December 2014
Supplement
Thoughts on oil and gas prices
Got volatility!? The topic du jour is crude oil. As I write this article, West Texas Intermediate oil prices are $75/bbl, Brent is below $80/bbl, and the collective energy business is holding its breath after OPEC failed to cut production quotas during its Nov. 27 meeting. We have not had to worry about a cut since 2009, and OPEC watchers are coming out of the woodwork. The reality, unless you have Saudi oil minister Al-Naimi’s cell phone number, you are just another member of the OPEC guessing club.
About the Authors
David A. Pursell
Tudor, Pickering, Holt & Co.
David A. Pursell serves as managing director and head of Securities at Tudor, Pickering, Holt & Co. He is responsible for TPH’s analysis of global oil & gas markets, including inventory and price forecasts, supply/demand modeling and rig count/production relationships. He is past chairman of the IPAA Supply & Demand Committee and sits on the Investment Committee of TPH Partners LP, TPH’s private equity division. Mr. Pursell is a board member of private energy companies Oxane Materials and Unconventional Gas Resources. He was a founding partner of Pickering Energy Partners, the predecessor to TPH. Prior to that, he was director of Upstream Research at Simmons & Company, International, and spent eight years as manager of petrophysics at S.A. Holditch & Associates, now a division of Schlumberger. He gained operational experience with ARCO Alaska, Inc., conducting field engineering and operations. He holds BS and MS degrees in petroleum engineering from Texas A&M University.
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