2018 Capital Budget and Drilling Plans
January 23, 2018
While Termo has largely sat on the sidelines for the last two years, we did continue to participate in our non-operated working interest positions, which included multiple Bakken wells, some drilling in Texas and Louisiana, and a working interest position in Weld County, CO.
As we enter 2018, we are eager to drill. Our current plans include two medium risk development wells in Fresno County to build upon our 2014 discoveries there. The Company also plans a moderate risk exploratory well in Kern County near our existing operations. The Kern County well is currently going through the local permitting process while the Fresno County wells have completed the local entitlement process.
In addition to the three exploratory wells, Termo will continue with its workover and enhancement plans of its operated wells in California and Louisiana. The Company hopes to bring some idled wells back on line in Wyoming as well.
Also in 2018, the Company plans to continue its rewarding non-operated working interest participation in multiple Bakken wells, several Niobrara wells in Colorado, and a small interest in three wells in Oklahoma’s SCOOP/STACK areas.
Termo Featured in the Long Beach Business Journal
January 16, 2018
Ralph Combs was included in the Long Beach Business Journal’s 2018 Economic Outlook Edition discussing “What is the 2018 outlook for oil from The Termo Company’s perspective?” A few excerpts: We need to remain cautiously optimistic and not get too excited …. There are so many factors that could change the outcome. Will higher prices bring more US drilling or will rising drilling costs curtail it? Will OPEC and Russia hold steady on production curtailment through the end of 2018 per their agreement? We do plan on drilling at least one well in California this year, and possibly up to three. We will certainly use this uptick in prices as an opportunity to do work that we have been putting off… Our projection for the price of oil at the end of 2017 was $54.10 (so we missed it a bit) and when we surveyed the group last week, the consensus for the end of 2018 is $68.40…ask us again at the end of 2018 and we will see how we did!
Since we are a born and raised Long Beach company it is always an honor to discuss business with the greater Long Beach business community. Thank you Long Beach Business Journal!
Termo Says Goodbye to Long-Time Team Members
November 1, 2017
The last year and a half have seen several team members enter into retirement after decades of dedication to Termo. We are immensely proud of their longevity with the company and have ensured that their hard work and capable management has been passed on to good hands.
Our long-time Office Manager and Receptionist Raquel left to have a baby (whose visits bring lots of joy to the office). On the regulatory side, Rae Lynne retired to spend time with her family and partner in Northern California. Our Louisiana Supervisor, Jesse departed the lease he has called home for almost 50 years to spend time with his wife and family. In our Accounting Department, our long-time Controller Vince has retired to the Santa Barbara area. In the Land Department, Sarah is departing to the Blue Ridge Mountains of Tennessee to be closer to family.
All these team members have dedicated themselves to Termo and our success and we wish them the very best in this next chapter of their life.
Report from the 2016 - 2017 Annual Shareholders Meeting
August 1, 2017
While 2016 and the first half of 2017 have been challenging for the industry, and Termo, the news from Termo’s recent shareholders meeting showed that business, and prospects, are on the upswing.
Termo made it through the downturn without lay-offs and with a minor amount of asset divestment. The Company participated in fifteen wells in 2015 and 2016, primarily in the Bakken but also an exploratory well in Louisiana.
The Company’s debt level has continued to decline and is now almost 30% below its 2015 peak. While the 2017 CapEx budget remains modest, it has been bumped up 40% over 2016 levels.
Most significantly, operated and non-operated oil production is nearing its highest levels in seventeen years, just as oil is beginning what appears to be a sustained price recovery.
Find Us on Social Media
June 5, 2016
We may be old (83 this year!) but you can find @TheTermoCompany with the rest of them kids on social media. Visit us on Facebook (www.facebook.com/TheTermoCompany) for inspiring stories and updates and Twitter (www.twitter.com/TheTermoCompany) for the latest news and policy debates. We are still working on developing an Instagram account.
We look forward to hearing from you!