> 05 Aug 2020</td>
</tr>
<tr class=""><th scope="row"><span class="cmeNoWrap">OCT 2020</span></th>
<td><a rel="nofollow" href="https://www.cmegroup.com/trading/energy/natural-gas/natural-gas_quotes_globex_options.html?optionExpiration=V0" class="cmeInlineButtonLinkIcon cmeOptionsButtonLinkIcon"><span>OCT 2020</span></a></td>
<td><a rel="nofollow" href="https://www.cmegroup.com/apps/cmegroup/widgets/productLibs/esignal-charts.html?code=NG&title=OCT_2020_Henry_Hub_Natural_Gas_&type=p&venue=1&monthYear=V0&year=2020&exchangeCode=XNYM" class="cmeIconListItem cmePriceChartImageIcon"><span>Show Price Chart</span></a></td>
<td id="quotesFuturesProductTable1_NGV0_last"><strong>2.319</strong></td>
<td id="quotesFuturesProductTable1_NGV0_change" class="statusAlert">-0.015</td>
<td id="quotesFuturesProductTable1_NGV0_priorSettle">2.334</td>
<td id="quotesFuturesProductTable1_NGV0_open">2.324</td>
<td id="quotesFuturesProductTable1_NGV0_high">2.395</td>
<td id="quotesFuturesProductTable1_NGV0_low">2.300</td>
<td id="quotesFuturesProductTable1_NGV0_volume" class="cmeTableRight">66,760</td>
<td id="quotesFuturesProductTable1_NGV0_updated" class="cmeUpdatedField">13:12:33 CT<br/> 05 Aug 2020</td>
</tr>
<tr class=""><th scope="row"><span class="cmeNoWrap">NOV 2020</span></th>
<td><a rel="nofollow" href="https://www.cmegroup.com/trading/energy/natural-gas/natural-gas_quotes_globex_options.html?optionExpiration=X0" class="cmeInlineButtonLinkIcon cmeOptionsButtonLinkIcon"><span>NOV 2020</span></a></td>
<td><a rel="nofollow" href="https://www.cmegroup.com/apps/cmegroup/widgets/productLibs/esignal-charts.html?code=NG&title=NOV_2020_Henry_Hub_Natural_Gas_&type=p&venue=1&monthYear=X0&year=2020&exchangeCode=XNYM" class="cmeIconListItem cmePriceChartImageIcon"><span>Show Price Chart</span></a></td>
<td id="quotesFuturesProductTable1_NGX0_last"><strong>2.662</strong></td>
<td id="quotesFuturesProductTable1_NGX0_change" class="statusAlert">-0.007</td>
<td id="quotesFuturesProductTable1_NGX0_priorSettle">2.669</td>
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<tr class=""><th scope="row"><span class="cmeNoWrap">DEC 2020</span></th>
<td><a rel="nofollow" href="https://www.cmegroup.com/trading/energy/natural-gas/natural-gas_quotes_globex_options.html?optionExpiration=Z0" class="cmeInlineButtonLinkIcon cmeOptionsButtonLinkIcon"><span>DEC 2020</span></a></td>
<td><a rel="nofollow" href="https://www.cmegroup.com/apps/cmegroup/widgets/productLibs/esignal-charts.html?code=NG&title=DEC_2020_Henry_Hub_Natural_Gas_&type=p&venue=1&monthYear=Z0&year=2020&exchangeCode=XNYM" class="cmeIconListItem cmePriceChartImageIcon"><span>Show Price Chart</span></a></td>
<td id="quotesFuturesProductTable1_NGZ0_last"><strong>2.978</strong></td>
<td id="quotesFuturesProductTable1_NGZ0_change" class="statusOK">+0.013</td>
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<tr class=""><th scope="row"><span class="cmeNoWrap">JAN 2021</span></th>
<td><a rel="nofollow" href="https://www.cmegroup.com/trading/energy/natural-gas/natural-gas_quotes_globex_options.html?optionExpiration=F1" class="cmeInlineButtonLinkIcon cmeOptionsButtonLinkIcon"><span>JAN 2021</span></a></td>
<td><a rel="nofollow" href="https://www.cmegroup.com/apps/cmegroup/widgets/productLibs/esignal-charts.html?code=NG&title=JAN_2021_Henry_Hub_Natural_Gas_&type=p&venue=1&monthYear=F1&year=2021&exchangeCode=XNYM" class="cmeIconListItem cmePriceChartImageIcon"><span>Show Price Chart</span></a></td>
<td id="quotesFuturesProductTable1_NGF1_last"><strong>3.088</strong></td>
<td id="quotesFuturesProductTable1_NGF1_change" class="statusOK">+0.023</td>
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<td id="quotesFuturesProductTable1_NGF1_open">3.051</td>
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<td id="quotesFuturesProductTable1_NGF1_low">3.045</td>
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<tr class=""><th scope="row"><span class="cmeNoWrap">FEB 2021</span></th>
<td><a rel="nofollow" href="https://www.cmegroup.com/trading/energy/natural-gas/natural-gas_quotes_globex_options.html?optionExpiration=G1" class="cmeInlineButtonLinkIcon cmeOptionsButtonLinkIcon"><span>FEB 2021</span></a></td>
<td><a rel="nofollow" href="https://www.cmegroup.com/apps/cmegroup/widgets/productLibs/esignal-charts.html?code=NG&title=FEB_2021_Henry_Hub_Natural_Gas_&type=p&venue=1&monthYear=G1&year=2021&exchangeCode=XNYM" class="cmeIconListItem cmePriceChartImageIcon"><span>Show Price Chart</span></a></td>
<td id="quotesFuturesProductTable1_NGG1_last"><strong>3.045</strong></td>
<td id="quotesFuturesProductTable1_NGG1_change" class="statusOK">+0.021</td>
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<td id="quotesFuturesProductTable1_NGG1_open">3.020</td>
<td id="quotesFuturesProductTable1_NGG1_high">3.054</td>
<td id="quotesFuturesProductTable1_NGG1_low">3.005</td>
<td id="quotesFuturesProductTable1_NGG1_volume" class="cmeTableRight">6,890</td>
<td id="quotesFuturesProductTable1_NGG1_updated" class="cmeUpdatedField">13:12:31 CT<br/> 05 Aug 2020</td>
</tr>
<tr class=""><th scope="row"><span class="cmeNoWrap">MAR 2021</span></th>
<td><a rel="nofollow" href="https://www.cmegroup.com/trading/energy/natural-gas/natural-gas_quotes_globex_options.html?optionExpiration=H1" class="cmeInlineButtonLinkIcon cmeOptionsButtonLinkIcon"><span>MAR 2021</span></a></td>
<td><a rel="nofollow" href="https://www.cmegroup.com/apps/cmegroup/widgets/productLibs/esignal-charts.html?code=NG&title=MAR_2021_Henry_Hub_Natural_Gas_&type=p&venue=1&monthYear=H1&year=2021&exchangeCode=XNYM" class="cmeIconListItem cmePriceChartImageIcon"><span>Show Price Chart</span></a></td>
<td id="quotesFuturesProductTable1_NGH1_last"><strong>2.927</strong></td>
<td id="quotesFuturesProductTable1_NGH1_change" class="statusOK">+0.020</td>
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</tr>
<tr class=""><th scope="row"><span class="cmeNoWrap">APR 2021</span></th>
<td><a rel="nofollow" href="https://www.cmegroup.com/trading/energy/natural-gas/natural-gas_quotes_globex_options.html?optionExpiration=J1" class="cmeInlineButtonLinkIcon cmeOptionsButtonLinkIcon"><span>APR 2021</span></a></td>
<td><a rel="nofollow" href="https://www.cmegroup.com/apps/cmegroup/widgets/productLibs/esignal-charts.html?code=NG&title=APR_2021_Henry_Hub_Natural_Gas_&type=p&venue=1&monthYear=J1&year=2021&exchangeCode=XNYM" class="cmeIconListItem cmePriceChartImageIcon"><span>Show Price Chart</span></a></td>
<td id="quotesFuturesProductTable1_NGJ1_last"><strong>2.644</strong></td>
<td id="quotesFuturesProductTable1_NGJ1_change" class="statusOK">+0.004</td>
<td id="quotesFuturesProductTable1_NGJ1_priorSettle">2.640</td>
<td id="quotesFuturesProductTable1_NGJ1_open">2.639</td>
<td id="quotesFuturesProductTable1_NGJ1_high">2.650</td>
<td id="quotesFuturesProductTable1_NGJ1_low">2.631</td>
<td id="quotesFuturesProductTable1_NGJ1_volume" class="cmeTableRight">11,529</td>
<td id="quotesFuturesProductTable1_NGJ1_updated" class="cmeUpdatedField">13:11:59 CT<br/> 05 Aug 2020</td>
</tr>
<tr class=""><th scope="row"><span class="cmeNoWrap">MAY 2021</span></th>
<td><a rel="nofollow" href="https://www.cmegroup.com/trading/energy/natural-gas/natural-gas_quotes_globex_options.html?optionExpiration=K1" class="cmeInlineButtonLinkIcon cmeOptionsButtonLinkIcon"><span>MAY 2021</span></a></td>
<td><a rel="nofollow" href="https://www.cmegroup.com/apps/cmegroup/widgets/productLibs/esignal-charts.html?code=NG&title=MAY_2021_Henry_Hub_Natural_Gas_&type=p&venue=1&monthYear=K1&year=2021&exchangeCode=XNYM" class="cmeIconListItem cmePriceChartImageIcon"><span>Show Price Chart</span></a></td>
<td id="quotesFuturesProductTable1_NGK1_last"><strong>2.607</strong></td>
<td id="quotesFuturesProductTable1_NGK1_change" class="statusOK">+0.002</td>
<td id="quotesFuturesProductTable1_NGK1_priorSettle">2.605</td>
<td id="quotesFuturesProductTable1_NGK1_open">2.603</td>
<td id="quotesFuturesProductTable1_NGK1_high">2.612</td>
<td id="quotesFuturesProductTable1_NGK1_low">2.590</td>
<td id="quotesFuturesProductTable1_NGK1_volume" class="cmeTableRight">5,926</td>
<td id="quotesFuturesProductTable1_NGK1_updated" class="cmeUpdatedField">13:11:59 CT<br/> 05 Aug 2020</td>
</tr>
<tr class=""><th scope="row"><span class="cmeNoWrap">JUN 2021</span></th>
<td><a rel="nofollow" href="https://www.cmegroup.com/trading/energy/natural-gas/natural-gas_quotes_globex_options.html?optionExpiration=M1" class="cmeInlineButtonLinkIcon cmeOptionsButtonLinkIcon"><span>JUN 2021</span></a></td>
<td><a rel="nofollow" href="https://www.cmegroup.com/apps/cmegroup/widgets/productLibs/esignal-charts.html?code=NG&title=JUN_2021_Henry_Hub_Natural_Gas_&type=p&venue=1&monthYear=M1&year=2021&exchangeCode=XNYM" class="cmeIconListItem cmePriceChartImageIcon"><span>Show Price Chart</span></a></td>
<td id="quotesFuturesProductTable1_NGM1_last"><strong>2.640</strong></td>
<td id="quotesFuturesProductTable1_NGM1_change" class="statusOK">+0.003</td>
<td id="quotesFuturesProductTable1_NGM1_priorSettle">2.637</td>
<td id="quotesFuturesProductTable1_NGM1_open">2.630</td>
<td id="quotesFuturesProductTable1_NGM1_high">2.644</td>
<td id="quotesFuturesProductTable1_NGM1_low">2.621</td>
<td id="quotesFuturesProductTable1_NGM1_volume" class="cmeTableRight">2,570</td>
<td id="quotesFuturesProductTable1_NGM1_updated" class="cmeUpdatedField">13:11:59 CT<br/> 05 Aug 2020</td>
</tr>
<tr class="cmeTableRowHighlight"><th scope="row"><span class="cmeNoWrap">JUL 2021</span></th>
<td><a rel="nofollow" href="https://www.cmegroup.com/trading/energy/natural-gas/natural-gas_quotes_globex_options.html?optionExpiration=N1" class="cmeInlineButtonLinkIcon cmeOptionsButtonLinkIcon"><span>JUL 2021</span></a></td>
<td><a rel="nofollow" href="https://www.cmegroup.com/apps/cmegroup/widgets/productLibs/esignal-charts.html?code=NG&title=JUL_2021_Henry_Hub_Natural_Gas_&type=p&venue=1&monthYear=N1&year=2021&exchangeCode=XNYM" class="cmeIconListItem cmePriceChartImageIcon"><span>Show Price Chart</span></a></td>
<td id="quotesFuturesProductTable1_NGN1_last"><strong>2.680</strong></td>
<td id="quotesFuturesProductTable1_NGN1_change" class="statusOK">+0.004</td>
<td id="quotesFuturesProductTable1_NGN1_priorSettle">2.676</td>
<td id="quotesFuturesProductTable1_NGN1_open">2.668</td>
<td id="quotesFuturesProductTable1_NGN1_high">2.682</td>
<td id="quotesFuturesProductTable1_NGN1_low">2.666</td>
<td id="quotesFuturesProductTable1_NGN1_volume" class="cmeTableRight">1,961</td>
<td id="quotesFuturesProductTable1_NGN1_updated" class="cmeUpdatedField">13:11:59 CT<br/> 05 Aug 2020</td>
</tr>
<tr class=""><th scope="row"><span class="cmeNoWrap">AUG 2021</span></th>
<td><a rel="nofollow" href="https://www.cmegroup.com/trading/energy/natural-gas/natural-gas_quotes_globex_options.html?optionExpiration=Q1" class="cmeInlineButtonLinkIcon cmeOptionsButtonLinkIcon"><span>AUG 2021</span></a></td>
<td><a rel="nofollow" href="https://www.cmegroup.com/apps/cmegroup/widgets/productLibs/esignal-charts.html?code=NG&title=AUG_2021_Henry_Hub_Natural_Gas_&type=p&venue=1&monthYear=Q1&year=2021&exchangeCode=XNYM" class="cmeIconListItem cmePriceChartImageIcon"><span>Show Price Chart</span></a></td>
<td id="quotesFuturesProductTable1_NGQ1_last"><strong>2.685</strong></td>
<td id="quotesFuturesProductTable1_NGQ1_change" class="statusOK">+0.001</td>
<td id="quotesFuturesProductTable1_NGQ1_priorSettle">2.684</td>
<td id="quotesFuturesProductTable1_NGQ1_open">2.673</td>
<td id="quotesFuturesProductTable1_NGQ1_high">2.687</td>
<td id="quotesFuturesProductTable1_NGQ1_low">2.672</td>
<td id="quotesFuturesProductTable1_NGQ1_volume" class="cmeTableRight">1,758</td>
<td id="quotesFuturesProductTable1_NGQ1_updated" class="cmeUpdatedField">13:11:59 CT<br/> 05 Aug 2020</td>
</tr>
<tr class=""><th scope="row"><span class="cmeNoWrap">SEP 2021</span></th>
<td><a rel="nofollow" href="https://www.cmegroup.com/trading/energy/natural-gas/natural-gas_quotes_globex_options.html?optionExpiration=U1" class="cmeInlineButtonLinkIcon cmeOptionsButtonLinkIcon"><span>SEP 2021</span></a></td>
<td><a rel="nofollow" href="https://www.cmegroup.com/apps/cmegroup/widgets/productLibs/esignal-charts.html?code=NG&title=SEP_2021_Henry_Hub_Natural_Gas_&type=p&venue=1&monthYear=U1&year=2021&exchangeCode=XNYM" class="cmeIconListItem cmePriceChartImageIcon"><span>Show Price Chart</span></a></td>
<td id="quotesFuturesProductTable1_NGU1_last"><strong>2.672</strong></td>
<td id="quotesFuturesProductTable1_NGU1_change" class="statusOK">+0.003</td>
<td id="quotesFuturesProductTable1_NGU1_priorSettle">2.669</td>
<td id="quotesFuturesProductTable1_NGU1_open">2.663</td>
<td id="quotesFuturesProductTable1_NGU1_high">2.674</td>
<td id="quotesFuturesProductTable1_NGU1_low">2.658</td>
<td id="quotesFuturesProductTable1_NGU1_volume" class="cmeTableRight">2,380</td>
<td id="quotesFuturesProductTable1_NGU1_updated" class="cmeUpdatedField">13:11:59 CT<br/> 05 Aug 2020</td>
</tr>
<tr class=""><th scope="row"><span class="cmeNoWrap">OCT 2021</span></th>
<td><a rel="nofollow" href="https://www.cmegroup.com/trading/energy/natural-gas/natural-gas_quotes_globex_options.html?optionExpiration=V1" class="cmeInlineButtonLinkIcon cmeOptionsButtonLinkIcon"><span>OCT 2021</span></a></td>
<td><a rel="nofollow" href="https://www.cmegroup.com/apps/cmegroup/widgets/productLibs/esignal-charts.html?code=NG&title=OCT_2021_Henry_Hub_Natural_Gas_&type=p&venue=1&monthYear=V1&year=2021&exchangeCode=XNYM" class="cmeIconListItem cmePriceChartImageIcon"><span>Show Price Chart</span></a></td>
<td id="quotesFuturesProductTable1_NGV1_last"><strong>2.690</strong></td>
<td id="quotesFuturesProductTable1_NGV1_change" class="statusOK">+0.002</td>
<td id="quotesFuturesProductTable1_NGV1_priorSettle">2.688</td>
<td id="quotesFuturesProductTable1_NGV1_open">2.681</td>
<td id="quotesFuturesProductTable1_NGV1_high">2.693</td>
<td id="quotesFuturesProductTable1_NGV1_low">2.675</td>
<td id="quotesFuturesProductTable1_NGV1_volume" class="cmeTableRight">5,576</td>
<td id="quotesFuturesProductTable1_NGV1_updated" class="cmeUpdatedField">13:11:59 CT<br/> 05 Aug 2020</td>
</tr>
<tr class=""><th scope="row"><span class="cmeNoWrap">NOV 2021</span></th>
<td><a rel="nofollow" href="https://www.cmegroup.com/trading/energy/natural-gas/natural-gas_quotes_globex_options.html?optionExpiration=X1" class="cmeInlineButtonLinkIcon cmeOptionsButtonLinkIcon"><span>NOV 2021</span></a></td>
<td><a rel="nofollow" href="https://www.cmegroup.com/apps/cmegroup/widgets/productLibs/esignal-charts.html?code=NG&title=NOV_2021_Henry_Hub_Natural_Gas_&type=p&venue=1&monthYear=X1&year=2021&exchangeCode=XNYM" class="cmeIconListItem cmePriceChartImageIcon"><span>Show Price Chart</span></a></td>
<td id="quotesFuturesProductTable1_NGX1_last"><strong>2.735</strong></td>
<td id="quotesFuturesProductTable1_NGX1_change" class="statusOK">+0.003</td>
<td id="quotesFuturesProductTable1_NGX1_priorSettle">2.732</td>
<td id="quotesFuturesProductTable1_NGX1_open">2.729</td>
<td id="quotesFuturesProductTable1_NGX1_high">2.737</td>
<td id="quotesFuturesProductTable1_NGX1_low">2.720</td>
<td id="quotesFuturesProductTable1_NGX1_volume" class="cmeTableRight">1,253</td>
<td id="quotesFuturesProductTable1_NGX1_updated" class="cmeUpdatedField">13:11:59 CT<br/> 05 Aug 2020</td>
</tr>
<tr class=""><th scope="row"><span class="cmeNoWrap">DEC 2021</span></th>
<td><a rel="nofollow" href="https://www.cmegroup.com/trading/energy/natural-gas/natural-gas_quotes_globex_options.html?optionExpiration=Z1" class="cmeInlineButtonLinkIcon cmeOptionsButtonLinkIcon"><span>DEC 2021</span></a></td>
<td><a rel="nofollow" href="https://www.cmegroup.com/apps/cmegroup/widgets/productLibs/esignal-charts.html?code=NG&title=DEC_2021_Henry_Hub_Natural_Gas_&type=p&venue=1&monthYear=Z1&year=2021&exchangeCode=XNYM" class="cmeIconListItem cmePriceChartImageIcon"><span>Show Price Chart</span></a></td>
<td id="quotesFuturesProductTable1_NGZ1_last"><strong>2.860</strong></td>
<td id="quotesFuturesProductTable1_NGZ1_change" class="statusOK">+0.001</td>
<td id="quotesFuturesProductTable1_NGZ1_priorSettle">2.859</td>
<td id="quotesFuturesProductTable1_NGZ1_open">2.854</td>
<td id="quotesFuturesProductTable1_NGZ1_high">2.863</td>
<td id="quotesFuturesProductTable1_NGZ1_low">2.844</td>
<td id="quotesFuturesProductTable1_NGZ1_volume" class="cmeTableRight">1,116</td>
<td id="quotesFuturesProductTable1_NGZ1_updated" class="cmeUpdatedField">13:11:59 CT<br/> 05 Aug 2020</td>
</tr>
</tbody>
</table>
<p></p> Personal Opinion - I believe…tag:gohaynesvilleshale.com,2020-08-05:2117179:Comment:39178882020-08-05T18:16:53.878ZEastTexasFarmerhttps://gohaynesvilleshale.com/profile/EastTexasFarmer
<p>Personal Opinion - I believe there's still a commitment for BP to continue their natural gas development in East Texas. BP needs a natural gas source for their LNG trading, and East TX / West LA represents a readily available resource.</p>
<p>Personal Opinion - I believe there's still a commitment for BP to continue their natural gas development in East Texas. BP needs a natural gas source for their LNG trading, and East TX / West LA represents a readily available resource.</p> An Excerpt from BP’s Q2 2020…tag:gohaynesvilleshale.com,2020-08-05:2117179:Comment:39178852020-08-05T18:14:09.501ZEastTexasFarmerhttps://gohaynesvilleshale.com/profile/EastTexasFarmer
<p>An Excerpt from BP’s Q2 2020 Conference Call</p>
<p>Comment made by Murray Auchincloss – BP’s Chief Financial Officer</p>
<p>BPX (Energy) remains core to the business, continues to do really well. The reservoirs are better than we thought. We’re finding more zones than we thought originally. Synergies were at $400 million. We’ll probably get more synergies, but we’re above the $350 million target we talked about.</p>
<p>And obviously, the capital is deflating these days. Service rates are…</p>
<p>An Excerpt from BP’s Q2 2020 Conference Call</p>
<p>Comment made by Murray Auchincloss – BP’s Chief Financial Officer</p>
<p>BPX (Energy) remains core to the business, continues to do really well. The reservoirs are better than we thought. We’re finding more zones than we thought originally. Synergies were at $400 million. We’ll probably get more synergies, but we’re above the $350 million target we talked about.</p>
<p>And obviously, the capital is deflating these days. Service rates are down. And so, when we start drilling again, service rates are going to be an awful lot lower. So, the investment case remains strong. No impairments as we went through our process. So that’s very good news. And the way we’ll think about it moving forward is it’s flexible. We have two great gas basins. We have two great liquids basins and depending on what happens on natural gas price or depending on what happens on oil price, we’ll have the ability to modulate investment into that.</p>
<p>Last thing I’ll say is, right now, it’s going to break even at around $3 Henry Hub, which you can see in the forward markets in December, and $35 WTI. So about right now, it’s now cash flow breakeven with about $1 billion of CapEx going in. And if prices pick up and we get activity going back in there, we should start to see growth in cash flow over time.</p> No, not terribly surprised if…tag:gohaynesvilleshale.com,2020-08-05:2117179:Comment:39174532020-08-05T00:48:16.000ZSkip Peel - Mineral Consultanthttps://gohaynesvilleshale.com/profile/ilandman
<p>No, not terribly surprised if they "unloaded" their Haynesville stake. The bottom line for my clients, and my business, is having an operator that prioritizes the Haynesville/Bossier play and treats their royalty and unleased mineral interests fairly. It would also be helpful if the company publicly recognized climate concerns and instituted an aggressive program of reducing fugitive emissions and flaring. There is a place for natural gas in our national energy mix for the foreseeable…</p>
<p>No, not terribly surprised if they "unloaded" their Haynesville stake. The bottom line for my clients, and my business, is having an operator that prioritizes the Haynesville/Bossier play and treats their royalty and unleased mineral interests fairly. It would also be helpful if the company publicly recognized climate concerns and instituted an aggressive program of reducing fugitive emissions and flaring. There is a place for natural gas in our national energy mix for the foreseeable future but much depends on public perception/support and the natural gas portion of the O&G industry has done a poor job of reading the tea leaves and committing to operating in a manner that the public supports. The possibility of "stranded reserves" should be on every Haynesville mineral owners mind.</p>
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