Local ND Economy News

[Up Y'oars]

Doosan / Bobcat has announced it is suspending operations in its manufacturing plants.

Whiting Oil announces Chapter 11 Bankruptcy

 

[wjschmaltz]

Dang, it wasn’t long ago people were begging to get onto a Whiting rig. I guess their Dumb and Dumber bonus system and running 6-7 roughnecks per crew finally caught up with them.

https://m.youtube.com/watch?v=j_bDlJ2L8NA

 

[Meelosh]

I imagine buying Kodiak a few years ago with a bunch of cash didn't help.

 

[eyexer]

I imagine buying Kodiak a few years ago with a bunch of cash didn't help.

little cash involved. They financed to the moon

 

[Bfishn]

Yeah they never recovered from the Kodiak deal at the peak.

 

[MuskyManiac]

This PPP loan is turning out to be a major pain in the ass and not so easy as they make it sound. Doesn't help that the SBA is changing information to the local banks every day. This Friday the craziness starts.

 

[Migrator Man]

little cash involved. They financed to the moon

They had Kodiak and their own production financed to the moon and never recovered for the debt. If they would have quit selling their oil at depressed prices they may have made it through. Unfortunately it was pressure from the investors to sell all their oil at a loss......

 

[ItemB]

https://www.bloomberg.com/news/arti...es-got-14-6-million-bonuses-before-bankruptcy

Looks like the decision makers at whiting got nice bonuses for putting the company in bankruptcy. Good gig if you can get it I guess

 

[riverview]

mci in pembina is shut down for 2 weeks

 

[Bacon]

What the virus doesn’t kill the economy will.

 

[Obi-Wan]

https://www.bloomberg.com/news/arti...es-got-14-6-million-bonuses-before-bankruptcy

Looks like the decision makers at whiting got nice bonuses for putting the company in bankruptcy. Good gig if you can get it I guess

thats insane. There should be laws against it there are not already.

 

[Coalburner]

There is no cure for the Coronavirus coming anytime soon. What is the point of shutting down the US economy for 15-60 days if the problem (vaccination) still will not be available. If Coronavirus kills 250 thousand people there is going be 50 million economic deaths if we keep businesses from operating. There are a lot of people who have poured their lives into the businesses they run and it won’t be long before they are no longer financially viable to keep going. We need to open up the economy and people are going to have to wear masks, wash their hands, improve sanitation, and implore the elderly and people with poor health to stay in if possible. We need to get the economy up and running and one of these politicians need to have the balls to say we gotta get this going or there are going to be huge problems shortly.

My number one question is what happens when people run out of money to pay for food, rent, mortgages, hygiene products, and bills. I can tell you what happens......anarchy. Case in point look at what is happening in southern Italy.

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I imagine buying Kodiak a few years ago with a bunch of cash didn't help.

Probably didn’t help but natural gas prices being at 1.65 on the Henry Hub is what killed Whiting. It will soon kill companies like Chesapeake, Antero, and Range as well. Saudi Arabia’s illegal decision to flood the market with oil will put the final nail in a lot of oil and natural gas production companies.

I have a lot of ideas for What to do with Saudi Arabia’s illegal dumping of oil. First thing would be pulling all aid and troops in the region out. I would also place massive tariffs on any oil coming into the US from Saudi Arabia as well. They might think differently about their decision when Iran comes knocking on their door.

 

[Bob Erfish]

I tend to agree with coalburner for the most part. There is no vaccine coming, and the half hearted travel bans that aren’t being enforced are doing nothing to slow the spread. If you’re going to let people go to the beach, park, travel out of state to fish or hunt, you may as well let them go to work. Having said that there is enough people staying isolated the the economy is going to suffer huge whether businesses are allowed to open or not. Example, Doosan/Bobcat are part of an “essential business”. Construction and infrastructure or any company supporting them has not been forced stop work, these company’s choose too

 

[USMCDI]

There is no cure for the Coronavirus coming anytime soon. What is the point of shutting down the US economy for 15-60 days if the problem (vaccination) still will not be available. If Coronavirus kills 250 thousand people there is going be 50 million economic deaths if we keep businesses from operating. There are a lot of people who have poured their lives into the businesses they run and it won’t be long before they are no longer financially viable to keep going. We need to open up the economy and people are going to have to wear masks, wash their hands, improve sanitation, and implore the elderly and people with poor health to stay in if possible. We need to get the economy up and running and one of these politicians need to have the balls to say we gotta get this going or there are going to be huge problems shortly.

My number one question is what happens when people run out of money to pay for food, rent, mortgages, hygiene products, and bills. I can tell you what happens......anarchy. Case in point look at what is happening in southern Italy.

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Probably didn’t help but natural gas prices being at 1.65 on the Henry Hub is what killed Whiting. It will soon kill companies like Chesapeake, Antero, and Range as well. Saudi Arabia’s illegal decision to flood the market with oil will put the final nail in a lot of oil and natural gas production companies.

I have a lot of ideas for What to do with Saudi Arabia’s illegal dumping of oil. First thing would be pulling all aid and troops in the region out. I would also place massive tariffs on any oil coming into the US from Saudi Arabia as well. They might think differently about their decision when Iran comes knocking on their door.

Yeah, not gonna happen with Saudi, unless you've been there and seen what we've created over there you wouldn't believe it. You won't find anything on the web of "the good stuff". The amount of politicians that come over there with a gov't plane filled with family members would baffle you. Osama Obama went over there with 22 black Suburbans full of kin folk for a couple of weeks each year during his disaster, did the same thing in Kbay for 2 weeks during Christmas for 8 years. Until there are term limits and no wage increases voted in by themselves, not a damn thing will change.

 

[Coalburner]

Yeah, not gonna happen with Saudi, unless you've been there and seen what we've created over there you wouldn't believe it. You won't find anything on the web of "the good stuff". The amount of politicians that come over there with a gov't plane filled with family members would baffle you. Osama Obama went over there with 22 black Suburbans full of kin folk for a couple of weeks each year during his disaster, did the same thing in Kbay for 2 weeks during Christmas for 8 years. Until there are term limits and no wage increases voted in by themselves, not a damn thing will change.

There has never been a better time for term limits - 1/2 the members of Congress most people on this message wouldn’t hire to mow their lawn. I wouldn’t stop there either - if a person had never worked in the private industry or paid in taxes they shouldn’t be able to run for office - they should be elected on ideas and the reasons for them instead of the party they belong to, name recognition, what they media thinks of them, what Hollywood thinks of them, and quite frankly in some cases what their race/religion is. I contend if the candidates in Al Greens (dumbest member of Congress) district were faceless and people could only vote on their ideas and successes instead of what they look like and name recognition people like Al Green would never win another election.

 

[eyexer]

https://www.bloomberg.com/news/arti...es-got-14-6-million-bonuses-before-bankruptcy

Looks like the decision makers at whiting got nice bonuses for putting the company in bankruptcy. Good gig if you can get it I guess

im pretty certain a trustee can force the return of that money if he do desires. Highly unlikely but I believe he could

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The US sends 900 million a year in aid to Saudi. What in the hell for? The rest of the world needs to economically ruin China and Saudi both.

 

[Up Y'oars]

The $2.2 trillion stimulus bill will not solve the national economy. They would have to plan another $2 trillion just to keep a life preserver for us to come out of this after April. Then, how does the country recover adding $4.2 trillion to the debt load? The politicians are all approving this and approving that only to kick the can down the road for someone else to solve. Your children and grandchildren will have a burning hell living in this country come 2050 or 2060!

Dark days are on the horizon. :;:exactly

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BREAKING: Weekly jobless claims come in at 6.6 million

 

[Duckslayer100]

That check is going right into my savings account. I get they want us to spend money a stimulate the economy, but if shit hits the fan I have a mortgage and food on the table that comes first.

 

[fireone]

OPEC + was all the former members and the Russians were added to the group, thus the plus. Before the crude collapse in March the OPEC members minus the Russians want to limit oil production to keep the price up. Multiple news releases followed the negotiations. It was the Russians that refused to limit production and opened the taps. Then others followed.

Just a conspiracy theory here, but Russia saw a chance to screw the western economies and weaken their competition in shale production areas. So they pulled the trigger. Who is our best ally in the middle east, Russia or the Saudis?

The CV19 battle is a war brought to our country and every swinging person is drafted into the fight. The health of the citizens is threatened and the health of the economy too. There are casualties in both.

 

[Davey Crockett]

OPEC + was all the former members and the Russians were added to the group, thus the plus. Before the crude collapse in March the OPEC members minus the Russians want to limit oil production to keep the price up. Multiple news releases followed the negotiations. It was the Russians that refused to limit production and opened the taps. Then others followed.

Just a conspiracy theory here, but Russia saw a chance to screw the western economies and weaken their competition in shale production areas. So they pulled the trigger. Who is our best ally in the middle east, Russia or the Saudis?

The CV19 battle is a war brought to our country and every swinging person is drafted into the fight. The health of the citizens is threatened and the health of the economy too. There are casualties in both.

Putin hates lunkers hero with a passion and push came to shove. Even Stevie Wonder could have saw this shit coming.