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#Post#: 18--------------------------------------------------
Politics, Religion, etc. etc. 2/16/11 - 5/9/13
By: Dave23 Date: February 16, 2011, 11:55 am
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Blah...
#Post#: 37--------------------------------------------------
Re: Politics, Religion, etc. etc.
By: FITS Date: February 16, 2011, 2:00 pm
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Remind me to never come into this topic.
#Post#: 1048--------------------------------------------------
Re: Politics, Religion, etc. etc.
By: davep Date: April 15, 2011, 2:00 pm
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Liberals suck.
discuss.
#Post#: 1049--------------------------------------------------
Re: Politics, Religion, etc. etc.
By: JR Date: April 15, 2011, 2:01 pm
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Is BEERFAN going to make it over to this forum?
#Post#: 1050--------------------------------------------------
Re: Politics, Religion, etc. etc.
By: Scoop Date: April 15, 2011, 2:05 pm
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Tacx hikes on the rich NOBAMA wheres that hop and change?
(How was that for a Beer imitation?)
#Post#: 1053--------------------------------------------------
Re: Politics, Religion, etc. etc.
By: JR Date: April 15, 2011, 2:06 pm
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Hop and change . . . love it!
#Post#: 1065--------------------------------------------------
Re: Politics, Religion, etc. etc.
By: JeffH Date: April 15, 2011, 2:21 pm
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A community is missing its organizer!
#Post#: 1278--------------------------------------------------
Re: Politics, Religion, etc. etc.
By: Jes Beard Date: April 16, 2011, 1:39 pm
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For Dave, considering our earlier discussion:
HTML http://www.exxonmobilperspectives.com/2011/03/17/lose-the-use-it-or-lose-it-rhetoric/
Let’s lose the “use it or lose it” rhetoric
March 17, 2011 | Posted by Ken Cohen
Every few years, it seems one politician or another tries to
deflect attention from the importance of opening up access to
new U.S. resources by incorrectly accusing the oil and gas
industry of withholding commercial production in existing
leases.
We’ve just seen this tactic used again. Yesterday, Senators Bill
Nelson and Robert Menendez introduced what they’re calling the
“use it or lose it” bill in the Senate. The premise of this bill
is that oil companies are letting their oil and gas leases lay
idle in the United States – and therefore the U.S. doesn’t need
to grant more access to offshore and onshore energy resources,
but rather just force oil companies to produce resources on
tracts they already have leased.
If only it were that easy. The supporters of this legislation
aren’t stating the facts correctly – and the truth is that a few
important facts undermine their argument:
1. “Use it or lose it” is already the law. Oil and gas companies
are already required to develop their properties within specific
timeframes as set out in lease terms. Rents on the leases
increase in later years to encourage faster development. In
general, leases not producing by the end of their term are
relinquished back to the government, which can then re-lease
them.
And in addition to pointing out that this law is already on the
books, I would also say what many in my industry are saying –
companies like ExxonMobil cannot develop existing leases without
drilling permits issued by the government. Given the delays on
drilling permits we have seen recently, that is certainly a
point worth noting.
2. Oil and gas companies have every motivation to develop leases
because of the large up-front investments they require. Here’s
how it works: First, companies pay a bonus bid – which can total
millions of dollars – to the federal government to acquire a
lease, which can last anywhere from five to 10 years. On top of
that, we then make annual rent payments to the government to
maintain the leases. And, it’s not like your apartment complex
when you get your deposit back after you move out – if we don’t
find oil or gas, we’ve lost that money.
After acquiring leases, we invest many millions more on seismic
surveys, environmental studies, technology development and
exploratory drilling to find the oil and gas, if we have reason
to believe it exists. For example, one deepwater exploration
well in the Gulf of Mexico can cost in excess of $125 million to
complete. That’s a huge investment, especially when the chances
of not finding oil or gas in an individual well are greater than
the chances that we do find oil and gas. So, the only way to
recoup the millions spent would be to produce oil or gas. In a
highly competitive industry like ours, letting potentially
productive leases lay idle would make no economic sense.
3. You can’t change geology. We spend a lot of fiscal and human
capital to analyze and identify high-potential leases. But in
some ways, it’s like buying raffle tickets at a school function
– sure, you have a chance of winning the prize with one ticket,
but your chances are greater the more tickets you buy.
For example, over a 10-year span starting in the late 1990s and
continuing to the late 2000s, ExxonMobil evaluated more than 100
federal lease blocks in the deepwater Gulf of Mexico. By the end
of that decade, only one of those leases was actually producing
commercial quantities of oil and gas. I think the president of
the National Ocean Industries Association said it best last
week: “Political pressure cannot change simple geology. Not
every lease actually yields oil.”
The fact is that the oil and natural gas exploration and
production process cannot be turned on and off in a matter of
days or even months. It can take a decade or more to evaluate
and produce just one well – so what may appear to be an “idle”
lease may actually be under development but not yet ready to
produce. Or, the geology may be such that it may not contain oil
and gas at all.
The reality is that, while the U.S. is endowed with substantial
oil and natural gas resources, not every lease that the
government provides results in new energy production. Justifying
bans on accessing new areas simply because existing leases may
not yield energy production is no way to secure America’s energy
needs.
#Post#: 1293--------------------------------------------------
Re: Politics, Religion, etc. etc.
By: JR Date: April 16, 2011, 2:33 pm
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jes, what's your opinion on this?
HTML http://sports.espn.go.com/espn/poker/news/story?id=6362238
HTML http://sports.espn.go.com/espn/poker/news/story?id=6362238
I've cut back on my online poker a lot over the past year, but
still like playing on there from time to time. Still I'm not
very happy about this.
#Post#: 1308--------------------------------------------------
Re: Politics, Religion, etc. etc.
By: Jes Beard Date: April 16, 2011, 4:29 pm
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JR, my guess is that those operations will likely work out a
deal where none of them do any jail time in exchange for
agreeing to shut down their operations, and identifying all of
the private individuals who have broken the laws of their states
by using the internet to gamble, and thereby violated federal
law since those internet communications crossed state lines.....
There are probably a couple of FBI agents preparing the warrant
for your arrest right now.
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