https://oilprice.com/Energy/Crude-Oil/The-Shale-Industrys-Black-Cow-Phase.html I am not a big fan of Oil Price.com but on occasion they come up with something interesting. David Messler wrote this latest missive. Generally I agree with a lot of what he writes but in on this occasion I don't. It is likely to raise Mike's blood pressure so be warned. The real howler is his definition of PUD's, which I always thought ( and others) was Proven Un-drilled and PDP was Proven, Drilled, Producing. Or is it I am loosing it at the age of 67, 46 years of which have been in the industry, but mainly refining. Messler cites RBN Energy ( another ANALyst) for this pearl of wisdom and cites the increasing EBITDA of E&P producers, consolidation, and big reductions in the cost of drilling and fraccing. Am I missing something because most of the cost reduction has come from the service providers being well and truly screwed over by the E&P's. No mention is made of the recovery factors or the amount of oil left stranded in the ground in the rush to milk the cash cow. Short termism at its worst.

This a a post dear to may heart as I was once a mud logger. There are many jobs in the E&P side that are contracted out to a third party. Mud logging was one of thse roles. All my friends though I was on a winner, the reality is rather different as the business waxes and wanes like the moon. One moment there is plenty of work and the next none. The pay was pitiful as it was always a race to the bottom to secure the next contract. I feel for those working in the US shale right now because as the rig count declines so does the work opportunities. What this article highlights is exactly what I saw decades ago. I got out and used my education and knowledge in more profitable areas of the oil business. In my case refining and petrochemicals. Even that area has services supplied by third parties that can result in suicidal pricing. How glad I am that I no longer depend upon refining to pay my salary.