Oil & Gas Workers Association

#cleanenergy #wind #solar

SHOCKING, NOT: Another EV Maker Media Darling Goes Bankrupt On one hand, you have Tesla, a company built on the back of government subsidies and loan programs that ultimately was able to evolve into a now-profitable company that is able to stand on its own feet without government subsidies. On the other hand, you have #Nikola, just another of a growing number of EV makers who have gone bankrupt despite benefitting from billions of dollars of government assistance programs. Somewhere, the ghost of Nikola Tesla is wishing all these tech people would quit abusing his name for their own purposes. Nikola, a much-ballyhooed media darling maker of electric heavy trucks that were going to revolutionize the world of freight transportation, announced early Wednesday it has filed for #Chapter11 #bankruptcy protection, citing challenging macroeconomic and market conditions, i.e., nobody wanted to buy its trucks. "Like other companies in the electric vehicle industry, we have faced various market and macroeconomic factors that have impacted our ability to operate," CEO Steve Girsky said in a statement. Yes, nobody could’ve possibly seen difficult market or economic factors coming! In other words, the company was founded on an unsustainable business model that has failed even in spite of having benefitted from billions of dollars of misallocated capital provided by U.S. taxpayers. Nikola’s only real hope for a longer life derived from federal mandates forcing the nation’s freight industry to adopt extreme high-cost #electrictrucks, and from continuous injections of new subsidy dollars that would enable the company to keep paying bills and servicing overwhelming debt loads. Nikola is, in other words, just a typical American #EV startup whose founders made big bets on being able to feed from the government trough for years to come. Now that the Biden mandates are in the process of being ended by the Trump administration and no prospects exist for the enactment of future Orwellian debt-funded subsidy bills like the #InflationReductionAct, Nikola had to give up this rent-seeking ghost. Here’s an?excerpt from a story at Bloomberg: In recent years, the company has endured cash-flow issues, slow demand, executive turnover and a collapsing stock price. Nikola also recalled its battery-electric trucks after battery fires in 2023 prompted it to temporarily halt sales. Nikola is the latest manufacturer to succumb to a punishing environment for EVs, which are struggling to maintain traction due to high costs, spotty charging infrastructure and lukewarm customer interest. Fisker Inc. filed for Chapter 11 bankruptcy in June, while Canoo Inc. announced a Chapter 7 filing Jan. 17 — both companies, like Nikola, went public via blank-check reverse mergers during a wave of such listings in 2020. The Swedish battery maker Northvolt AB filed for bankruptcy protection in the US in November. [End] Goodbye, Nikola, we hardly knew ye. And good riddance. That is all.

With the industry's chatter around a possible combination of Diamondback and Double Eagle, what is the impact on oilfield service companies if the combination happens? I took a look at our soon-to-be-live "DrillSource" database of who works for whom across the US and present here the service companies who we believe are the first, second, and third most active for each of these companies in each of their field development areas for rigs, directional, and cementing. Since both companies use a wide range of drilling contractors, I think there will be no change in contractor preference. For directional, Diamondback uses a lot of service companies, including DE IV's ProD. So again, no change in service company preference. For cementing, HAL and West Texas Cementers appear to be in the best position to go forward. A few more data points to extract from DrillSource: based on our research we believe that DE IV will spend about $90M on contract drilling this year. Diamondback is ~$350M. Diamondback will spend ~$1B on frac services this year and DE IV $0.25B. DrillSource is not perfect, but every day the database improves as clients and friends (gently) point out our errors. Feel free to DM me if you see a glaring mistake that we need to fix.

These “#environmental” groups claim they’re looking out for the ratepayers. They’re really just trying to block good-paying #oilandgasjobs. #Louisiana #datacenter #Meta #natgas

Happy Presidents’ Day to the greatest president ever! #ogwausa #oilandgasjobs #energydominance #pipeline #oil #natgas #oilfield

It’s go time. #lng #oilandgasjobs #offshore #natgas #drilling

Germany, California, … Texas? Yes. Texas. Wind and solar cost a lot of taxpayer dollars. Wind and solar are unreliable. ???? Natural gas is reliable, affordable energy. https://lnkd.in/g99_puFe #grid #power #renewables #oilandgas

Energy Transfer partners with CloudBurst to supply #reliable, #affordable #naturalgas. https://lnkd.in/gGivv98E

#climatechange #environmentaljustice #environment

President Trump’s “maximum pressure” on #Iran supports USA #oilandgasjobs and defunds terrorists. https://lnkd.in/gq4sd7w5 #sanctions #China #oil #exports