March Was the Biggest Monthly & Quarterly Loss for Oil Prices Ever
The combination of reduced demand from global 'shelter-in-place' orders, resulting in significantly lower transportation fuel consumption, in response to the novel COVID-19 virus and the flood of additional oil to the market as OPEC+ fell apart has led to the single largest monthly and quarterly losses in oil prices ever. WTI fell 55% in the month of March and is down nearly 67% from its 2020 highs. The world has never seen a drop in demand of this magnitude coincide with an increase in supply. Analysts project a demand decrease of 20MM bbl per day. This represents a 20% drop as pre-pandemic global consumption was ~100MM per day. Historically, when the supply side increases, it leads to lower fuel prices, spurring additional consumption, and in turn, [...]
Oil Prices: We’re in a Bear Market
In February 2020, oil prices entered into a bear market again. A bear market is defined as a 20% decrease from recent highs (the inverse, a bull market, is marked by a 20% increase). West Texas Intermediate ("WTI") crude, which is the most common benchmark for U.S. oil prices achieved a high of $65.65 on January 8, 2020. As of this writing in mid-February, WTI is floating right around $50 per barrel, a nearly 24% decline in a little over one month. Oil has long been the most volatile commodity on the planet. So much of our daily lives and industry is powered by the energy oil provides that every news event is magnified and interpreted in attempt to estimate its impact on potential oil supply [...]
Sanders Fracking Ban Proposal: Impact on Mineral Rights
Bernie Sanders, who is currently leading the 2020 Democratic presidential nomination race, recently unveiled his view of the future of the oil and gas industry. In it, hydraulic fracturing, or fracking, as it has become known (see this useful BBC article for an explanation of what exactly hydraulic fracturing is), will be banned on all federal lands by 2025. Adoption of such a ban would have widespread implications, both on global energy production, and individual mineral rights owners within the United States. Sanders stated: "If we are serious about clean air and drinking water, if we are serious about combating climate change, the only safe and sane way to move forward is to ban fracking nationwide." The bill is known as the "Ban Fracking Act" and [...]
TPG Energy’s Eric Stowe Named DAPL Chairman
TPG Energy's Eric L. Stowe, a 3rd generation Oil & Gas Professional and Landman, has been named Chairman of the Ethics Committee for the Denver Association of Petroleum Landmen ("DAPL"). About Mr. Stowe Mr. Stowe began his career like all 3rd generation Landmen, working for his father. Both of his parents are in the industry and in his words, "the further my career gets down the dusty "ol'tract" the more I remember sitting around our family table and learning the lessons of the industry and what it means to call yourself a professional." After working in his father's land-shop for a number of years in Wyoming and Colorado, Eric and his father agreed it was time for him to strike out on his own. Eric landed [...]
Supporting Our Community: 2020 Nite Moves Track Club
Check out the 2020 Nite Moves Track Club! It is more than a track team as founder Frank Merriex states: “This is about learning to serve others while working together as a team to reach personal goals.” The camaraderie is on display every evening at the Hiawatha Davis Jr Rec Center where Frank coaches the track team. But the lessons don’t stop when the sprints end. The Nite Moves team donates its time once a month, and around the holidays, to facilitate food drives to help the homeless population in the Greater Denver Area. As with any activity, significant costs accumulate between traveling for meets and hosting food drives. TPG Energy is thrilled to donate $3,000 to support the Winter Indoor Season! The money has already [...]
Please Join TPG Energy In Its Support Of Micah McClellan
Our world lives fast. Often, our daily thoughts serve personal ambitions without any graciousness given to the simple necessities we awoke with. Micah McClellan is reminded every day the fragility of life. In July 2011, Micah was struck by a drive-by bullet while playing basketball in the sunny afternoon of a Colorado summer. The stray bullet injured the C3 – C4 of his spinal cord leaving Micah paralyzed from the neck down. Henceforth, he requires 24-hour nursing attention. While mainstream society struggles to prioritize work, home and health – Micah lives without basic independence yet exudes daily appreciation for the support of his friends and family. Each year, Micah’s family hosts a Life Celebration event. In 2019, a 5K potluck was held at Exposition Park; the [...]
TPG Energy Supports DAPL as 2020 Double Platinum Sponsor
Since 1952, the Denver Association of Petroleum Landmen ("DAPL") has been one of the largest Landman associations in the United States. The primary goals of the association are to advance the profession of landwork, advocate continuing education, uphold the honor and integrity of the oil, gas and minerals industry, cultivate cordial relationships among its members, perpetuate the history of the land profession and the memory of its members, and abide by, foster and uphold the code of ethics. TPG Energy believes the goals of DAPL should be a top priority for all oil, gas and mineral companies working in the industry today and, as such, has decided to sponsor DAPL by becoming a "Double Platinum – Corporate Sponsor" for the upcoming year of 2020. TPG Energy is [...]
Analysis: Which Countries Produce & Consume the Most Oil?
When most people think of the major oil producing countries, they tend to think of the Middle East. So, it may come as a surprise to many that the United States is the largest producer of oil* in the world; and by quite a wide margin. In 2018, The United States produced nearly 18% of the world's oil. This is 44% more than the second largest oil producing country, Saudi Arabia. The United States produces nearly 18 million barrels of oil and other petroleum liquids every single day. What isn't as surprising is that the United States is also the top consumer of oil in the world, gobbling up 20% of all oil used every day, or nearly 20 million barrels. This is 54% more oil [...]