Mid-Year Forecast: U.S. to see uptick as crude prices climb, demand recovers

Mid-Year Forecast: U.S. to see uptick as crude prices climb, demand recovers
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Mid-Year Forecast: U.S. to see uptick as crude prices climb, demand recovers

Despite analysts’ dire predictions about Covid-19’s short-term/long-term effects on the industry, demand and oil prices recovered significantly in second-and-third-quarter 2021. Even with consistently higher oil prices, U.S. operators showed uncharacteristic restraint, focusing on debt reduction and shrinking the DUC backlog rather than new drilling.

The U.S. petroleum industry faced continued pressure from President Biden and environmental groups, who have repeatedly stressed the imperative of reducing fossil fuel usage to slow GHG emissions. However, the hard push to convert has left the U.S. undersupplied, underpowered and vulnerable to weather-related events. 

In February, Texas experienced a major failure of its power grid, due mainly to decades of poor policy decisions that prioritized climate change politics at the expense of reliable power supply. In May, IEA stated “ending new oil and gas exploration today is the only viable climate path to achieve net-zero carbon emissions by 2050.” The world’s largest producers rejected this call for a rapid shift away from oil and gas, warning that starving the industry of investment would harm the global economy and cause large spikes in oil prices. 

In addition to the push for renewables, the spread of Covid-19 continued to cause widespread disruption to commodity markets further damaging the industry during first-half 2021. To support crude markets, Saudi Arabia reduced oil production in February 2021 by 10.4%, down to 8.15 MMbopd. Production in the U.S. declined 6.3% in February, dropping to 10.4 MMbopd, most likely due to lower commodity prices. Russian output remained relatively steady during this timeframe. However, as vaccines stared to curb virus outbreaks, pent-up demand caused WTI prices to surge to $75.37/bbl in July 2021, the highest recorded spot price since October 2018, when WTI was trading at $76.40/bbl. 

Demand will continue to recover. The head of Vitol Group, the world’s largest independent oil trader, expects crude demand to continue to recover in 2021 and 2022 as the world emerges from the pandemic. Demand for crude will increase by 7-to-8 MMbopd by the end of 2022, up from current levels, and producers will be stretched to meet that surge, according to Vitol CEO Russell Hardy. “We will need the industry at full strength to get through 2022,” Hardy said. “We believe $70-to-$75/bbl is possible for the third/fourth quarters.” 

MACRO U.S. PICTURE 

The Baker Hughes rotary rig count stood at 360 units during the week ending Jan. 8, 2021. That total is 55% less, or 436 rigs fewer, than were working on Jan. 3, 2020, Fig. 1. U.S. drilling activity steadily climbed for the next seven months, hitting 512 during the week ending Sept. 17. Although the 152-rig increase represents a 42% Jan.-Sept. increase, U.S. shale operators have resisted ramping-up drilling activity, remaining disciplined with capital expenditures. The speed at which new rigs have been deployed to the field is considerably less than in previous up-price cycles. Most U.S. shale companies are being conservative, as priorities remain focused on protecting balance sheets and generating free cash flow.

With oil trading above $70/bbl, even while investment activity remains low, the world’s publicly traded E&P companies are set to generate record-breaking free cash flows in 2021 (Rystad Energy). Their combined cash flow from upstream activities should surge to $348 billion this year, with the previous high being $311 billion in 2008. Total gross revenue for all public upstream companies should increase by $500 billion in 2021, or 55% compared to last year (excluding hedging effects). At the same time, the investment level of these companies is only expected to grow 2% in 2021, resulting in significantly higher profits.

OVERALL U.S. FORECAST

With demand returning and oil prices firming, World Oil forecasts a moderate uptick in drilling activity for the remainder of the year, projecting 12,452 total wells for 2021—a 9% increase from the 2020 count of 11,451, Table 1. Total footage is projected to increase from 156.2 MMft in 2020 to 167.4 MMft in 2021—an increase of 7%. During 2021, 5,723 wells are estimated to have been drilled during the first six months, while 6,729 are expected to spud in the second half of the year, for a half-to-half increase of 17.6%. A 16.6% increase in footage is expected in the last six months.

wo0921 us forecast table 01

We have some confidence in this forecast, given that our February 2021 winter forecast was only 130 wells different from this round. And these predictions are backed up by survey numbers in various key areas of the U.S.

M&As back in vogue. The spread of Covid caused revenues to decline substantially, leading to a pullback in spending. It also reduced M&A activity. There were only 205 deals across the sector in 2020, the lowest number in more than a decade. However, in 2021, several blockbuster deals are scheduled to close.

In September, Shell Enterprises reached an agreement for the sale of its Permian business to ConocoPhillips for $9.5 billion in cash. The transaction will transfer all of Shell’s interest in the Permian to ConocoPhillips, subject to regulatory approvals. “After reviewing multiple strategies for our Permian assets, this transaction with ConocoPhillips emerged as a compelling value proposition,” said Wael Sawan, Shell’s upstream director. “This decision reflects our focus on value over volume, as well as disciplined stewardship of capital. The cash proceeds will be used to fund $7 billion in additional shareholder distributions after closing, with the remainder used to strengthen the balance sheet. The effective date of the transaction is July 1, 2021, with closing expected in Q4 2021.”

In May, the merger of Cabot Oil & Gas with Cimarex Energy was announced in an all-stock transaction valued at $7.4 billion. However, the union confused investors, leaving them to question the logic behind a combination that the companies say will increase diversification. Cimarex is mostly an oil explorer in Texas and Oklahoma, while Cabot is focused on natural gas drilling in the Marcellus. Although the two companies are following a path outlined by other shale companies of late by clinching a deal involving almost no takeover premium, it wasn’t enough to win over investors. Shares of both companies slumped after the announcement. Analysts at Citigroup said the deal was an unexpected pairing, as it creates geographic diversity, unlike other recent industry transactions. KeyBanc Capital downgraded shares of Cimarex because of the lack of a premium and what it views as no clear strategic benefit to investors. Bloomberg Intelligence said a Permian-focused partner would have made more sense for Cimarex. Investors questioned why in-basin opportunities weren’t pursued ahead of a surprising multi-basin deal. 

By contrast, enthusiasm permeated through markets in April, when Bonanza Creek Energy and Extraction O&G announced an all-stock deal valued at $1.1 billion that will combine assets in Colorado. The merger—a low-premium deal—was favored among shareholders, as it aims to build on the companies’ existing footprint in the area. Shares for Bonanza and Extraction surged as a result. The number of U.S. E&P deals announced or closed this year has more than quadrupled to about $26 billion from the same period a year earlier.

OFS outlook improving. In July, Haliburton confirmed that for the first time in seven years, the company is expanding in U.S. and foreign markets, as spending recovers in the global energy industry. “The economy feels more than 2% shut in, so the demand growth is there,” said CEO Jeff Miller. “Drillers are going to require a lot of services, as we meet global demand for oil and gas. Exploration customers are profitable at current oil prices in the $60-$70/bbl range, and spending could increase by percentages in the double digits over the next several of years as a result.” The bullish outlook from the world’s third-largest OFS provider follows comments in May from Schlumberger, which said the global economic recovery could trigger an energy-industry “supercycle” that should lead to wider margins.

Thanks to tightening supplies of various oilfield gear, Halliburton said it’s finally able to command higher prices for its work—beyond the cost of supply chain inflation—in certain markets. The optimistic outlook is a dramatic rebound for the sector, which was laid low last year by the pandemic and forced to layoff 10,000s of workers. The three biggest OFS companies—Halliburton, Schlumberger and Baker Hughes—are expected to increase profits by 20% in the third quarter, compared with the first three months of the year.

Green strikes again. A nationwide push for green energy could strand $68 billion in coal and natural gas assets (S&P Global Market Intelligence). Analysts estimate that $34 billion in coal plant investment and another $34 billion in new gas plant construction could be at risk to meet ambitious decarbonization goals outlined by the Biden administration’s Clean Energy Standard. During the last 10 years, U.S. electric sector carbon emissions have declined, mainly due to the substitution of coal generation with natural gas generation.

However, recent pricing trends indicate further emissions reductions using this avenue are unlikely. The advancement of renewable mandates and regulatory support for retiring coal generation in parts of the country indicate that a new round of carbon emission reductions is on the horizon. This push could reduce the value of recent investments in pollution control equipment at coal plants and put pressure on the U.S. fleet of recently built natural gas generation infrastructure.

Employment opportunities. The American oilfield services and equipment sector’s employment rose by an estimated 3,711 jobs in August, a sixth straight month of growth, according to preliminary data from the Bureau of Labor Statistics (BLS) and analysis by the Energy Workforce & Technology Council (Council). However, the rate of growth slowed to 0.6%, reflecting sluggish employment growth across the nation’s economic sectors. Among other key findings, the sector has added more than 42,000 jobs over the six months since hitting a pandemic low of 597,067 jobs in February, according to BLS data. Also, sector job losses peaked at more than 109,000 positions. Since then, the sector has regained 42,200 jobs, bringing total pandemic losses to 67,200. 

Against this cautiously optimistic outlook, World Oil presents its 2021 U.S. mid-year forecast.

Drilled-but-uncompleted wells decline. According to the August 2021 tally by EIA, the DUC total stood at 5,713, a reduction of 1,952 wells since August 2020. In the Permian basin, operators have completed 1,413 DUC wells during the August 2020-August 2021 interval, a 40% reduction. Also, an analysis by Rystad Energy shows that drilling discipline has reduced the number of “live” DUCs (less than two years old) in the major shale regions. The number of “live” DUCs stood at 2,381 in June 2021, the lowest level since 2013, as the industry continues to whittle down the number of DUCs through fracing.

CAPEX FORECAST

Fig. 2. As shown in this all-time U.S. drilling chart, activity in 2021 is improving upon the worst year for U.S. activity since 1898. By all indications, 2021 will be up about 9% from the 2020 low point. Image: ©World Oil.

North American spending is forecast to decrease 6.5% from 2020 levels, which is a reversal from 5.4% growth suggested by a December survey, according to James West, senior managing director at Evercore ISI. Although capex in Canada is stabilizing near current levels, with anticipated 3% growth for 2021, capex in the U.S. is expected to contract for a third straight year and for the fifth time in the last seven years, due to a combination of consolidation, bankruptcies and corporate dissolutions. The structurally smaller U.S. and Canadian markets are less than one-third and 16% of their 2014 peaks, respectively.

Spending plans contracted quickly for the U.S. and Canada following the collapse of commodity prices in March 2020, as E&Ps prioritized preserving liquidity, given the uncertain impact of the global pandemic on oil demand. A restructuring cycle among public E&Ps gave way to a smaller and less fragmented industry, but it is now largely complete with the emergence of stronger regional majors and independents. Excluding the historical capex of distressed companies that have since been acquired or privatized, U.S. capex is falling by a relatively modest 1.2% in 2021 and growing by 21% in Canada. From a lower base, Evercore believes the set-up is positive for growth in 2022 and beyond.

There could be modest upside to North American spending during second-half 2021, with current WTI spot prices above the $54/bbl average basis for establishing 2021 budgets. While two-thirds of spending survey respondents would maintain their budgets, regardless of changes in the oil price, one in five would increase capex, due to corresponding increases in oil prices.

EIA FORECAST

The EIA’s Short-Term Energy Outlook, published September 2021, reports that STEO remains subject to heightened levels of uncertainty related to the ongoing recovery from Covid-19. U.S. economic activity continues to rise after reaching multi-year lows in the second quarter of 2020, while U.S. GDP declined 3.4% in 2020 from 2019 levels. This STEO assumes U.S. GDP will grow 6.0% in 2021 and 4.4% in 2022. The EIA forecast assumes continuing economic growth and increasing mobility.

Oil price forecast. Brent spot prices averaged $71/bbl in August, down $4/bbl from July but up $26/bbl from August 2020. Brent prices have risen over the past year as a result of steady draws on global oil inventories, which averaged 1.8 MMbopd during the first half of 2021. EIA expects Brent prices will remain near current levels for the remainder of 2021, averaging $71/bbl during fourth-quarter 2021. In 2022, we expect that growth in production from OPEC+, U.S. tight oil, and other non-OPEC countries will outpace slowing growth in global oil consumption and contribute to Brent prices declining to an annual average of $66/bbl.

Crude production forecast. More than 90% of crude production in the federal Gulf of Mexico offshore was offline in late August following Hurricane Ida. As a result of the outage, GOM production averaged 1.5 MMbopd in August, down 0.3 MMbopd from July. EIA expects that oil production in the GOM will gradually come back online during September and average 1.2 MMbopd for the month before returning to an average 1.7 MMbopd in the fourth quarter. Total U.S. output averaged 11.2 MMbopd in August—the most recent monthly historical data point. EIA forecasts that it will remain near that level through the end of 2021 before increasing to an average 11.7 MMbopd in 2022, driven by growth in onshore tight oil production.

Natural gas prices. In August, spot price for natural gas at Henry Hub averaged $4.07 MMBtu, which was up from the July average of $3.84/MMBtu. The August increase reflects hotter temperatures in August, on average, across the U.S., compared with July, which caused demand for natural gas in the electric power sector to be higher than expected. Henry Hub spot prices in August were $1.77/MMBtu higher than in August 2020. Steadily rising natural gas prices over the past year primarily reflect: 1) growth in LNG exports; 2) rising domestic natural gas consumption for sectors other than electric power; and 3) relatively flat natural gas production. EIA predicts that Henry Hub spot price will average $4.00/MMBtu in the fourth quarter, as the factors that drove prices higher during August lessen.

Natural gas production. Approximately 90% of natural gas production in the GOM was offline in late August following Hurricane Ida. GOM production of marketed natural gas averaged 1.9 Bcfd in August, down 0.4 Bcfd from July. EIA expects natural gas production in the GOM will gradually come back online during the first half of September and average 1.5 Bcfd for the month before returning to an average 2.1 Bcfd in the fourth quarter. Natural gas production will average 92.7 Bcfd during second-half 2021—up from 91.7 Bcfd in the first half of the year. It will increase to 95.4 Bcfd in 2022, driven by higher gas and crude prices, which are expected to remain at levels that will support enough drilling to sustain production growth.

U.S. FORECAST

Fig. 3. As represented by the Turritella FPSO at the Stones producing field, Gulf of Mexico activity will be on the upswing in 2022. The Stones development is the world’s deepest oil and gas project, operating in around 9,500 ft of water in an ultra-deep area of the U.S. GOM. Image: Shell Oil Co.

Given the strong recovery in demand, and resulting increase in crude prices, operators working the various U.S. plays plan to moderately increase drilling activity for the remainder of 2021, Fig. 2. Overall, activity in the oil-rich Texas shale plays will improve in the second half of the year, with the exception of District 5, which will suffer slight second-half losses. However, drilling on the Texas side of the Haynesville is projected to improve 14% on a y-o-y basis. Gulf of Mexico activity will dip slightly, but some moderate improvement is forecast offshore California. 

Gulf of Mexico. There is a wave of good news and positive indicators that suggests offshore operators are poised to resume development in 2021-2022, Fig. 3. Offshore acreage has dominated licensing rounds scheduled to close in second-half 2021. Over 35% of the acreage available is in shallow water, while ultra-deep water and deepwater acreage account for 24% and 19%, respectively. Despite the positive leasing activity, World Oil’s survey results and federal officials predict well counts will dwindle slightly during second-half 2021. World Oil forecasts that GOM activity totaled 51 wells in the first half of the year, with another 46 scheduled to be drilled during second-half 2021. The projected 97-well total will be 13% lower than 2020’s figure of 111.

In July, LLOG Exploration announced first production from Praline field, a discovery in Mississippi Canyon Block 74. The Praline well was drilled in 2,600 ft of water to a TD of 13,400 ft and discovered 125 ft of net hydrocarbons. The well was completed in August 2020 and has been tied back to Talos Energy’s Pompano platform. Praline is the first of four tie-back projects the company expects to have online in the next year. BP announced the start-up of the Manuel project, which includes a new subsea production system for two new wells tied into the Na Kika platform. The wells are expected to increase gross platform production by 20,100 boed. Talos Energy successfully drilled the Tornado 3 sidetrack well which encountered 63 ft of net pay in the B6 Upper Zone with rock properties and reservoir consistent with internal modeling and pre-drill expectations. Talos immediately moved to the completion phase. The well is expected to produce 8,000-10,000 boed once online. 

STATE-BY-STATE OUTLOOK

Fig. 4. In District 8 of the Permian basin, activity will be up 14% from first-half 2021 to second-half 2021, but the annual total will be down 5%, reflecting operators’ continued restraint on new drilling. Image: ConocoPhillips.

Texas. Most of the shale plays in the Lone Star State will gain ground in 2021. On a half-over-half basis, World Oil predicts Texas wells will gain 22%, with the 2021 total being 4.5% more than the 2020 figure. In the Permian basin (Fig. 4), District 8 will be up 14% in the second half, but its total will be 5.4% less than the 2020 total. Districts 7C and 8A with enjoy improved drilling activity with gains of 22% and 93% respectively, compared to their 2020 totals. The Eagle Ford forecast is mixed, with District 1 up 12% in the second half, but down 8% for the year, compared to the 2020 figure. District 2 will experience a 16% gain in activity in the second half, but will be down 11% on a y-o-y basis. District 4 in the Eagle Ford will experience a 53% increase between the two halves, and post a 135% gain from 2020’s level. The reason that District 4 is surging is more gas-related activity. Other bright spots in Texas are Districts 3, 6 and 7B, all forecast to experience noticeable gains. Again, more gas drilling is a factor, especially in RRC 6, with the Haynesville up 14% y-o-y. 

The DUC count in Texas is finally dropping. There are 2,119 DUCS in the Permian and 869 in the Eagle Ford, as of August. These two Texas plays account for 48% of the total U.S. DUC tally of 5,713. Also, the Texas Railroad Commission reported that the statewide flaring rate fell to its lowest rate in years, dropping by approximately 75% since August 2019. 

Oklahoma. Although the SCOOP and STACK plays are not as prolific as the Permian or Bakken, acreage in Kingfisher, Canadian, Blaine and Grady counties continues to attract interest for hydrocarbon development. But the region’s inconsistent geology has produced unpredictable results, reducing ROI. However, with higher oil prices, the play has become more attractive, and we predict Oklahoma’s drilling will be up 8%, compared to 2020, with half-on-half activity improving 5%. 

Louisiana. In the state’s northern portion, operators developing Haynesville shale gas will drill 15% more wells in 2021 (352), then they did in 2020 (305), with total footage up approximately 18%. With natural gas prices gaining during the year, the increase in activity could continue, similar to the Haynesville play in Texas RRC District 6. In the mature, shallow oil plays of southern Louisiana, activity continues to slow, with footage forecast to decrease 17%, and well spuds dropping 7%, y-o-y. Fig. 5. In North Dakota’s Bakken shale, optimism from higher oil prices is tempered by concern that the sweet spot of the play has reached maximum infill development. Image: ConocoPhillips.

North Dakota. Although transportation issues remain a major challenge in the oil-rich Bakken, a greater concern is that the sweet spot of the play has reached maximum infill development (Fig. 5). However, higher oil prices will help negate the cost of drilling 11,000-21,000-ft laterals. Considering these factors, along with data from state officials and World Oil operator surveys, we forecast that drilling and footage will improve 21% and 18%, respectively, y-o-y, in the Peace Garden State. 

In April, Continental Resources announced it will ramp up activity in the Bakken this year, as it shifts more of its production operations to crude oil from natural gas. The company said roughly 70% of its well completions in the second half of the year will be focused on the Bakken versus about 50% of completions at the start of the year. The shift comes as the company is re-orienting its production portfolio to focus more heavily on oil, said CEO Bill Berry during an earnings call.Fig. 6. Northeastern activity, particularly in the Marcellus shale, is on an upward trend, driven by higher natural gas prices. Image: CNX Resources Corporation.

Northeast (Pa./W.V./Ohio). In the Northeast, Marcellus activity is on an upward trend, similar to other U.S. shale plays, Fig. 6. Improving natural gas prices and increased LNG exports from Dominion Energy’s massive Cove Point facility are helping drive activity higher in the region. According to survey results, operators tapping the high-quality reservoir in Pennsylvania will increase the number of wells drilled this year by 35% to 714, compared to 527 drilled in 2020. Total footage for 2021 is forecast to jump 44% also. 

In West Virginia, World Oil forecasts operators will drill 180 wells in 2021, the same number as last year. We also forecast no change in total footage (2,520,000 ft). Despite surging gas prices, operators working the shale fields of Appalachia were able to reduce the region’s DUC count by only 17 wells in August on a y-o-y basis, a reduction of just 3%. In Ohio, operators working the Utica play plan to focus on growth and capitalize on higher gas prices, with this year’s total well count expected to finish 43% higher than last year’s level. Footage is forecast to increase 40%.

Rocky Mountains. The Denver Julesburg basin has experienced a constant decline since production peaked in November 2019. Reversing this trend will depend on the capital allocation from major operators in the region. The DJ basin accounted for 7% of oil and 6.6% of natural gas production in the Lower 48 in 2020 (GlobalData). The DJ basin averaged 26 rigs in 2019 and then decreased 65% to an average of nine rigs in 2020. While other U.S. basins have increased their rig count with the rise in commodity prices, DJ has lagged with its rig count and remained at seven rigs since the beginning of the year. Operators, like Oxy and Chevron, are earning better returns from investments in other basins, but could grow production in DJ by completing their DUC backlog. 

In Colorado, state officials continue to attempt to ban, or severely limit, drilling in the state. In 2019, the state passed Senate Bill 118, “which fundamentally altered the oil and gas industry’s future in the state,” according to Colorado Governor Jared Polis. However, it appears operators intend to continue operations on existing leases, as World Oil expects companies in Colorado to drill 531 wells in 2021, essentially the same total as in 2020. Total footage is projected to increase 2.5% on a y-o-y basis. 

In 2019, a federal judge ordered a halt to exploration on 300,000 acres in Wyoming, saying the government must account for its cumulative effect on climate change. The ruling came in a lawsuit filed by a pair of environmental groups, challenging the BLM’s decision to lease federal lands for energy development in the state. Given that nearly 50% of all lands in Wyoming are owned by the federal government, a ban on federal leasing would decimate the natural gas industry and Wyoming’s economy. Despite the ongoing lawsuit, operators working in the state plan to increase drilling activity by 7.6%, drilling 18 more wells in 2021 than in 2020. World Oil predicts footage will increase 13%. 

Acreage in New Mexico has become as desirable as land on the Texas side of Permian basin. Increased completion efficiencies in the Bone Springs formation will help support activity, as drilling in the Land of Enchantment is forecast to hold steady with 945 wells forecast in 2021, and footage will be essentially at 2020’s level.

In California, we expect onshore operators to spud 9.5% fewer wells in 2021, compared to 2020, despite higher oil prices. But with no new discoveries, operators working the Golden State are forced to survive by maintaining less-attractive heavy oil fields and residual acreage from long-ago discoveries. However, considering the mature nature of these fields, onshore footage is forecast to fall just 8%. Drilling offshore California will increase during 2021, with 12 wells expected in 2021, a y-o-y increase of 140%. Footage will increase 218%.

In Alaska, the DOJ filed a brief defending the Willow project, an energy development within the NPRA on Alaska’s North Slope that has been halted by litigation. The Biden administration announced it would review the Willow plan, approved in 2020 by the Trump administration, for consistency. The project, proposed by ConocoPhillips, would provide 100,000 bopd, $10 billion in revenue for state, local and federal governments during its lifespan, 2,000 construction jobs, and 300 permanent jobs. It appears the prospect of opening new acreage is having an effect. Offshore work will surge 600%, with seven wells forecast for 2021, six more than were spudded in 2020. Onshore activity on the North Slope is projected to decrease 21%, with total footage also down 22%. 

Others. Activity in the non-core producing states will also enjoy an increase in activity. Drilling will be level on y-o-y basis in Alabama (gas), with gains in Arkansas, Kansas (shallow, vertical oil wells and some gas drilling) and Montana.


Read it from worldoil – Photo as posted on Worldoil (U.S. drilling levels started out 2021 at greatly reduced levels but have improved somewhat since then. Image: APA Corporation.)

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Transfer of Information to Third Parties

Pipe Exchange will not transfer your personal details and any information collected pertaining to your activities on the Website (provided that such details and information identify you personally) to any third party, except in the following cases or as otherwise outlined in this Privacy Policy:

  • If Pipe Exchange reasonably believes that you have abused your rights to use any of the Services, or performed any act or omission that Pipe Exchange reasonably believes to be violating any applicable law, rules, or regulations. Pipe Exchange may share your information in these cases, with law enforcement and other competent authorities and with any third party, as may be required to handle any result of your wrongdoing;
  • If Pipe Exchange reasonably believes that it is required by law to share or disclose your information in order to prevent, investigate, or take action regarding illegal activities.  In addition, to establish or exercise our legal rights or defend against legal claims;
  • Further, your personal information may be disclosed as permitted or required by, or in response to lawful requests by applicable local law enforcement agencies or regulatory agencies, or agencies with responsibility to oversee and enforce national security;
  • In any case of dispute, or legal proceeding of any kind between you and Pipe Exchange, or between you and other users or third parties with respect to, or in relation with the Services;
  • In any case where Pipe Exchange may reasonably believe that sharing information is necessary to prevent serious damage to your person or property or to the person or property of any third party;
  • If Pipe Exchange organizes the operation of the Services within a different framework, or through another legal structure or entity, or if Pipe Exchange is acquired by, or merged with another entity, provided however, that those entities agree to be bound by the provisions of this Privacy Policy;
  • Pipe Exchange may share personally identifiable information and information related to your use of the Website, with companies or organizations connected to or affiliated with Pipe Exchange, such as service providers (e.g., an email service provider to send you emails on our behalf), with the express provision that their use of such information must comply with this Privacy Policy; or
  • Pipe Exchange is also entitled to transfer or share anonymous, statistic or aggregative information with companies or organizations connected to Pipe Exchange, and with suppliers, business partners, advertisers, and every third party, according to Pipe Exchange’s absolute discretion; however, Pipe Exchange will not disclose your identity to them, knowingly or deliberately, without receiving your consent.  

Children’s Online Privacy Information

Pipe Exchange does not knowingly collect personal information from minors who are under the age of 16 through the Website and/or the Services thereon. If a parent or guardian becomes aware that his or her child has provided us with personally identifiable information without his/her consent, then he or she should contact Pipe Exchange at the information described below. If we become aware that a child under the age of 16 has provided us with personally identifiable information, we will delete such information from our files. Further, the Children’s Online Privacy Protection Act (“COPPA”) requires parental consent for collection of data from children younger than the age of 13 years old. For tips on protecting children’s privacy online, generally, please view the U.S. Federal Trade Commission (“FTC”) website at http://www.ftc.gov/privacy/privacyinitiatives/childrens.html.

Cookies 

  1. What is a cookie?

A cookie is a small text file that is stored in your web browser that allows Pipe Exchange or a third party to recognize you. Cookies might be used for the following purposes: (1) to enable certain functions; (2) to provide analytics; (3) to store your preferences; and (4) to enable ad delivery and behavioral advertising.

Cookies can either be session cookies or persistent cookies. A session cookie expires automatically when you close your browser. A persistent cookie will remain until it expires or you delete your cookies. Expiration dates are set in the cookies themselves; some may expire after a few minutes while others may expire after multiple years. Cookies placed by the website you’re visiting are sometimes called “first party cookies,” while cookies placed by other companies are sometimes called “third party cookies.”

  1. What cookies are used when I use the Pipe Exchange Website?

When you access and/or use the Website, Pipe Exchange or a third party may place a number of cookies in your browser. Some of the cookies will only be used if you use certain features or select certain preferences, and some cookies will always be used.

Each cookie serves one of four different purposes:

  1. Essential Cookies: These first party cookies allow users to use a feature of the Website such as: (i) staying logged in, or (ii) making purchases.
  2. Analytics Cookies: These cookies track information about how the Website is being used so that we can make improvements and report on our performance. We may also use analytics cookies to test new ads, pages or features to see how users react to them. Analytics cookies may either be first party or third party cookies.
  3. Preference Cookies: These first party cookies store your Website preferences.
  4. Ad Targeting Cookies: These third party cookies (also known as “behavioral” or “targeted” advertising) are placed by advertising platforms or networks in order to: (i) deliver ads and tracks ad performance, and (ii) enable advertising networks to deliver ads that may be relevant based upon your activities.

Finally, we may set cookies within emails we send to you (if you have consented to receiving emails from us). These cookies are used to track how often our emails are opened and clicked on by our customers. You can manage email cookies in the same way as website cookies, as explained above.

  1. How do third parties use cookies on the Pipe Exchange Website?

Third party companies like analytics companies and ad networks generally use cookies to collect user information on an anonymous basis. They may use that information to build a profile of your activities on the Website and other websites that you’ve visited.

  1. What are my cookie options?

If you don’t like the idea of cookies or certain types of cookies, you can change your browser’s settings to delete cookies that have already been set and to not accept new cookies. To learn more about how to do this, visit the help pages of your browser. Please note, however, that if you delete cookies or do not accept them, you might not be able to use all of the features we offer, you may not be able to store your preferences, and some of our pages might not display properly.

You may also opt out of third party cookies by following the instructions provided by each third party in its privacy policy.

  1. Do you use any other user tracking technologies?

We use additional technologies to help track user activities and preferences. For example, we use Google Analytics and when you visit the Website via Facebook, we use tracking pixels.

  1. Interest-Based Advertising

We and third parties engage in interest-based advertising provided by vendors in order to deliver advertisements and personalized content that we and other advertisers believe will be of interest to you. To the extent third-parties are using cookies or other technologies to perform these services, Pipe Exchange does not control the use of this technology or the resulting information for online, mobile, or email advertising, and is not responsible for any actions or policies of such third parties. Advertisements, emails, and other messages may be delivered to you by Pipe Exchange or its service providers based on your online or mobile behavior, your search activity, your geographic location or other information that is collected by us or obtained from third parties. Some of our vendors and we may use our own or third-party aggregated or anonymized personal information, demographic data, and other inferred commercial interests to assist in the delivery of our advertisements to you.

In addition, we and our business partners use third parties to establish deterministic or probabilistic connections among devices (such as smartphones, tablets, and computers) to deliver more relevant advertising to you and for advertising analytics and reporting purposes. This means that information about your use of websites or applications on your current device may be combined with information from your other devices. We also may share this information and other inferences with third parties to allow them to target advertising, personalize content, or analyze behavior. This allows, for example, advertisements you see on your tablet to be based on activities you engaged in on your smartphone. These business partners may share and combine information from cookies with identifiers (such as device IDs assigned by Google or Apple) and IP addresses to make connections among related devices. This also allows for a more personalized experience across the Website.

If you have any questions about our Cookie Policy, you may contact us by sending an email to privacy@pipexch.com or by writing to us at:  14025 West Road, Suite 100, Houston, TX 77041

 

Social Media Features

The Website includes social media features, such as the Facebook and LinkedIn buttons/icons. These features may collect your IP address, which page you are visiting on our site, and may set a cookie to enable the feature to function properly. Social media features are either hosted by a third party or hosted directly on the Website. Your interactions with these features are governed by the privacy policy of the company providing it. 

 

Links to Third Party Sites

The Website may contain links to other sites that are not owned or controlled by Pipe Exchange. Please be aware that we are not responsible for the privacy practices of such other sites. We encourage you to be aware when you leave our site and to read the privacy statements of each and every web site that collects personally identifiable information. This Privacy Policy applies only to information collected by the Website. 

 

How We Store Your Information

Data Security

Pipe Exchange implements data security systems and procedures to secure the information stored on Pipe Exchange computer servers. Such systems and procedures reduce the risk of security breaches, but they do not provide absolute security. Therefore, Pipe Exchange cannot guarantee that the Website and Services are immune to unauthorized access to the information stored therein and to other information security risks.

 

Our Commitment to Data Security. To prevent unauthorized access, maintain data accuracy and ensure the correct use of information, we have applied reasonable and appropriate physical, electronic and managerial procedures to safeguard and secure the information we collect online. We also limit access to personal data and confidential information on our systems to only those employees with a specific need to access this information. However, due to technological limitations and the risk of unlawful interceptions and accessing of transmissions and/or data, we cannot completely assure you, and you should not expect, that your personal information, and any other electronically communicated information, will be absolutely confidential.

The security of your personal information is important to us. When you enter sensitive financial information via our Website, the transmission of that information is encrypted using secure socket layer technology (SSL).

Please remember that you play a valuable part in security as well. To the extent you have created an account on our Website, your password to access our site, which you select at registration, should never be shared with anyone and should be changed frequently.  After you have finished using our site, you should log off and exit your browser so no unauthorized persons can use our site with your name and account information.

Information Retention and Access to Personal Information. We’ll retain information for as long as your account is active or as needed to provide you the Services, to comply with applicable law, resolve disputes, and to enforce our agreements.   If your personally identifiable information changes, or if you no longer desire to use and access our Services, you may correct, update, delete/deactivate your information by emailing Pipe Exchange via the contact information listed below. Before Pipe Exchange is able to provide you with any information or correct any inaccuracies, however, we may ask you to verify your identity and to provide other details to help us to respond to your request. But please note: (1) there might be some latency in deleting this information from our servers and back-up storage; (2) we will not delete anonymized data and may continue to use it as describe in this Privacy Policy; and (3) we may retain information if necessary to comply with our legal, tax or accounting obligations, resolve disputes, manage security risks, or enforce our agreements. Even if you cease your use of the Services, we may retain certain information in order to meet our obligations.

Under California Civil Code Sections 1798.83-1798.84, California residents are entitled to ask us for a notice identifying the categories of personal information which we share with our affiliates and/or third parties for marketing purposes, and providing contact information for such affiliates and/or third parties.  If you are a California resident and would like a copy of this notice, please submit a written request to: privacy@pipexch.com

International Transfer of Information Collected

We are a global company, with customers around the world and it is important to note that the Services, and the Website, may be operated via servers situated in the United States and elsewhere. If you are located outside of the United States, please be aware that any information which you supply to Pipe Exchange (including, without limitation, personal information (e.g., your name, phone number, email address, etc.) may be transferred to, processed, and used in the United States and elsewhere. To provide you with the Services, you irrevocably and unconditionally consent that we may store, use, process, transfer and transmit such information in accordance with this Privacy Policy in the United States and locations around the world – including those outside your country which may provide different rules, regulations, and protections regarding privacy. Information may also be stored locally on the devices used to access the Services, which may be mobile.

We have taken appropriate safeguards to ensure that your personal data will remain protected in accordance with this Privacy Policy, whether your personal data is within our control or has been entrusted to our third party service providers and partners.

Changes to this Privacy Policy

From time to time, Pipe Exchange may change the terms of this Privacy Policy. Changes will take effect once they are posted online and by accessing and/or using the Website or Services after we make any such changes to this Privacy Policy, you are deemed to have accepted such changes.  If you do not agree with any of the amended terms, you must avoid any further use of the Website and/or Services offered by Pipe Exchange.

 

Inquiries or Concerns?

You may contact Pipe Exchange by emailing us at privacy@pipexch.com and we will do our best to provide a prompt response to your question.

PIPE EXCHANGE TERMS OF USE

Last updated: August 2019

Welcome to https://pipexch.com/Pipe Exchange (the “Website”). The Website is owned and operated by Pipe Exchange LLCPipe ExchangePipe Exchange including its related companies, affiliates and subsidiaries (collectively “Pipe Exchange,” “we,” “us,” “our”). We make the Website available to you, subject to the following Terms of Use (these “Terms of Use”). PLEASE READ THE FOLLOWING TERMS OF USE CAREFULLY BEFORE USING THE WEBSITE. By using the Website, you agree to these Terms of Use and agree they create a legally binding agreement between you and Pipe Exchange. If you do not agree to these Terms of Use, you may not use the Website. These Terms of Use are effective unless and until terminated by Pipe Exchange.

Minors are not authorized to access or use the Website for any purpose.

CHANGES TO TERMS OF USE

Pipe Exchange reserves the right, at any time, to modify, amend, alter or update these Terms of Use. These changes will be effective as of the date we post the revised version. By continuing to use the Website following such modifications, amendments, alterations or updates, you agree to be bound by such modifications, amendments, alterations or updates. Therefore, you should periodically visit this page to review our most current Terms of Use.

You may access the current version of these Terms of Use at any time by clicking on the link marked “Terms of Use” at the bottom of each page of the Website.

PRIVACY POLICY

In the course of your use of the Website, you may be asked to provide certain personalized information to us (such information referred to hereinafter as “User Information”).  Our information collection and use policies with respect to the privacy of such User Information are set forth in the Website’s Privacy Policy which is incorporated herein by reference for all purposes.  You acknowledge and agree that you are solely responsible for the accuracy and content of User Information, and you agree to keep it up to date. 

INTELLECTUAL PROPERTY RIGHTS

Pipe Exchange respects the intellectual property rights of others. As between you and Pipe Exchange, and except any User Information which you provide, all rights, title and interests in the Website, including all the content (including, for example, audio, photographs, illustrations, graphics, other visuals, video, copy, software, etc.), code, data and materials thereon, the look and feel, design and organization of the Website, and the compilation of the content, code, data and materials on the Website, including but not limited to any copyrights, trademark rights, patent rights, database rights, moral rights, sui generis rights and other intellectual property and proprietary rights therein (collectively the “Content”) are owned by Pipe Exchange or by third parties who have licensed or provided their Content to us. The Website is protected under Trademarks (as defined below), copyright, patent, trade secret and other intellectual property rights laws, and your use of the Website does not grant to you ownership of any Content you may access on the Website. You are prohibited from using the Website to infringe or violate any intellectual property rights. Pipe Exchange may terminate your right to access the Website if it believes you are using the Website in a manner that infringes the copyright, trademark, patent or other intellectual property rights of another.

We may investigate occurrences that may involve violations of the security of the Services or of the law and we may involve, and cooperate with, law enforcement authorities in prosecuting users who are involved in such violations.

The trademarks, logos, service marks and trade names (collectively the “Trademarks”) displayed on the Website or on content available through the Website are registered and unregistered Trademarks of ours and others and may not be used unless authorized by the trademark owner.  All Trademarks not owned by us that appear on the Website or on or through the Website’s services, if any, are the property of their respective owners.  Nothing contained on the Website should be construed as granting, by implication, estoppel, or otherwise, any license or right to use any Trademark displayed on the Website without our written permission or that of the third-party rights holder.  Your misuse of the Trademarks displayed on the Website is strictly prohibited.  Pipe Exchange will aggressively enforce its Trademark rights to the fullest extent of the law, including the seeking of criminal prosecution.

PERSONAL USE ONLY

The Website and the Content are intended for your personal use.  You may access and view the content on the Website via your computer or other internet compatible device, and make single copies or prints of the content on the Website for your personal, internal use only.   The Website and the services offered on or through the Website, including Pipe Exchange’s e-publication and any other content and materials thereon, are only for your personal, non-commercial use. Except as otherwise provided on the Website, you may not modify, copy, distribute, transmit, display, perform, reproduce, publish, license, sell, create derivative works from, transfer, or sell any information, software, products or services obtained from the Website. Use of the Website to sell a product or service, or to increase traffic to your website for commercial reasons, such as advertising sales is expressly forbidden.

PROHIBITED USE

Any commercial distribution, publishing or exploitation of the Website, or any content, code, data or materials on the Website, is strictly prohibited unless you have received the express prior permission of Pipe Exchange or the applicable rights holder.  You may not otherwise download, display, copy, reproduce, distribute, modify, perform, transfer, create derivative works from, sell or otherwise exploit any content, code, data or materials on the Website.  If you make other use of the Website, or the content, code, data or materials thereon, except as otherwise provided above, you may violate copyright and other laws of the United States, other countries, as well as applicable state laws and may be subject to liability for such unauthorized use.  Pipe Exchange will aggressively enforce its intellectual property rights to the fullest extent of the law, including the seeking of criminal prosecution.

SECURITY

You are prohibited from violating, or attempting to violate the security of the Website. Any such violations may result in criminal and civil liabilities to you.  You warrant and agree that, while using the Website and the various services and features offered on or through the Website, you shall not: (a) impersonate any person or entity or misrepresent your affiliation with any other person or entity; (b) insert your own or a third party’s advertising, branding or other promotional content into any of the Website’s content, materials or services, or use, redistribute, republish or exploit such content or service for any further commercial or promotional purposes or take any action that would constitute or could be interpreted as an endorsement or sponsorship by Pipe Exchange of any third party site, content, information or other materials, or in any manner that would violate the terms and conditions of any such third party sites; (c) attempt to probe, scan, or test the vulnerability of any system or network; or (d) attempt to gain unauthorized access to data not intended for you and/or other computer systems through the Website.  You shall not: (i) engage in spidering, “screen scraping,” “database scraping,” harvesting of e-mail addresses, wireless addresses or other contact or personal information, or any other automatic means of accessing, logging-in or registering on the Website or for any services or features offered on or through the Website, or obtaining lists of users or obtaining or accessing other information or features on, from or through the Website or the services offered on or through the Website, including, without limitation, any information residing on any server or database connected to the Website or any services offered on or through the Website; (ii) obtain or attempt to obtain unauthorized access to computer systems, materials, information or any services made available on or through the Website through any means; (iii) use the Website or the services made available on or through the Website in any manner with the intent to interrupt, damage, disable, overburden, or impair the Website or such services, including, without limitation, sending mass unsolicited messages or “flooding,” “spamming,” or “crashing” any systems; (iv) use the Website or the Website’s services or features in violation of Pipe Exchange’s or any third party’s intellectual property or other proprietary or legal rights; or (v) use the Website or the Website’s services in violation of any applicable law.  You further agree that you may not attempt (or encourage or support anyone else’s attempt) to circumvent, reverse engineer, decrypt, or otherwise alter or interfere with the Website or the Website’s services, or any content thereof, or make unauthorized use thereof.  You agree that you will not use the Website in any manner that could damage, disable, overburden, or impair the Website or interfere with any other party’s use and enjoyment of the Website. You may not obtain or attempt to obtain any materials or information through any means not intentionally made publicly available or provided for through the Website. Pipe Exchange will investigate any alleged violations and will cooperate with law enforcement agencies in their investigations.

THIRD-PARTY CONTENT

Some of the information and material available through the Website are provided to Pipe Exchange by third parties (“Third-Party Material”). In some instances, the source of the Third-Party Material is identified. Third-Party Material is provided for your convenience only and Pipe Exchange does not endorse these materials or the parties who supply them to us. Pipe Exchange does not warrant or represent that these Third-Party Materials are current, accurate or reliable.

COPYRIGHT AGENT

We respect the intellectual property rights of others, and require that the people who use the Website do the same.  If you believe that your work has been copied in a way that constitutes copyright infringement, please forward the following information to Pipe Exchange’s Copyright Agent, designated as such pursuant to the Digital Millennium Copyright Act, 17 U.S.C. § 512(c)(2), named below:

  • Your address, telephone number, and email address;
  • A description of the copyrighted work that you claim has been infringed;
  • A description of where the alleged infringing material is located;
  • A statement by you that you have a good faith belief that the disputed use is not authorized by the copyright owner, its agent, or the law;
  • An electronic or physical signature of the person authorized to act on behalf of the owner of the copyright interest; and
  • A statement by you, made under penalty of perjury, that the above information in your Notice is accurate and that you are the copyright owner or authorized to act on the copyright owner’s behalf.
  • For all email submissions please include the subject line: DMCA Takedown Request.

 

Pipe Exchange has adopted a policy of terminating, in appropriate circumstances, accounts of users of the services or the Website who are deemed to have repeatedly uploaded content that infringes the intellectual property rights of others.

 

Copyright Agent:

Pipe Exchange Legal

c/o Pipe Exchange LLC

14025 West Road.
Suite #100
Houston, TX 77041

Phone: + (713) 934-9480

Email: dmca@pipexch.com

DISCLAIMER OF WARRANTIES

THE WEBSITE AND ITS CONTENT ARE PROVIDED ON AN “AS IS” AND “AS AVAILABLE” BASIS, WITHOUT REPRESENTATIONS OR WARRANTIES OF ANY KIND WHATSOEVER. PIPE EXCHANGE, TO THE FULLEST EXTENT PERMITTED BY LAW, DISCLAIMS ALL WARRANTIES, INCLUDING THE WARRANTY OF MERCHANTABILITY, NON-INFRINGEMENT OF THIRD PARTIES RIGHTS, AND THE WARRANTY OF FITNESS FOR PARTICULAR PURPOSE. PIPE EXCHANGE MAKES NO WARRANTIES ABOUT THE ACCURACY, RELIABILITY, COMPLETENESS, OR TIMELINESS OF THE MATERIAL, SERVICES, SOFTWARE, TEXT, GRAPHICS, AND LINKS FOUND OR CONTAINED ON THE WEBSITE. PIPE EXCHANGE DOES NOT WARRANT THAT THE WEBSITE, THE CONTENT, OR ITS SERVERS ARE FREE OF VIRUSES OR OTHER HARMFUL COMPONENTS. YOU UNDERSTAND AND AGREE THAT YOU OBTAIN MATERIAL THROUGH THE USE OF THE WEBSITE AT YOUR OWN DISCRETION AND RISK AND THAT YOU WILL BE SOLELY RESPONSIBLE FOR ANY DAMAGES TO YOUR COMPUTER SYSTEM OR LOSS OF DATA THAT RESULTS.

ALL MATERIAL CONTAINED IN THE WEBSITE IS FOR GENERAL INFORMATION ONLY, HAS NOT BEEN INDEPENDENTLY VERIFIED, HAS NOT BEEN RECOMMENDED BY ANY FEDERAL OR STATE REGULATORY AUTHORITY AND MAY CONTAIN ERRORS OR OMISSIONS OF MATERIAL INFORMATION. THE MATERIAL AND INFORMATION CONTAINED ON THE WEBSITE SHOULD NOT, THEREFORE, BE USED OR RELIED UPON FOR ANY SPECIFIC REASON OR APPLICATION WITHOUT INDEPENDENT COMPETENT PROFESSIONAL EXAMINATION AND VERIFICATION OF ITS ACCURACY, COMPLETENESS, SUITABILITY AND APPLICABILITY. ANYONE MAKING USE OF THE MATERIAL DOES SO AT HIS/HER/ITS OWN SOLE AND EXCLUSIVE RISK AND ASSUMES ANY AND ALL ACTUAL OR POTENTIAL DAMAGE OR LIABILITY RESULTING FROM SUCH USE.

LIMITATION OF LIABILITY

IN NO EVENT SHALL PIPE EXCHANGE BE LIABLE FOR ANY DAMAGES WHATSOEVER (INCLUDING, WITHOUT LIMITATION, INCIDENTAL, CONSEQUENTIAL OR PUNITIVE DAMAGES, LOST PROFITS, OR DAMAGES RESULTING FROM LOST DATA OR BUSINESS INTERRUPTION) RESULTING FROM THE USE OR INABILITY TO USE MATERIAL ON THE WEBSITE OR SITES LINKED TO THE WEBSITE, WHETHER BASED ON WARRANTY, CONTRACT, TORT, OR ANY OTHER LEGAL THEORY, AND WHETHER OR NOT PIPE EXCHANGE IS ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.

TERMINATION

Pipe Exchange may terminate, change, suspend or discontinue any aspect of the Website or the Website’s services at any time.  Pipe Exchange may restrict, suspend or terminate your access to the Website and/or its services if we believe you are in breach of our terms and conditions or applicable law, or for any other reason without notice or liability.  Pipe Exchange maintains a policy that provides for the termination in appropriate circumstances of the Website use privileges of users who are repeat infringers of intellectual property rights.

USER’S REMEDY

If you are dissatisfied with any portion of the Website or with any of these Terms of Use, your sole and exclusive remedy is to discontinue using the Website.

GOVERNING LAW AND VENUE

These Terms of Use and the relationship between you and Pipe Exchange shall be governed by the laws of the United States and the State of Florida without regard to its conflict of law provisions. You hereby irrevocably submit and consent to the personal and exclusive jurisdiction of the courts located within Miami-Dade County, Florida and agree that any cause of action that may arise under these Terms of Use and all disputes arising out of or relating to the use of the Website shall be commenced and be heard in the appropriate court in Miami-Dade County, Florida. The failure of Pipe Exchange to exercise or enforce any right or provision of these Terms of Use shall not constitute a waiver of such right or provision. If any provision of these Terms of Use is found by a court of competent jurisdiction to be invalid, the parties nevertheless agree that the court should endeavor to give effect to the parties’ intentions as reflected in the provision, and the other provisions of these Terms of Use remain in full force and effect. 

QUESTIONS ABOUT TERMS OF USE

If you have any questions regarding these Terms of Use, please either:

Send an email to sales@pipexch.com

Write to Pipe Exchange at the following address:

14025 West Road

Suite 100

Houston, TX 77041

 

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