Gabriel Collins




Exxon Strategy Adds Carbon

New Eagle Ford Pipeline

Mike Jones, Charger Exploration

SIPES Member Successes

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Chapter Officers 2020

Chapter Chair
Mike Jones
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Chair Elect
Jeff Allen

Past Chair
Barry Rava
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Steve M Smith
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Luis Carvajal
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IT Chair
Godswill Nwankwo
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Technical Program Chair
Pete Marshall
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Public Relations Chair
Jeff Lund
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Membership Chair
Gene Kubelka
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Jeff Allen

Deal Buyers List Chair
Bill Smith
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Ryan Price

Sponsor Coordinator
Mark Hazmat
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Continuing Education Chair

National Directors
Barry Rava
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Jeff Allen
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Office Manager
B. K. Buongiorno
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In this issue

Letter From The Editor – Jeff Allen

SIPES Next Generation Award

Gabriel Collins



Exxon Strategy Adds Carbon

New Eagle Ford Pipeline

Mike Jones, Charger Expl

SIPES Member Successes

Events Calendar

SIPES LinkedIn Page

POP QUIZ! – Professor Steve Walkinshaw

Book Recommendation


SIPES members are doing big things right now—drilling successful wells, putting together new prospects, and sharing knowledge with one another to better weather the current and coming storm.

Gabriel Collins of the Baker Institute will be joining us on a Zoom event October 17th at 10:30 AM. There is an option on the website to pay a small fee to speak for a minute or two as a sponsor. You could use this to tell people what you are doing or a prospect you have.

The ESG noise in the market is a perfect sign of our current market, no tangible value, nothing but dreams being sold. The claims by countries, states, and companies of being Zero-Carbon by a certain date are all dubious. Their dreams will crash. Good luck pulling India out of poverty with wind and batteries. If you joined our Zoom event with Dr. Anna Mikulska, you would know this. Join SIPES Houston events to better educate yourself rather than falling prey to headlines and emotional markets.

Stay lean, stay hungry,

Jeff Allen

Jeff Allen


OCTOBER 15TH, 2020, 10:30 AM - ZOOM

China is the world’s most populous country (1.4B people in 2019) with a fast growing economy that has led it to be the largest energy consumer and producer in the world. Rapidly increasing energy demand has made China influential in world energy markets. Despite structural changes to China’s economy during the past few years, China’s energy demand is expected to increase, and government policies support cleaner fuel use and energy efficiency measures.

Fossil fuel-fired power capacity has historically accounted for the bulk of installed capacity.

The event will explore how these dynamics will impact global demand for fossil fuel.


Each year SIPES Houston awards one person as the Next Generation Independent. This individual is under the age of 40, an independent deal buyer or seller, member of SIPES, and made big strides in the industry. Jeff Allen of Allen Energy won this year. Jeff, along with Mike Jones, raised money and shot a new 3D when oil was only $23/bbl. This fight embodies the true grit of independents. Aside from drilling successful conventional wells, Jeff also has been a long time supporter of SIPES serving on both the local and National board.


Venezuela’s capacity to produce some much-needed gasoline and diesel of its own hinges on a single oil play. To tap it, the Nicolas Maduro regime is willing to cannibalize the country’s crumbling energy infrastructure to pay contractors with scrap metal.

Unlike the tar-like crude from Venezuela’s Orinoco region, the light oil from Monagas state is the only kind that’s easy to process into fuel at the country’s aging refineries. It’s also the only area where production doesn’t require the help of sanction-wary partners.

So, with the U.S. considering further steps to curb the country’s fuel imports, cash-strapped state producer Petroleos de Venezuela SA is offering to pay for major repairs at pumping stations and compression plants in Monagas with scrap metal and parts from idled oil facilities, people familiar with the situation said, asking not to be named because the information isn’t public.

The move follows failed attempts to obtain $800 million in financing from suppliers, payable with crude and fuel, the people said. PDVSA is still offering to pay in crude or fuel, they said, but sanctions complicate such transactions and nothing has been decided. The country so far has relied on shipments from Iran to ease a fuel shortage that often forces Venezuelans to queue for hours and even days to fill up, with many gas stations in Caracas shutting or rationing fuel.

The prospect of worsening shortages, increasing international isolation and growing social unrest has PDVSA grappling to revive a refining network crippled by years of mismanagement and pillage by criminal gangs. Boosting production and processing of light crude from Monagas is the country’s best shot at securing some measure of domestic fuel supplies.

The producer has already started dismantling some facilities to try to sell scrap, one of the people said, but it’s unclear what and how much has been sold. PDVSA declined to comment on discussions with contractors.

Output from Monagas could become even more important for Maduro in the coming months if further U.S. sanctions target Venezuela’s barter for gasoline and diesel with its remaining clients in Asia and Europe. Without those suppliers, Venezuela will rely almost entirely on a dwindling group of sanctions-dodging traders for any gasoline imports.

The Trump administration has gradually tightened sanctions on Venezuela’s oil industry to facilitate regime change, a prospect that has become more elusive with Venezuela’s opposition divided on whether to participate in congressional elections in December. Any success in reviving — or simply stabilizing — oil fields and refineries will give Maduro additional leverage to remain in power.

From a high of almost 1 million barrels a day in 2008, Monagas’s output has slumped to 114,000 barrels at the end of August. It accounts for about a third of the country’s output. While Chinese and Russian partners continue to help with extraction in the Orinoco region, the crude in Monagas is so easy to produce that PDVSA has never sought help from foreign companies.


Bruin E&P Partners has emerged from bankruptcy that allowed the Houston oil and gas company to eliminate most of its debt. The company, backed by private equity firm ArcLight, eliminated more than $840 million of nearly $1.1 billion of debt from its balance sheet after emerging from Chapter 11 bankruptcy this week.

“Bruin has been able to undergo an extremely efficient and uncontentious Chapter 11 proceeding due to the support of our stakeholders, including our vendors, suppliers, regulatory agencies, banking group, and additional members of our capital structure,” CEO Matt Steele said in a statement.

Bruin emerged from bankruptcy with a new board of directors, composed of Kevin Asarnow, Mark Bisso, Richard J. Doleshek, Mike Wichterich, and Matthew Steele. The company said it also has access to a new $230 million revolving line of credit.

The privately-held company, which is focused on oil and gas production in North Dakota, filed for bankruptcy in July after its lenders reduced the company’s credit line, cutting its lifeline to remain in operation. At the time of its bankruptcy filing, Bruin had $11 million on hand.

Bruin joins a growing number of U.S. energy companies that have filed for bankruptcy protection after the coronavirus pandemic wiped out demand for petroleum products and sent prices tumbling. Eighteen oil and gas companies filed for bankruptcy in the second quarter, including Chesapeake Energy, Ultra Petroleum and Whiting Petroleum.

Since the last oil bust of 2014-16, more than 231 oil and gas producers have filed for bankruptcy, bringing more than $152 billion in debt to court, according to Haynes and Boone, a Dallas law firm that has been tracking North American energy bankruptcies since 2015.

Bruin, founded in 2015, was focused on acquiring and developing oil and gas properties in the Bakken Shale and Three Forks formations in the Williston Basin of North Dakota. The company, which has 134 employees, operates 475 wells across 155,558 acres in North Dakota. The company reported operating revenue of $582 million in 2019.

The stability of the global oil market is under threat. The impact of COVID-19 and the resultant demand destruction has put an ever-increasing amount of oil and gas producers on the path to bankruptcy. At present, the list of U.S. shale oil and gas producers filing for Chapter 11 is growing by the day, while global oilfield services and offshore drilling companies are fighting to survive. Ultimately, this very dire situation is being driven by oil and gas demand and prices, which is why a degree of stability has returned with oil prices back around the $40 mark.  But there is another variable beyond just supply and demand that is now threatening to reintroduce instability to markets. Fossil Fuel Divestment, supported by international governments, international financial institutions, and investors is now threatening to push oil and gas companies into the abyss. In recent weeks, a group of 12 major cities in the EU, USA, and Africa, all pledged to divest from coal, oil, and gas. These cities are home to more than 36 million residents and hold over $295 billion in assets. Led by London and New York City, they have decided to divest from the fossil fuel assets that they directly control and have called on the pension funds managing their money to do the same. The other cities joining the divestment declaration are Berlin, Bristol, Cape Town, Durban, Los Angeles, Milan, New Orleans, Oslo, Pittsburgh, and Vancouver. 

Activist investors, in-line with the growing Western media onslaught on hydrocarbon production and use, are putting not only the future of international oil and gas producers at risk but increasingly removing the necessary equilibrium between independent (privately owned) oil and gas producers and the national oil companies. For decades, global oil and gas production has been built on several mainstream structures, including the Texas Railroad Commission, Seven Sisters, and OPEC. These structures have helped to stabilize and structure the market to benefit producers, shareholders, and consumers at the same time. The power balance between the Seven Sisters (which in its modern form consists of Shell, BP, ExxonMobil, and Chevron) and OPEC producers has regulated the $1.7-1.8 trillion oil market through times of financial crisis, regional wars, and Black Swan events. This necessary cooperation or power equilibrium is now being undermined by investors and politicians, threatening not only energy and petroleum product supply to global markets but also diminishing the influence of consumer countries on producers, such as OPEC. 

An increasing amount of international financial giants, such as Dutch asset manager Robeco, are committed to excluding investments in thermal coal, oil sands, and Arctic drilling from all its mutual funds. The Dutch fund stated this week that it will bar companies that derive 25% or more of their revenues from thermal coal or oil sands, or 10% or more from Arctic drilling. The Dutch asset manager, holding around 155 billion euros ($181 billion), has already excluded thermal coal investment from its sustainable funds.

“Our move to exclude investments in fossil fuels from our funds is a further step in our efforts to lower the carbon footprint of our investments, transitioning to a lower-carbon economy,” said Victor Verberk, Robeco’s CIO fixed income and sustainability. Robeco’s move follows a growing list of European insurers and asset managers that have cut investments in fossil fuels, including Dutch insurer Aegon. Robeco said it would complete the exclusion of fossil fuel firms by the end of this year. European insurers, asset managers, and pension funds are not the only ones. Recent reports indicate that global investors have already excluded $5.4 trillion from fossil fuels. 

The main driver behind this divestment craze is a determination to remove man-made greenhouse gas emissions in order to counter climate change. Reports indicate that 80% of all global emissions come from fossil fuels. To reach the goals set out by governments, emissions need to be cut by two-thirds, or fossil fuel production has to be cut by 1% per year through to 2050. Fossil fuel production has seen a growth of 2% per year in the last 30 years.  In the eyes of most investors and activists/governments, divesting in fossil fuel companies will be a major step forward. Some investors are arguing that it is economically sensible to divest based on the stranded asset argument put forward in a major report from the Bank of England. Bank, equity and pension funds are worried that the intrinsic value of fossil fuel assets is much lower than current market valuations. 

The future of IOCs and independents is not looking very promising. Lack of access to financial markets and a political-societal drive to block hydrocarbon projects makes some of the world’s largest oil firms look like pension funds or even graveyard construction companies.

By Cyril Widdershoven for Oilprice.com




Texas-based energy company Max Midstream announced the acquisition of the Seahawk Pipeline and Terminal from Oaktree Capital at the Port of Calhoun (“the Port”) with plans for a historic pipeline that will connect the Port directly to both Eagle Ford and Permian Basins to transport up to 20 million barrels a month to a revitalized terminal at the Port.  Exports will begin with completion of the first phase in late 2020, and the second phase project is expected to be completed by 2023.

“This is a great day not only for the Texas oil industry, but for the state as a whole, as more than 1000 jobs will be created,” said Todd Edwards, President of Max Midstream. “At a time when the oil and gas market is down, this project and partnership reflects proof that Texas is bouncing back and will remain resilient in being the world’s leader in oil production.”

Specifically, Edwards noted that the Impact Data Source consultants have performed a comprehensive economic impact study and found the project will create 474 direct new jobs and another 598 construction related jobs over the next ten years. These new jobs will span across the state, as there will be work building the pipeline all throughout parts of Texas.  During this process, Max Midstream will be investing up to $1 billion into the overall project. 

The key to exporting Texas oil is transporting the commodity at an economic price from the sources to the ports, either through Houston or Corpus Christi ports, which are typically at or near full capacity with congestion.  This project represents a game-changer, as it will open a third option—the Port.  Currently, Max Midstream has agreements for three pipeline interconnects—one with Kinder Morgan Crude and Condensate, one to the Gray Oak, and one to the Victoria Express.  Max Midstream currently operates the Seahawk pipeline that connects the Kinder Morgan Crude and Condensate Interconnect in Edna, Texas to its Seahawk terminal at the Port. Future expansion with new pipeline connections with Gray Oak and Victoria Express to Max Midstream’s Edna terminal, will allow Permian and Eagle Ford basin crudes to export via the Port as well. 

“By November of 2020 we will have 1.5 million barrels of storage built at Edna and 600,000 barrels of storage at the Port and the existing Seahawk pipeline, with the ability to export up to 4.2 million barrels a month,” Edwards said. “By the time the project is fully complete in 2023, we will have 9 million barrels of storage at Edna and 6 million barrels at the Port, with multiple pipelines to export crude through the Port.” Edwards added that Max Midstream would have nine 16-inch loading arms and three 8-inch barge loading arms at the Port. 

“By developing the Seahawk Terminal at the Port,” Edwards continued, “we will be able to offer a deep-water terminal with little congestion and the ability for producers to get their product to the Port at a very reasonable price.”

Max Midstream and the Calhoun Port Authority have reached an agreement on a public/private partnership, in which Max Midstream will invest $360 million to finance the deepening and widening of the Port by 2023. In the interim, Max Midstream has secured its own lightering zone to perform reverse lightering to export crude onto larger ships like Very Large Crude Carriers (VLCCs).  Max Midstream will initially load Panamax ships and reverse lighter to larger ships in its lightering zone.  Once the widening and deepening project is complete, Aframax and Suezmax ships will also be able to load at the Port, making it a viable option for any exporter seeking a port other than Houston or Corpus Christi.

“We, the Calhoun Port Authority, could not be more excited about this project,” said Charles R. Hausmann, the Port Director of the Port. “This will transform our port into a major oil exporting center, and it will transform our area with new jobs and new growth. This is an exciting day for the Port, the community and the state of Texas.”

To complete the project, Max Midstream has engaged SGS to provide expertise on supply chain management, metering and custody transfer, and laboratory design and management solutions. SGS will consult with Max Midstream on best-in-class technologies to include online real-time blending and quality assurance.  Max Midstream’s vision is to develop a unique state-of-the-art facility suited for the 21st century marketplace.

“SGS will leverage our global experts across our divisions to support Max Midstream on this aspirational project to ensure its success,” said Charudatta Malusare, Vice President of SGS Oil, Gas, and Chemicals (OGC). READ HERE



Libya continues to ramp up crude oil production with the daily total now getting closer to 300,000 bpd and exports on the rise, too.

By the end of last week, production had risen from below 100,000 bpd to 270,000 bpd, exceeding the country’s National Oil Corporation’s expectations and now, according to Bloomberg, it has hit 295,000 bpd. Sources in the know who spoke to the news agency say the ramp-up is set to continue.

Exports, as a result, are also on the rise at the three terminals that eastern-affiliated forced allowed to reopen last month. The Brega terminal is likely to see some 1.8 million barrels exported this month, divided into three cargos, while the Hariga terminal has already loaded two cargos of one million barrels each, Bloomberg reported, citing a cargo loading program. The third free terminal, Zueitina, is scheduled to export five cargoes of crude this month.

The head of the Libyan National Army, General Khalifa Haftar, whose troops, with help from affiliated groups, had blockaded Libya’s oil ports in January, announced the end of the blockade on September 18. A week later, the National Oil Corporation lifted the force majeure on the Zueitina port after seeing “significant improvement in the security situation that allows the NOC to resume production and exports to global markets.”

The effect of this renewed production growth in Libya, however, has been devastating for oil prices. The North African producer has been exempted from OPEC+ production cuts because of its security situation and now it can pump at will to recover vital oil revenues. As a result of the latest string of news coming from Libya, however, Brent last week fell below $40 for the first time in weeks, with WTI dropping closer to $37. This week, both benchmarks started trade with strong gains, with Brent returning above $40 a barrel. It’s an open question how long it would stay there given the latest from Libya.

By Irina Slav for Oilprice.com




Click on the image to read the full report by Gabriel Collins.

To learn more, join our Zoom event on October 17th.

POP QUIZ! - Professor Steve Walkinshaw

International oil patch quiz time. This territory, despite its remoteness, has been the focal point of geopolitical tensions for over 250 years. Recently, a small company drilled an important discovery in a syn-rift basin located in this territory.

Phase 1 development of this ~1 billion barrel discovery targeted an estimated 250 MMBO. Phase 2 would target a similar-sized reservoir volume in an adjacent area.

Log and core data from the best appraisal well drilled to date are shown. An earlier appraisal well tested ~2,000 BOPD from the primary reservoir, constrained by test equipment.


Part 1: What territory am I referring to?
Part 2: What company was responsible for the first discoveries in this area?
Part 3: What was the name of its prospect that became the first “commercial” discovery?
Part 4: What is the age of the primary producing reservoir?
Part 5: What is the age of the primary source rock?


The oil business is beginning to recover from the pandemic-induced slowdown, but it’s still contracting and some of the industry’s leaders are growing pessimistic about the future.

About two-thirds of energy executives believe U.S. oil production has peaked, and almost three-fourths believe that OPEC will play a bigger role in setting prices going forward, according to a survey by the Dallas Federal Reserve.

That’s a stunning turnaround for an industry that’s survived boom-and-bust cycles for more than a century. In written comments accompanying the survey, many energy executives said they worried about the outcome of the presidential election. Others were unsure if smaller companies, particularly shale drillers, could recover.

“I have lived through several industry booms and busts but this one is different,” one survey respondent wrote. “I am afraid that only large oil companies with diverse sources of capital will survive.”

The survey garnered responses from 112 exploration and production companies and 54 oil field survey companies in Texas, Louisiana and New Mexico. The Fed allows companies to submit written comments anonymously.

The coronavirus pandemic, which has killed more than 201,000 people in the U.S. this year, sent oil prices into a tailspin beginning in March. The market stabilized in April, but only after Saudi Arabia, Russia and other countries agreed to restrain their output, artificially propping up the price (Energywire, April 13).

The International Energy Agency and some private-sector analysts have predicted that oil demand will stay low through the end of 2020 or even into 2022 (Energywire, Aug. 26).

Dozens of companies have gone bankrupt, tens of thousands of workers have lost their jobs and the number of drilling rigs hit a series of record lows during the summer (Energywire, June 15).

While the worst of the crisis is past, the Fed survey shows that most oil producers expect prices to stay below $45 a barrel until the end of the year, which is below the level needed to support new drilling.

The index of business activity in the energy sector, which the Fed calculates by subtracting the number of companies reporting gains from the number reporting losses, remained at negative 6.6% in the third quarter of the year. That’s an improvement from negative 66% in the second quarter, “suggesting that the pace of the contraction has significantly lessened,” the report said.

As far as the presidential election, several executives said in written comments that they’re worried about uncertainty in the near term and a change of administration in the long term.

One comment said, “The poor management by the president and Senate is causing remarkable issues affecting business decisions and management.”

But more of the writers seemed worried about a Joe Biden win in November.

“A Biden administration would wreak havoc on our business — way worse than OPEC,” one person who completed the survey wrote. “We can’t survive a Green New Deal.”

Reprinted from Energywire with the permission of E&E News. Copyright 2020. E&E News provides essential news for energy and environment professionals at www.eenews.net.



These are three SIPES Houston members that have had discoveries in the last few months. To be a member of SIPES means you get to see their prospects first and learn from them. We all want to surround ourselves with other like-minded people. No better place than SIPES.

Barry Rava

Ray Blackhall

Bill Smith


Mike Jones and Jeff Allen are about to spud a well starting their goals of taking advantage of the coming strong gas market. Ryan Price of POCO, LLC is the operator.

Mike Jones
Charger Exploration

Ryan Price

Jeff Allen
Allen Energy, LLC

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(Bloomberg) –Exxon Mobil Corp. has been planning to increase annual carbon-dioxide emissions by as much as the output of the entire nation of Greece, an analysis of internal documents reviewed by Bloomberg shows, setting one of the largest corporate emitters against international efforts to slow the pace of warming.

The drive to expand both fossil-fuel production and planet-warming pollution comes at a time when some of Exxon’s rivals, such as BP Plc and Royal Dutch Shell Plc, are moving to curb oil and zero-out emissions. Exxon’s own assessment of its $210 billion investment strategy shows yearly emissions rising 17% by 2025, according to the internal documents.

But the planning documents show for the first time that Exxon has carefully assessed the direct emissions it expects from the seven-year investment plan adopted in 2018 by Chief Executive Officer Darren Woods. The additional 21 million metric tons of carbon dioxide per year that would result from ramping up production dwarfs Exxon’s projections for its own efforts to reduce pollution, such as deploying renewable energy and burying some carbon dioxide.

That means the full climate impact of Exxon’s growth strategy would likely be five times the company’s estimate—or about 100 million tons of additional carbon dioxide—had the company accounted for so-called Scope 3 emissions. If its plans are realized, Exxon would add to the atmosphere the annual emissions of a small, developed nation, or 26 coal-fired power plants.

Exxon often defends its growth plans by citing International Energy Agency estimates that trillions of dollars of new oil and gas investments are needed by 2040 to offset depletion from existing operations, even under a range of climate scenarios. However, experts say a reduction in global oil and production is necessary to limit warming to 1.5 degrees Celsius above pre-industrial levels.

Exxon’s ambitious growth plans, calling for higher cash flow and a doubling of earnings by 2025, are a vestige of pre-pandemic times. The industry has been hard hit by Covid-19, which destroyed demand for oil and sent prices into a tailspin. “As demand returns and capital investments resume,” Exxon added in the statement, “our growth plans will continue to include meaningful emission mitigation efforts.”

The collapse of oil demand forced Exxon to cut its spending budget by a third in April, and its share price is currently hovering near an 18-year low. Exxon was removed from the Dow Jones Industrial Average earlier this year. The company last week warned of a third consecutive quarterly loss, meaning it’s relying on debt to pay capital expenditures and dividends.

“Exxon has repeatedly shopped for growth over the last 10 years, and their returns have suffered,” said Andrew Grant, head of oil, gas and mining at Carbon Tracker, a financial think tank. “Exxon is explicit that their business plan is informed by their own business outlook, which assumes continued demand growth for fossil fuels.”

The more than $30 billion-per-year investment plan was the centerpiece of Exxon’s March 2018 Investor Day. Woods declared an ambition to build a suite of high-quality operations that would produce large volumes of oil and gas for decades into the future, regardless of changes in policy or price. After years of struggling with stagnant production, Woods zeroed in on five key projects: shale oil in the Permian Basin, offshore oil in waters belonging to Guyana and Brazil, and liquefied natural gas in Mozambique and Papua New Guinea.

“It’s the richest set of opportunities since Exxon and Mobil merged,” Woods told investors, a line executives have repeated ever since. Even though Exxon lags far behind Europe’s biggest oil companies in setting targets to address global warming, it recently stepped up efforts to curb methane, a super-potent greenhouse gas. The company has also joined a voluntary industry effort to lower its “carbon intensity,” producing oil and gas on a cleaner per-barrel basis. “Emissions intensity reduction targets by a company that was setting out to dramatically increase its production won’t result in lower absolute emissions,” said Kathy Mulvey, a campaign director at the Union of Concerned Scientists.


Click on The Image to Learn More


Almost three-quarters of the pandemic-driven jobs losses in the U.S. petroleum and chemical sectors may not come back before the end of next year, according to Deloitte LLP.

The collapse in oil demand and prices spurred the fastest rate of oil- and chemical-industry layoffs in history, with about 107,000 jobs eliminated between March and August, Deloitte said in a study scheduled to be released Monday. The number is probably even higher when furloughs and other headcount measures are taken into account, according to Duane Dickson, vice chairman and U.S. oil, gas and chemicals leader for Deloitte.

Oil explorers, gas drillers, frackers, refiners and equipment makers have shrunk their workforces to cope with the plunge in demand for the products they sell. Schlumberger, Halliburton Co. and Marathon Petroleum Corp. — some of the biggest operators in their fields — are among the companies casting thousands of people out of work in response to the crash.

Oilfield services has been hit particularly hard, as capital expenditure on things like the drilling of new wells has been slashed. The sector lost 2,600 jobs in August, according to estimates from the Petroleum Equipment & Services Association. Texas is the state most affected, with 59,200 oilfield services jobs lost since the pandemic began.

Deloitte is forecasting a 30% recovery of lost jobs by the end of 2021, assuming oil averages about $45 a barrel and natural gas hovers around $2.50 per million British thermal units. But if crude instead lingers around $35 and gas is more like $2, the jobs-recovery rate probably will only reach 3%, according to the report.

Oil, gas and chemical jobs have become more sensitive to changes in commodity prices as the North American shale revolution turned world energy markets topsy-turvy. A $1 change in oil prices affects about 3,000 oil and gas jobs, double the impact it would have had during the 1990s, according to the report.

“The upstream companies — when they’re not drilling, they’re not using those services. And that’s where the job loss comes in,” Dickson said in an interview.

© 2020 Bloomberg L.P.



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    The Gulf of Mexico Basin is one of the most prolific hydrocarbon-producing basins in the world, with an estimated endowment of 200 billion barrels of oil equivalent. This book provides a comprehensive overview of the basin, spanning the US, Mexico and Cuba. Topics covered include conventional and unconventional reservoirs, source rocks and associated tectonics, basin evolution from the Mesozoic to Cenozoic Era, and different regions of the basin from mature onshore fields to deep-water subsalt plays. Cores, well logs and seismic lines are all discussed providing local, regional and basin-scale insights. The scientific implications of seminal events in the basin’s history are also covered, including sedimentary effects of the Chicxulub Impact. Containing over 200 color illustrations and 50 stratigraphic cross-sections and paleogeographic maps, this is an invaluable resource for petroleum industry professionals, as well as graduate students and researchers interested in basin analysis, sedimentology, stratigraphy, tectonics and petroleum geology.

    SIPES Book Recommendation

    A masterpiece of science reporting that tracks the animal origins of emerging human diseases.

    The emergence of strange new diseases is a frightening problem that seems to be getting worse. In this age of speedy travel, it threatens a worldwide pandemic. We hear news reports of Ebola, SARS, AIDS, and something called Hendra killing horses 

    and people in Australia – but those reports miss the big truth that such phenomena are part of a single pattern. The bugs that transmit these diseases share one thing: they originate in wild animals and pass to humans by a process called spillover. David Quammen tracks this subject around the world. He recounts adventures in the field – netting bats in China, trapping monkeys in Bangladesh, stalking gorillas in the Congo – with the world’s leading disease scientists. In Spillover, Quammen takes the listener along on this astonishing quest to learn how, where from, and why these diseases emerge, and he asks the terrifying question: What might the next big one be?

    SIPES Houston Chapter, 5535 Memorial Drive, Suite F654, Houston, Texas 77007
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