Tag Archives: Texas

The Great American Shale Oil & Gas Massacre: Bankruptcies, Defaulted Debts, Worthless Shares, Collapsed Prices of Oil & Gas. by Wolf Richter

The carnage in the oil and gas patch has been gruesome. From Wolf Richter at wolfstreet.com:

The bankruptcy epicenter is in Texas.

The Great American Oil Bust started in mid-2014, when the price of crude-oil benchmark WTI began its long decline from over $100 a barrel to, briefly, minus -$37 a barrel in April 2020. Bankruptcies of US companies in the oil and gas sector started piling up in 2015. In 2016, the total amount of debt listed in these filings hit $82 billion. Bankruptcy filings continued, with smaller dollar amounts of debt involved. In 2019, the shakeout got rougher.

And this year promises to be a banner year, as larger oil-and-gas companies with billions of dollars in debt collapsed, after having wobbled through the prior years of the oil bust.

The 44 bankruptcy filings in the first half of 2020 among US exploration and production companies (E&P), oilfield services companies (OFS), and “midstream” companies (gather, transport, process, and store oil and natural gas) involved $55 billion in debts, according to data compiled by law firm Haynes and Boone. This first-half total beat all prior full-year totals of the Great American Oil Bust except the full-year total of 2016:

Continue reading

When Repeated Petitions Are Answered Only by Repeated Injuries, by Becky Akers

The founding fathers would never have put up with this horseshit. From Becky Akers at lewrockwell.com:

Gabrielle Ellison owns a bar in Odessa, Texas. She mourns as do so many entrepreneurs that “her business is sinking and her employees are struggling” since Our Rulers forced her “to close up shop. Ellison said she’s been paying her employees with no help from the paycheck protection program.” She doubts her ability to endure Leviathan’s economic embargo: “We can’t take it no more, we’re not going to make it…

So she re-opened Big Daddy Zane’s this past Monday, defying Gov. Greg “Stalin” Abbott’s diktat.

Ms. Ellison invited a group called “Open Texas” to her celebration. These patriots not only insist that “All Businesses Are Essential” but have banded together “to oppose the government orders telling businesses to stay closed and residents to remain at home… .” One member explained their goal in an appeal to his fellow consumers: “When we help businesses open up, support them. We get them some revenue and we get them back on their feet. We are only going to reopen the country by empowering people and helping them stand up and getting them back off their knees.”

Open Texas proved that they love fun as much as they do philosophy when they accepted Ms. Ellison’s invitation “almost immediately.”

She also announced her protest on Facebook, dubbing it “Bars and bartenders standing united.” It featured “a photo of armed men in body armor posing in an undisclosed location. ‘[Open Texas] will be here to help protect our rights as a small business owner to open and be able to feed our families,” she wrote, adding that she’s “doing this for ALL BARTENDERS, BAR OWNERS, CUSTOMERS, FAMILY AND FRIENDS…

Continue reading→

 

The Great American Shale Oil & Gas Bust: Fracking Gushes Bankruptcies, Defaulted Debt, and Worthless Shares, by Wolf Richter

The shale boom is over, but not the financial fallout. From Wolf Richter at wolfstreet.com:

Texas at the epicenter. We’re witnessing the destruction of money that loosey-goosey monetary policies encouraged.

Following the sharp re-drop in oil and natural gas prices in late 2018, bankruptcy filings in the US by already weakened exploration and production companies , oilfield services companies, and “midstream” companies (they gather, transport, process, or store oil and natural gas) jumped by 51% in 2019, to 65 filings, according to data compiled by law firm Haynes and Boone. This brought the total of the Great American Shale Oil & Gas Bust since 2015 in these three sectors to 402 bankruptcy filings.

The debt involved in these bankruptcies in 2019 doubled from 2018 to $35 billion. This pushed the total debt listed in these bankruptcy filings since 2015 to $207 billion. The chart below shows the cumulative total debt involved in these bankruptcies since 2015.

Continue reading

Californians Flock To Texas As Corporations Seek Cheaper Pastures, by Tyler Durden

For many businesses in California, moving to Texas has become a no-brainer. From Tyler durden at zerohedge.com:

Around 700,000 people left California last year, with more than 10% moving to Texas.

According to a new report by Yardi Systems, over 86,000 people abandoned the Golden State. In terms new Texas residents overall, ex-Californians constituted around 15%, according to the Dallas Morning News.

The influx of Californians should come as no surprise, as businesses have been migrating out of the high-tax, high-crime, heavily regulated statefor cheaper pastures.

Chairman and founder Charles Schwab noted that one of the drivers behind the move from California was that “the costs of doing business here are so much higher than some other place.”

Continue reading→

Texas Luring Jobs Away From California With Promises Of Electricity, from The Babylon Bee

U.S.—New billboards have been popping up in California with the slogan “Move to Texas: We have electricity!” Many see this as a play to lure jobs away from California, as many jobs rely on electricity, especially in the modern economy. This could especially be attractive to jobs in the tech sector.
Roy Rivera, a tech analyst with decades of experience in cutting edge technology, explained that “a lot of tech uses electricity.” He then pointed to a chart showing that tech businesses can be at least 300% more effective when they have power.

California Governor Gavin Newsom was dismissive of Texas’s claims, though. “They’re making false claims of being able to deliver electricity 24/7,” Newsom said, “but it just can’t be done.” Newsom was also dismissive of the Lone Star State’s other claims, such as affordable housing, plenty of water, cheap gas, plastic straws, and not constantly being on fire. “It sounds made up,” said Newsom. “I don’t even think there is a Texas.”

California plans to fight back. It’s now working on a wall to keep people and jobs from leaving California. The planned wall should extend along the entire California border, except for the southern part.

https://babylonbee.com/news/texas-luring-jobs-away-from-california-with-promises-of-electricity

California’s Governor Blames Texas for California’s Policies That Caused the Homeless Crisis, by Mac Slavo

Yes, and the reason stupid kids get bad grades is because there are smart kids in the class. From Mac Slavo at shtfplan.com:

California’s authoritarian governor, Gavin Newsom, blamed the state of Texas for California’s homeless crisis. Rather than put the blame directly on the policies California has instituted that stifle free enterprise and punish heavily those who produce, Newsom said it’s the fault of Texas.

Newsom said many homeless people on the streets of San Francisco are from Texas. in an attempt to shift the blame from himself and the polices of socialists (who get rich peddling socialism to the masses as everyone else becomes impoverished.)

Former California assemblyman turned Texas resident Chuck DeVore reacted to Newsom pushing the blame onto others. The vice president of the Texas Public Policy Foundation, Chuck DeVore, said Wednesday that Gavin Newsom is “responsible for the policies that have created California’s homeless crisis,” in the wake of the governor blaming Texas for San Francisco’s homeless crisis. “What you’re seeing here are the words of a desperate man that we should almost feel sorry for,” DeVore, who served as a California assemblyman for six years, told “Fox & Friends.”

“Governor Gavin Newsom has been in office now for 22 straight years, starting at the San Francisco board of supervisors,” DeVore added. Homelessness has been rampant across the state of California in the past few years and merchants and homeowners have become increasingly vocal and incredibly irate at how things are going in the socialist dystopia.

Continue reading

Texas wants to make sex jokes illegal, by Simon Black

There are so many idiotic laws and regulations being passed or under consideration that Simon Black can run a week column detailing them. From Simon Black at sovereignman.com:

Here’s our Friday roll up of the most absurd and concerning articles we came across this week.

UK bans advertisement with “harmful gender stereotypes”

UK bureaucrats will now decide if ads and commercials are too offensive.

New regulations ban advertisements with gender stereotypes “that are likely to cause harm, or serious or widespread offence.”

So a woman cleaning while a man is being lazy– banned.

Suggesting a poor physique caused other failures– banned.

Emphasizing energetic boys compared to caring girls– banned.

It seems that, in 2019, consumers are far more capable of regulating a company’s advertising decisions.

If people don’t like a company’s ads, they’re free to boycott the product. And if enough companies catch grief over their ads, they’ll change the ads or go out of business.

Having a government commission to regulate this sort of thing is going to be simply comical.

We have a feeling this isn’t what the Brexiters had in mind when they voted to leave.

Click here for the full story.

Continue reading

Texas Police Made Over $50 Million in 2017 From Seizing People’s Property, by Edgar Walters and Jolie Mccullough

This is a fine example of a dying art: real journalism. Edgar Walters and Jolie Mccullough have written an in-depth story about civil asset forfeiture. It’s clear where their sympathies lie. However, they also give due account to the other side and let readers make up their own minds. From Walters and Mccullough at the Texas Tribune via theantimedia.org:

In February 2016, prosecutors in Houston filed a lawsuit against a truck: State of Texas vs. One 2003 Chevrolet Silverado.

Houston police had seized the vehicle after surveilling its driver, Macario Hernandez, and pulling him over after he left his house. They took the truck to court, hoping to keep it or sell it at auction to fund their operations, claiming the vehicle was known to be involved in the drug trade.

But the truck’s owner, Oralia Rodriguez, was never charged with a crime. She wasn’t at the scene when officers pulled over Hernandez, her son, and found 13.5 grams of marijuana in his pocket. In fact, Rodriguez said she had recently loaned him the car so he could drive his pregnant girlfriend to the doctor. The girlfriend was having difficulty with her pregnancy and was at risk of losing the baby, Rodriguez said. She was desperate not to lose her truck, which had recently had new tires installed among other repairs, which she was still working to pay off.

“My sole intention was to help out. … Now I am in this situation of losing what I have worked very hard for,” she wrote to local prosecutors. “I am begging you please allow me to have my truck back.”

 

Tele-Prompter Boy and Obamacare, by Eric Peters

Much of what TV newscasters read as news is actually editorializing. From Eric Peters at theburningplatform.com:

Listen to this lead-in by a CNN Tele-Prompter readerabout a federal judge in Texas ruling that the Affordable Care Act’s mandate to buy health insurance is unconstitutional:

“The law that brought health care to millions of Americans has been struck down by a federal judge.”

First words out of his mouth.

That’s what they used to call editorializing – as opposed to the statement of fact without the color of opinion you read just above it, in the lead to this story – about the same subject.

The Tele-Prompter reader leaves no doubt as to his view about both the Texas judge’s ruling and the Affordable Care Act, which is annoying right out of the gate because who cares what this Tele-Prompter reader’s opinions are about anything? It’s one thing to listen to a veteran newsman who’s earned some bona fides offer up his slant on an issue, especially if it’s something he’s been covering for decades and maybe thus the man has something to say that’s worth listening to.

But this kid?

Continue reading→

Ex-DEA Spokeswoman: ‘Marijuana Is Safe,’ Kept Illegal Because It’s a ‘Cash Cow’, by Alex Thomas

The biggest beneficiary of the drug rackets is the US government. From Alex Thomas at theantimedia.org:

Before the heroin epidemic became a nationwide problem, claiming thousands of lives, Plano, Texas, was already entrenched. And like many of the places caught in the crosshairs of the continuing heroin crisis, Plano is the last place that one would expect to be swept into the opioid tidal wave.

Anti-Media recently interviewed Texas-native Belita Nelson, who has had an interesting few decades. For six years she termed herself the “chief propagandist” — or spokeswoman — for the Drug Enforcement Agency (DEA). Before that, as a Plano mother and teacher, Belita noticed what was happening in her community. She described Plano as an area rivaling Newtown, Connecticut, or Cape Cod — tight-knit regions where tragedy strikes hard and deep.

She explained that “[Plano] has the best school districts in the state of Texas…it’s a gated community. And in 1998, for heroin to be that prevalent in the community was stunning. Stunning. We got all the media attention because we were this upscale Texas neighborhood that nobody thought would be inundated with heroin.”

Nelson decided to take action, saying, “I decided I’d had it. I was going to organize my community and fight this thing at the grassroots level. But we were never grassroots because the first thing I did was go on the Oprah show for the DEA.”

Belita stresses that she was never officially employed by the DEA but traveled for six years as a sort of unofficial spokeswoman for the agency.  The group recruited her because their goals aligned, and in many ways, she was perfect for the role. She was a mother who had witnessed the toll of heroin first-hand. She was passionate and knew what she was talking about. Belita spoke to schools and parent groups and appeared on television networks.

With the help of a former Dallas Cowboy, she founded the Starfish Foundation to tackle heroin addiction. That organization ran until 2004 when one of the employees pocketed the donation money and left the foundation scrambling in the dark.

To continue reading: Ex-DEA Spokeswoman: ‘Marijuana Is Safe,’ Kept Illegal Because It’s a ‘Cash Cow’