Saturday, January 9, 2010

Express Energy Emerges Easily

I'd not given much thought to who or what Express Energy is, but in the light of it's recent mafia like characteristics I decided to do a bit of research. Oh, so you think I'm being a bit harsh, well before you judge me follow the link and observe the treatment of my friend Durango.

Well, let's discuss exactly what organized crime is. Organized crime is any group that has an organized structure of bosses--advisers and working members--whose main goal is to obtain money and PROPERTY through illegal activities. Durango has been searching diligently for signs of a permit that grants Express Energy the right to siphon water from the Trinity River. Since we see NO PERMITS posted then we can only assume that Express Energy is obtaining property from the Trinity River illegally.

Organized crime uses extortion and force to gain money and property. Wouldn't you say that pinning someone in is an example of a threat?

Organized crime activities negatively impact a community or region. Wouldn't you say that the damage being done to the levees of the Trinity River fall into that category? And the damage being done to the ecosystem of the area fall into that negative impact zone as well?

Photo by Don Young.

Express Energy was a small start up in 2000 that in the beginning dealt in coil tubing for offshore services. That business grew into a diversified oil field service company with 1200 employees and 30 service locations.

Express Energy filed chapter 11 claiming that in July of 2008 they started to see a downward spiral in profits. Really? Hmm...July of 2008? Then explain why they expanded operations? Express Energy borrowed 325 million dollars in July of 2008 to pay off lenders because in 2007 they borrowed 189 million dollars to acquire H2S Safety, Byrd R&S Oilfield Services Companies, Ace Rathole Services, Laydown, LTD, Brazos Oilfield Services, LTD, J&L Tank Services, and CST Drilling Fluids. And in September of 2008 they leased the penthouse, ya know...the real expensive part of a building.

"Express Energy Services Operating, L.P. signed a long-term, full-floor lease for 25,113 square feet at Phoenix Tower. The 34-story, 629,000-square-foot office tower is located at 3200 Southwest Freeway."

Then in June of 2009, Express Energy decided not to pay their bills anymore. By this time, Express Energy owed creditors 330 million dollars. Do you think Express Energy ever had any real intentions of paying that back? You want to know what your beloved giver of the community did to make a dent in what they owed? They made their workforce take a 10 percent reduction in salary and then laid off 850 employees. Yeah, the oil & gas industry is good for our local economy.

And under the Chapter 11, who do you think isn't going to be paid? Nope, you're wrong...the big banks are going to get their's the short list of local companies that have been wronged and won't be receiving a dime for services:

Acadian Monitoring Services
Aramak Uniform
Cannon Copier
Cintas Corporation
G&K Services
Unifirst Corporation
1stel, Inc.
American Ice Machines
ATNI, Inc.
FSP Phoenix Tower Corporation
Midland 5, LLC
RAM Lands, LLC
Randy Davis
Red Diamond Energy Services
Santosh Skariah
Warehouse Opportunities

Xerox Corporation

When you play with snakes, you can're gonna get bit


TXsharon said...

We can't have health care because we have too much corporate mafia [gas] "wellfare."

Great sleuthing.

Cheap Tricks and Costly Truths said...

Thanks Sharon! I know, and from reading this and I by no means understand what this means Express Energy is a disregarded entity when it comes to taxes. I'm hoping that someone knowledgeable can fill me in on what this means.

TXsharon said...

I linked to this post. Looks like a round up post to me.

Cheap Tricks and Costly Truths said...

Sounds good!

Durango said...

Most excellent sleuthing Special Agent CT2. It all grows curiouser and curiouser.

Cheap Tricks and Costly Truths said...

Why thank you, My Dear Durango :)

Jovan Gonzales said...

See. Another reason that you'll be on my ballot! You're smart AND a good investigator. You know what sucks? That O&G can do these kinds of things and not be held responsible. It's shameful.

Cheap Tricks and Costly Truths said...

I concur, the acts of depravity which this industry commits on a daily basis is sickening.

And thank you for the very kind compliments! :)