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Page added on January 17, 2019
Fracking in 2018: Another Year of Pretending to Make Money
2018 was the year the oil and gas industry promised that its darling, the shale fracking revolution, would stop focusing on endless production and instead turn a profit for its investors. But as the year winds to a close, it’s clear that hasn’t happened.
Instead, the fracking industry has helped set new records for U.S. oil production while continuing to lose huge amounts of money — and that was before the recent crash in oil prices.
But plenty of people in the industry and media make it sound like a much different, and more profitable, story.
Broken Promises and Record Production
Going into this year, the fracking industry needed to prove it was a good investment (and not just for its CEOs, who are garnering massive paychecks).
In January, The Wall Street Journal touted the prospect of frackers finally making “real money … for the first time” this year. “Shale drillers are heeding growing calls from investors who have chastened the companies for pumping ever more oil and gas even as they incur losses doing so,” oil and energy reporter Bradley Olson wrote.
Olson’s story quoted an energy asset manager making the (always) ill-fated prediction about the oil and gas industry that this time will be different.
“Is this time going to be different? I think yes, a little bit,” said energy asset manager Will Riley. “Companies will look to increase growth a little, but at a more moderate pace.”
Despite this early optimism, Bloomberg noted in February that even the Permian Basin — “America’s hottest oilfield” — faced “hidden pitfalls” that could “hamstring” the industry.
They were right. Those pitfalls turned out to be the ugly reality of the fracking industry’s finances.
And this time was not different.
On the edge of the Permian in New Mexico, The Albuquerque Journal reported the industry is “on pace this year to leap past last year’s record oil production,” according to Ryan Flynn, executive director of the New Mexico Oil and Gas Association. And yet that oil has at times been discounted as much as $20 a barrel compared to world oil prices because New Mexico doesn’t have the infrastructure to move all of it.
Who would be foolish enough to produce more oil than the existing infrastructure could handle in a year when the industry promised restraint and a focus on profits? New Mexico, for one. And North Dakota. And Texas.
In North Dakota, record oil production resulted in discounts of $15 per barrel and above due to infrastructure constraints.
Texas is experiencing a similar story. Oilprice.com cites a Goldman Sachs prediction of discounts “around $19-$22 per [barrel]” for the fourth quarter of 2018 and through the first three quarters of next year.
Oil producers in fracking fields across the country seem to have resisted the urge to reign in production and instead produced record volumes of oil in 2018. In the process — much like the tar sands industry in Canada — they have created a situation where the market devalues their oil. Unsurprisingly, this is not a recipe for profits.
Shale Oil Industry ‘More Profitable Than Ever’ — Or Is It?
However, Reuters recently analyzed 32 fracking companies and declared that “U.S. shale firms are more profitable than ever after a strong third quarter.” How is this possible?
Reading a bit further reveals what Reuters considers “profits.”
“The group’s cash flow deficit has narrowed to $945 million as U.S. benchmark crude hit $70 a barrel and production soared,” reported Reuters.
So, “more profitable than ever” means that those 32 companies are running a deficit of nearly $1 billion. That does not meet the accepted definition of profit.
A separate analysis released earlier this month by the Institute for Energy Economics and Financial Analysis and The Sightline Institute also reviewed 32 companies in the fracking industry and reached the same conclusion: “The 32 mid-size U.S. exploration companies included in this review reported nearly $1 billion in negative cash flows through September.”
The numbers don’t lie. Despite the highest oil prices in years and record amounts of oil production, the fracking industry continued to spend more than it made in 2018. And somehow, smaller industry losses can still be interpreted as being “more profitable than ever.”
The Fracking Industry’s Fuzzy Math
One practice the fracking industry uses to obfuscate its long money-losing streak is to change the goal posts for what it means to be profitable. The Wall Street Journal recently highlighted this practice, writing: “Claims of low ‘break-even’ prices for shale drilling hardly square with frackers’ bottom lines.”
The industry likes to talk about low “break-even” numbers and how individual wells are profitable — but somehow the companies themselves keep losing money. This can lead to statements like this one from Chris Duncan, an energy analyst at Brandes Investment Partners:
“You always scratch your head as to how they can have these well economics that can have double-digit returns on investment, but it never flows through to the total company return.”
Head-scratching, indeed.
The explanation is pretty simple: Shale companies are not counting many of their operating expenses in the “break-even” calculations. Convenient for them, but highly misleading about the economics of fracking because factoring in the costs of running one of these companies often leads those so-called profits from the black and into the red.
The Wall Street Journal explains the flaw in the fracking industry’s questionable break-even claims: “break-evens generally exclude such key costs as land, overhead and even at times transportation.”
Other tricks, The Wall Street Journal notes, include companies only claiming the break-even prices of their most profitable land (known in the industry as “sweet spots”) or using artificially low costs for drilling contractors and oil service companies.
While the mystery of fracking industry finances appears to be solved, the mystery of why oil companies are allowed to make such misleading claims remains.
Wall Street Continues to Fund an Unsustainable Business Model
Why does the fracking industry continue to receive more investments from Wall Street despite breaking its “promises” this year?
Because that is how Wall Street makes money. Whether fracking companies are profitable or not doesn’t really matter to Wall Street executives who are getting rich making the loans that the fracking industry struggles to repay.
An excellent example of this is the risk that rising interest rates pose to the fracking industry. Even shale companies that have made profits occasionally have done so while also amassing large debts. As interest rates rise, those companies will have to borrow at higher rates, which increases operating costs and decreases the likelihood that shale companies losing cash will ever pay back that debt.
Continental Resources, one of the largest fracking companies, is often touted as an excellent investment. Investor’s Business Daily recently noted that “[w]ithin the Oil & Gas-U.S. Exploration & Production industry, Continental is the fourth-ranked stock with a strong 98 out of a highest-possible 99 [Investor’s Business Daily] Composite Rating.”
And yet when Simply Wall St. analyzed the company’s ability to pay back its over $6 billion in debt, the stockmarket news site concluded that Continental isn’t well positioned to repay that debt. However, it noted “[t]he sheer size of Continental Resources means it is unlikely to default or announce bankruptcy anytime soon.” For frackers, being at the top of the industry apparently means being too big to fail.
As interest rates rise, common sense might suggest that Wall Street would rein in its lending to shale companies. But when has common sense applied to Wall Street?
Even the Houston Chronicle, a major paper near the center of the fracking boom, recently asked, “How long can the fracking spending spree last?”
So, is the party over?
Not according to Katherine Spector, a research scholar at Columbia University’s Center on Global Energy Policy. She explains how Wall Street will reconcile investing in these fracking firms during a period of higher interest rates: “Banks are going to make more money [through higher interest rates], so they’re going to want to get more money out the door.”
127 Comments on "Fracking in 2018: Another Year of Pretending to Make Money"
shortonoil on Thu, 17th Jan 2019 10:41 am
Our energy analysis, done some six years ago, indicated that shale was a net energy breakeven to a net energy loser. When in the energy business, not producing much energy, can be interpreted as not generating much in profits. Shale’s high API gravity, which produces low per unit energy content, high GOR, and very deep formation structures makes reaching the energy breakeven point for most wells impossible. But Shale stumbles along; producing ever more debt each year.
Shale’s has been a success even though it doesn’t make money, and most likely never will. LTO is a necessity for the remainder of the industry. It provides the diluent needed to extract heavy oil still in the ground, thin down oil so it can be pumped through a pipeline, and it is needed to adjust API gravity so refiners can move their oil through the refinery. Shale will be around as long as the oil industry is around. They wouldn’t survive long without it. But the bottom line is that Shale is not an asset to anyone; it is a very necessary, high cost expense of doing business. Whether anyone other than an oil producer would want to invest in it, is an entirely different question?
http://www.thehillsgroup.org/
Duncan Idaho on Thu, 17th Jan 2019 12:47 pm
With this new capitalistic model, profit is not necessary. One is just in the position where you can’t stop producing, or the reality gets exposed.
Investors are not always stupid— they get the game.
george on Thu, 17th Jan 2019 12:48 pm
Your best investment for the future is a twenty year supply of walking shoes.
Shortend on Thu, 17th Jan 2019 1:15 pm
Whatever it takes to keep BAU going….already have them walking shoes and more
twocats on Thu, 17th Jan 2019 4:03 pm
There are simply too many bond funds that have a portion of capital allocated to the energy sector, and as long as shale companies can roll the debt, it simply doesn’t matter. for instance, retail is declaring bankruptcy pretty quickly as well (faster than shale?) and so you might lose on cove-lite loans there as well.
hard to say.
yields in the market have gone up though. borrowing has become more expensive. partially because of fed rate, partially because of perceived risk, downgrading of huge swathes of bonds from investment grade to junk (which is a de facto interest rate hike), and so on.
the market was teetering back in October – December and has stabilized slightly in the past couple of weeks. life in the biz must be pretty miserable right about now.
makati1 on Thu, 17th Jan 2019 5:18 pm
The headline says it all. Lies and suckers = the oily industry. It’s ALL about $$$$$.
Antius on Thu, 17th Jan 2019 5:26 pm
If only it were about $. It is hard to see how an industry that cannot turn a profit can actually keep growing much longer. The answer of course lies in the fact that interest rates are still historically low. What kind of economy needs to price credit beneath inflation? Maybe one undergoing thermodynamic energy collapse.
makati1 on Thu, 17th Jan 2019 6:00 pm
Antius, the Us is in collapse mode in so many ways. Education, morality, financially, ecologically, etc. It is dying of greed. We are witnessing the last gasp of the empire.
The children in DC are great examples…
Trump: “I want my wall!”
Pelosi: “You are not going to give your State of the Union address in Congress!”
Trump: “Then you are not going to have the use of Air Force planes to travel, go commercial!”
Pelosi: …..
I’m waiting for the next insult. It’s hilarious! Children in the playground for all the world to see. The US is going down.
Davy on Thu, 17th Jan 2019 6:12 pm
“I’m waiting for the next insult. It’s hilarious! Children in the playground for all the world to see. The juanp is going down.”
pretty much how you and your gang act here makattoo
makati1 on Thu, 17th Jan 2019 6:29 pm
No Davy, pretty much like you looking in a mirror ian’t it. Immature children pretending to be adults and the whole world is watching and laughing at them as we laugh at you.
I AM THE MOB on Thu, 17th Jan 2019 6:58 pm
Ocasio-Cortez’s first House floor speech becomes C-SPAN’s most-viewed Twitter video
https://thehill.com/homenews/media/425860-ocasio-cortezs-first-floor-speech-quickly-becomes-most-viewed-c-span-video?fbclid=IwAR2KFnZ4r7q46v93pFXRMM5qA0uRC-Wrg372mCj5b9VjEVChmu6SyOyQR6Q
I AM THE MOB on Thu, 17th Jan 2019 7:10 pm
Forget the Trade War. China Is Already in Crisis
Even if the second-largest economy resolves the current slowdown, it will remain mired in a debt-driven slump.
https://www.bloomberg.com/news/articles/2019-01-17/forget-the-trade-war-china-is-already-in-crisis
China is collapsing! you can only build so many ghost cities via shadow banking!
makati1 on Thu, 17th Jan 2019 7:40 pm
Really MOB? Hmmm.
“U.S. Government Debt Bomb Much Higher Than Americans Realize”
“…total outstanding U.S. Government debt is a staggering $34.3 trillion….
By incorporating ALL debt, the total U.S. Government debt to GDP figure is more like 166%….
When the U.S. economy finally starts to implode investors need to understand that ASSET values will evaporate while DEBTS stay the same.”
https://srsroccoreport.com/u-s-government-debt-bomb-much-higher-than-americans-realize/
American hypocrisy and sinophobia. You exhibit both, MOB. A perfect American tax slave.
I AM THE MOB on Thu, 17th Jan 2019 7:44 pm
Mak
Look at China’s debt to GDP ratio..Its nearly as high as the entire OECD ie US, Europe, Japan, etc..
https://imgur.com/a/EBdk5XB
China’s economic miracle is a fake..
makati1 on Thu, 17th Jan 2019 7:49 pm
BTW: $34,300,000,000,000. equals Y232,442,530,000,000.
https://themoneyconverter.com/USD/CNY.aspx
Current Chinese national debt = Y35,430,000,000,000. or Debt to GDP of ~48%.
https://www.nationaldebtclocks.org/debtclock/china
makati1 on Thu, 17th Jan 2019 7:54 pm
MOB, your ignorance is showing.
You mention cities…they are REAL things, not paper promises. Like the high spped rail system, modern highways, etc. The US only has paper IOUs that are becoming worthless as the world pulls away from using them. They don’t even make good toilet paper. Only good for burning. And the US’ infrastructure is crumbling due to lack of maintenance. And not one mile of high speed rail. LOL
China has a totally different government/financial system and you are trying to compare apples and carrots. Doesn’t work.
Parroting the USMSM propaganda does not make you look intelligent.
makati1 on Thu, 17th Jan 2019 8:05 pm
China has a middle class that is larger than the total population of the US, while the US’ middle class is dying. Who is doing something right? LOL
“Another factor that’s supporting China’s consumer spending growth is its low level of household debt. China’s household debt-to-GDP ratio of 40 percent is less than half the American household debt-to-GDP ratio, and is much lower than those of other developed countries, as shown below…. by 2022 over 550 million people in China will be considered middle class.”
https://www.businessinsider.com/chinas-middle-class-is-exploding-2016-8
“China’s middle class has overtaken the United States to become the largest in the world according to a comprehensive new report on the distribution of global wealth.
Despite fears of a global growth slowdown in the emerging world, Asia is set to be the scene for the greatest expansion of the world’s middle class, said Credit Suisse, in its annual wealth report.”
https://www.telegraph.co.uk/finance/china-business/11929794/Chinas-middle-class-overtakes-US-as-largest-in-the-world.html
“These trends will accelerate over the next 10 years as the role of “upper middle class” consumers expands. Today, the mass middle class – with annual household incomes of between $9,000 and $16,000 – are dominant, accounting for 54 percent of all urban households; upper middle-class households, with incomes of $16,000 to $34,000, represent only 14 percent. By 2022, however, the upper middle class will become the new mainstream, accounting for 54 percent of all urban households and generating just under half of total Chinese private consumption.” (2010 article)
https://thediplomat.com/2013/05/half-a-billion-chinas-middle-class-consumers/
Deny all you want, but it doesn’t change reality. Keep in mind PPP when you look at the numbers.
JuanP on Thu, 17th Jan 2019 8:06 pm
I, for one, am very grateful that we had the shale boom; it has given us another ten years so far. Now, if I had children and was worried about Climate Change or the long term future I might feel otherwise, but the truth is I think humans would have destroyed the biosphere with or without shale oil. Even if their had been no fossil fuels at all people would still have destroyed the biosphere; it just would have taken longer to do it. And, I don’t think that losing money extracting oil is important; we waste a lot more money on less productive undertakings, like the US “defense” expenses.
makati1 on Thu, 17th Jan 2019 8:18 pm
JuanP, I disagree. Without FFs, humans would not have had the capacity to ruin the biosphere. If we tried to burn all of the wood, we would have just frozen or starved. The population would never have exceeded a billion of us. We would have been outnumbered by the other life on this planet. Too bad, we will never see who is correct. I am glad I’m 75 and have 20 or so years left, max. It is going to be rough for my grand kids.
I AM THE MOB on Thu, 17th Jan 2019 8:25 pm
Mak
China’s debt has the highest debt ratio in the entire world..You can’t borrow you way to prosperity..And they are the worlds largest oil importer..So when the global shortage hits..They will be finished!
makati1 on Thu, 17th Jan 2019 9:59 pm
MOB, all I hear is echos of the USMSM propaganda in your rebuttal. No refs. No proof of your uneducated assertion, just Sinophobia.
Believe what you want. Deny what you want. It doesn’t change anything. The West is going down. The East is rising.
https://www.nationaldebtclocks.org/debtclock/china
https://www.nationaldebtclocks.org/debtclock/unitedstates
https://www.nationaldebtclocks.org/debtclock/russia
Don’t forget to convert to dollars for a real comparison…
National Debt: US ~$22T -China ~$5T -Russia <1T.
makati1 on Thu, 17th Jan 2019 10:03 pm
BTW MOB: You obviously did not read the refs in my above comment: “China has a middle class…” Or you would know how full of bullshit you really are. Maybe you cannot read and comprehend English? Or too stupid and lazy? Both?
I AM THE MOB on Thu, 17th Jan 2019 10:07 pm
Mak
That chart was from the financial times in the UK..Not even the US..You are to dumb to even know what your denying..And the numbers on china’s debt come from the IIF..Which is in an international organization..
And the total debt amount isn’t important as the ratio to GDP..And has tripled the US debt to GDP ratio..And they don’t have the worlds reserve currency..And nobody wants the yuan..
I am done arguing with you though..No offense but you are a clueless possibly senile old geezer..Who doesn’t really know what he is talking..To engage with someone so ignorant is just a waste of time.
I AM THE MOB on Thu, 17th Jan 2019 10:10 pm
NEW: Buzzfeed News is reporting that Robert Mueller has evidence Trump directed Michael Cohen to lie to Congress about the extent of the deal to build a Trump Tower in Moscow.
https://www.buzzfeednews.com/article/jasonleopold/trump-russia-cohen-moscow-tower-mueller-investigation
Its Mueller time!
https://imgur.com/a/wUHBfft
Cloggie on Thu, 17th Jan 2019 11:32 pm
Boris Johnson makes his move:
https://www.dailymail.co.uk/news/article-6604879/Boris-makes-dramatic-pitch-Tory-leadership.html
“Boris says Brexit can unite the country, as he makes a dramatic pitch for the Tory leadership by saying promising tax and immigration cuts”
makati1 on Fri, 18th Jan 2019 12:14 am
MOB, IIF? Never heard of them. I heard of the IMF, but it wants the USD to fail so it’s numbers are not reliable. It is NOT owned by the US. It is run by the world’s elite. a YUGE difference. It expects to replace the USD with the IMF’s SDRs as a world currency.
Did you notice that the US Debt to GDP is 108% and China’s is 47%? No, you ignore facts if they do not prove what you want to believe. Just like Davy. Arrogant ignorance.
Again, you resort to putdowns and childish name calling instead of rational, referenced, factual rebuttal. Having trouble with reality snowflake? Asia Up. West down. THAT is the real world today. LOL
makati1 on Fri, 18th Jan 2019 12:26 am
MOB FYI: “Of the 160 countries that settled payments with Hong Kong and the mainland last month, 47 had at least 10 per cent of their transfers made out in the yuan, according to SWIFT, a global member-owned co-operative servicing financial institutions.” (2018) https://www.scmp.com/business/banking-finance/article/1243760/more-countries-use-yuan-settle-international-payments
FORTY SEVEN countries…but “… nobody wants the yuan.”
“The Chinese yuan surpassed the euro in October to become the world’s second-most-used currency in international trade and finance, the Society for Worldwide Interbank Financial Telecommunication (SWIFT) said in a statement on Tuesday.” (2013) https://www.ibtimes.com/yuan-overtakes-euro-second-most-used-currency-international-trade-settlement-swift-1492476
You really are a stupid snowflake to make a remark without even checking your lies. Maybe you like to be called a snowflake?
deadly on Fri, 18th Jan 2019 12:30 am
Not a single oil company has to make a one penny in profit, oil is what is needed, not profits.
Their job is to make sure oil is in ample supply, profits are for those who supply the loaned monies.
If an oil company happens to go broke, that’s just too bad. It happens.
When the fuel is not available, none there, the tank is empty, the gas station hasn’t any at all, people get nervous, especially when their gas tank needs refueling.
You’re gonna scream and bawl with all of your might if you can’t drive somewhere fast.
With all things considered Goldman Sachs does want to make money.
That’s where the profits go, you have to keep the money in the right hands.
Oil companies can go broke and they do, as long as Goldman Sachs can buy them for pennies on the dollar and do it all over again, all will be well.
Oil companies have gone broke, equipment gets auctioned, buildings sold, and on and on.
Plenty of paperwork is done to straighten out the matter. Fiduciary interests still want their money, it just doesn’t disappear. Owners don’t go away and let it all go, as long as the oil is there, you still pay.
As long as Goldman Sachs can profit, there is nothing to worry about.
If there is no oil, there will be plenty to worry about.
Gotta have fossil fuels, civilization collapses without them.
makati1 on Fri, 18th Jan 2019 12:55 am
deadly, when the bubble bath the Us is currently lounging in goes POP! POP! POP! and all of those companies go bust, then what? Maybe you don’t realize that the idea is to destroy the US’ economy, not save it.
A drug pusher keeps selling at the price that the addict can pay, and then, when the addict can no longer pay at any price, POP! That day is fast approaching. The US cannot print its way out if no one wants its paper IOUs. The world is waking up to the lies of, and bullying theft by, the US. Payback is coming. I hope you are prepared.
makati1 on Fri, 18th Jan 2019 1:00 am
BTW deadly, not everyone needs FFs as much as the US. There will be FFs for a long time at some price. Gas here in the Philippines has not dropped much below $4/gallon in 10 years. But then, most Filipinos do not use much, if any. Average per capita is about TWO CUPS of oil per day to run everything. The US is over TWO GALLONS per capita, per day. Who is going to hurt? No FFs needed to heat homes here. Never even gets close to freezing. 86F today. LOL
I AM THE MOB on Fri, 18th Jan 2019 2:48 am
Mak
China’s debt to GDP is not 47%..That is an “Unofficial” number.
The Chinese “economic miracle” is built on a mountain of debt. As Chinese GDP grew over 12-fold in 20 years to $12.24 trillion at the end of 2017, credit in the Chinese financial system grew over 40-fold, taking the debt-to-GDP ratio from 100% to 400%, if one counts the shadow banking system. Shadow banking credit aggregates are omitted from official statistics, but they add at a minimum 100% to the total debt to GDP ratio for China (see this Brookings Institution paper).
https://www.marketwatch.com/story/chinas-coming-recession-has-pushed-oil-below-60-2018-11-13?link=sfmw_fb
Officially China’s debt is a small number: 47.60%. Unofficially, it’s hard to figure it out. For a good reason: the government is both the lender and the borrower. One branch of the government lends money to another branch of government. Government-owned banks, for instance, lend money to State Owned Enterprises (SOEs) and Town Village Enterprises (TVEs). But there are some unofficial estimates. Like one from the Institute of International Finance (IIF) last week, which place China’s debt to GDP at 300%!
https://www.forbes.com/sites/panosmourdoukoutas/2018/11/24/debt-not-trade-war-is-chinas-biggest-problem/#2809abd54c4d
I AM THE MOB on Fri, 18th Jan 2019 2:50 am
Mak
I bet your island people will make great slaves for us when the oil starts to run out..
LOL
I AM THE MOB on Fri, 18th Jan 2019 2:53 am
Clogg
can you ever leave your safe space of the far right lunacy of the tabloid dailyfail? You need a safe space that is why you always post from the same source ad nausem..This proves you are a close minded bigot..This is why elderly boomers like yourself share 7 times as much fake news than younger people..
Cloggie on Fri, 18th Jan 2019 3:46 am
This is how a despicable vassal talks, who knows she has to face her own 1989 soon:
https://www.dailymail.co.uk/news/article-6605493/Woman-tipped-German-chancellor-begs-UK-stay-EU-friends-pub.html
“Woman tipped to be next German chancellor begs Britain to stay in the EU because it would ‘miss our friends who go to the pub and drink tea'”
She begs her Anglo overlords to stay, hopefully and probably in vain.
Cloggie on Fri, 18th Jan 2019 6:04 am
President Macron delivers defiant anti-Brexit speech in Normandy:
https://www.indy100.com/article/brexit-macron-speech-france-theresa-may-deal-vote-commons-parliament-8732066
Tough language:
I can tell you very solemnly that in the framework of this future relationship, the interests of French fishing will be defended and we will have to negotiate a transition period with them anyway because the British can’t afford not to have a plane taking off or landing in their country and 70 per cent of their supermarket supplies comes from continental Europe
Oops.
Everybody is still in the “don’t rock the boot” mode. But as soon as an economic recession will hit, foreign conflicts will be used to put the blame upon.
This is the world that is emerging, Orwell’s-1984 world…
https://documents1940.files.wordpress.com/2017/09/george_orwell_map.jpg
…where everybody will be at (low-level) conflict with everybody.
Davy on Fri, 18th Jan 2019 6:28 am
Why do I get the feeling that today is going to be extra special?
JuanP on Fri, 18th Jan 2019 6:38 am
OH boy bitches I am back from surfing and ready to dirty up the board with identity theft. Yee Ha nasty is my game and low IQ is name.
Davy on Fri, 18th Jan 2019 6:48 am
OK dirty JuanPee lets go at it again. What a friggin child. Do you have some kind of attention issue? Do you have a problem with selfishness? What a F-nut. I could give a shit dirty Juan. I win you lose. You will never censor me off here. If I remain I win and you look stupid JuanPee. You have been playing this game for years with the phony bulling excuse. Yea, that is the real projecting F-nut. Who is the real bully and the pest? Hey F-nut do you remember 3 years ago when you and your anti-American tribe tried to censor me because the board was not anti-American enough? You had the help of ape man, gregt, anon, and makattoo? Yea, you failed. You gang banged me and it failed. How do you think your dumbass low IQ effort will do? I think this is so boring for all of us except for you because you like mindless gaming and childish behavior. I don’t have a problem with people like clogged. We can debate each other. He has a warped message but it can be debated. You are just dirty and your message nasty.
Davy on Fri, 18th Jan 2019 6:49 am
Bitches is my new favourite word. I plan on using it a lot. It makes me feel strong.
I AM THE MOB on Fri, 18th Jan 2019 6:51 am
CLogg
Nobody gives a shit about your stupid brexit..Both the UK and Europe and Asia are going collapse into atomic dust over the next decade..Your fantasy future is laughable and magical thinking.
Davy on Fri, 18th Jan 2019 6:55 am
Oops. Both implies two. The UK, Europe, and Asia are three.
JuanP on Fri, 18th Jan 2019 6:55 am
“But I think this is an issue the Chinese government realized a long time ago,” he added. “It’s a structural problem that takes quite a bit of time to unwind.” Failing that, Beijing will just bail out the entire housing sector as it has done on so many prior occasions. The alternative is the one thing that keeps every politician in Beijing up at night: revolution.”
https://www.zerohedge.com/news/2019-01-17/55-billion-reasons-why-chinese-property-developers-just-flash-crashed
China the land of systematic inconsistencies but Sinophiles like me think nothing is wrong. China will dominate the world I know it. bitches
JuanP on Fri, 18th Jan 2019 6:58 am
Surfing Bitches lets review my mental conditions:
JuanP on Thu, 30th Jun 2016 4:56 pm
I think I could use my antisocial, psychopathic, sociopathic skills to convince people to vote for Trump. I can be very convincing when I want and I am excellent at manipulating people.
JuanP on Sun, 30th Aug 2015 5:40 am
…then you simply have a higher opinion of humans than I do. But what can I do? I am after all an admitted antisocial misanthrope. I just think most people suck!
JuanP on Fri, 12th Aug 2016 10:58 am
I stopped caring about humanity’s future a long time ago once I realized it was a waste of my time and energy. Now I think that it would be best for life on Earth if we ceased to exist as a species.
JuanP on Wed, 14th Sep 2016 9:59 pm
I struggle with the fact that I belong to the same species; I find myself emotionally and intellectually incapable of accepting the fact. That is why I consider myself a sui generis individual rather than a human animal.
JuanP on Sun, 26th Jun 2016 12:22 am
As far as I am concerned human beings are a bunch of arrogant and retarded ignorant fools and they deserve what’s coming. Call me selfish if you want, I don’t give a fuck!
JuanP on Fri, 15th May 2015 11:21 am
I did therapy for over a decade and most of it was a waste, but I had one therapist for a year who understood my issues and that helped, though I am still thoroughly screwed up.
JuanP on Tue, 22nd Dec 2015 6:57 am
They make me smile and happy and give me a brief respite from my cronic and acute depression.
JuanP on Sun, 17th Aug 2014 8:19 pm
I have suffered from cronic and acute clinical depression for most of my life, but I wouldn’t have it any other way.
JuanP on Mon, 23rd May 2016 8:53 am
I was just telling my wife yesterday that I would very willingly give my arms, legs, tongue, eyes, ears, nuts, and dick to experience life like normal people do for just one hour to know what it feels like. I have been a seriously depressed realist since I have a memory. My first memory of my life is of leaning against a tree alone in my kindergarten’s playground looking at all the other kids playing, thinking how stupid their behavior was, and wondering why I wasn’t like them. I basically don’t interact with normal people anymore. They have nothing to offer me and I don’t want to give them anything.
I am back, bitches! I just got back from a surfing vacation in Costa Rica. I am recharged and refreshed, and ready to continue fucking with the Exceptionalist and his multiple personalities for the foreseeable future.
Davy on Fri, 18th Jan 2019 7:00 am
I hate so much that China is taking over as the world’s superpower, bitches. It makes me feel even more inadequate.
Cloggie on Fri, 18th Jan 2019 7:08 am
JuanP, give it a rest you are just messing up our forum.
Cloggie on Fri, 18th Jan 2019 7:10 am
Cloggie on Fri, 18th Jan 2019 7:08 am
Didn’t say that. Mobster is messing up the forum, as usual.
JuanP on Fri, 18th Jan 2019 7:11 am
Cloggie, I can’t help the identity theft I am not smart enough to debate Davy on issues and ideas. I am a low IQ surfer bitch. I just got back from Costa Rica. Fuck climate change BTW. I do what the fuck I want when I want. You can project all you like…bitches
Davy on Fri, 18th Jan 2019 7:13 am
clogged, JuanP is clearly suffering personality dysfunctions and this all relates to life long mental issues. He is depressed and angry so he takes it out here. He could give a shit about others. The only two who like his behavior is makattoo and anon the Canadian millennial.
JuanP on Fri, 18th Jan 2019 7:14 am
But bitches I surf and live in Miami Beach with other bitches and surfers. FUCK YOU
Davy on Fri, 18th Jan 2019 7:15 am
That was me again nedernazi. I thought you were sleeping and you wouldn’t notice me stealing your identity.