On March 24, 2015 1:55 pm
By: Kristie Kubovic, Director of Communications, Shale Media Group
Edited By: Mindy Gattner, Editor, Shale Media Group
Photos By: Shale Media Group
Shale Media Group’s (SMG) third Elite Energy Event (E3) of 2015 was held on Thursday, March 19, at the Best Western in Bentleyville, PA and showcased the hotel’s recent renovations. The events brought a variety of individuals together from across the energy spectrum in a fun, networking setting to discuss energy-related news.
March’s social event focused on recent shale oil and gas industry headlines from Shale Energy Business Briefing (SEBB). Tejas Gosai, CEO, Shale Media Group; and Rick Stouffer, Senior Energy Editor, Shale Energy Business Briefing, updated the attendees.
The duo first examined a recent report by Bentek Energy, the analytics and forecasting unit of Platts, which discussed the slowing production and deteriorating rig count due to the drop of oil prices and the impact on natural gas prices. Stouffer pointed out, “This is a price war with Saudi Arabia, and the Saudis can afford to lose some money.” Gosai also noted that Wall Street is saying that the price of a barrel of crude oil has hit bottom and that the price for gasoline will slowly increase.
Then Stouffer discussed the increased number of shale oil and gas companies filing for Chapter 11 bankruptcy protection in recent months. Additionally, Gosai relayed, “Many of the bigger players [large shale oil and gas companies] are buying the smaller, more leveraged companies.”
In addition, Stouffer brought up influential Texas oil billionaire T Boone Pickens statement that the US shale industry has “overproduced” and must cut back to lift the crude price, rather than waiting for Saudi Arabia to lower its output. A proponent of natural gas (especially due to the creation of numerous jobs), Pickens told the U.S. Shale industry they need to pull back and can’t blame the Saudis. Stouffer relayed that Pickens predicted more industry cutbacks would help return the crude price to $70/barrel by end of year, a point where American producers can make money.
Afterwards Stouffer took questions from the audience. Some companies represented at the event included Absolute Equipment, Beemac Trucking, Cintas, Davis Law, Green Apple Barter Services, Model Uniforms, NACBM Forum, Northwestern Mutual, ONG Marketplace, Pittsburgh Region Clean Cities, Renegade Services, Scientific Drilling, Shale Energy Institute, Shale Markets, Sierra w/o Wires, USA GTL, and WesLor.
Delicious catering was provided by Catering America. In addition, an ice sculpture of the statue of liberty was expertly created by Rich Bubin of Ice Creations and on display at the Elite Energy Event. The next Elite Energy Event will be on April 23 from 5 PM to 8 PM at the Holiday Inn Express in Bentleyville, PA. To sign up for SMG’s April E3, click here.
Shale Media Group (SMG) is the news, information, and education resource dedicated to the shale oil and gas industries by messaging across video, Internet, publications, events, and radio. For more, check out ShaleMediaGroup.com to access all platforms, including SMG’s latest news delivery system–Shale Energy Business Briefing (SEBB), an ad-free subscription based service, where subscribers receive a real-time, daily email, featuring concise, hard hitting shale news 7 days/week, 365 days/year. To sign up, go to sebb.us. Kristie Kubovic is the Director of Communications at Shale Media Group. Contact her at Kristie@ShaleMediaGroup.com.