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Oil Rig Count Plunges Most Ever, Oil Price Soars, Inventories Too: Catch Falling Knife, Get Fingers Sliced Off
Oil Rig Count Plunges Most Ever, Oil Price Soars, Inventories Too: Catch Falling Knife, Get Fingers Sliced Off The oil industry is dead-serious when it talks about slashing operating cost and capital expenditures. They have to. Preserving cash is suddenly a priority, after years when money was growing on trees. In the US, the cost […]
Chevron Slashes 23% Of PA Workforce As US Rig Count Collapses To June 2010 Lows
Chevron Slashes 23% Of PA Workforce As US Rig Count Collapses To June 2010 Lows For the 8th week in a row (something that hasn’t happened since June 2009), US total rig count plunged. This week’s 90 rig drop to 1543 is the largest so far (with oil rigs down 94 to 1223 – lowest since Jan […]
Worldwide Drilling Productivity Report
Worldwide Drilling Productivity Report The EIA publishes what they call a Drilling Productivity Report in which they claim that each rig is getting more productive, that is each rig produces just a little more oil each month than it did the previous month. But over the long haul, I find that the exact opposite is true. In […]
Tight Oil Production Will Fade Quickly: The Truth About Rig Counts
Tight Oil Production Will Fade Quickly: The Truth About Rig Counts U.S tight oil production from shale plays will fall more quickly than most assume. Why? High decline rates from shale reservoirs is given. The more interesting reasons are the compounding effects of pad drilling on rig count and poorer average well performance with time. Rig […]
North Dakota Mineral Resources Dept Admits Half Its Shale Regions Below Breakeven
North Dakota Mineral Resources Dept Admits Half Its Shale Regions Below Breakeven While talking heads and TV personalities reassure the investing public that low oil prices are “unambiguously awesome” for everyone, it seems the cracks in this narrative are starting to show. From falling wages, surging job cuts, plunging rig counts, and crashing capex, it’s […]
US Rig Count Crashes At Fastest Pace Since 2009 To 14-Month Lows
US Rig Count Crashes At Fastest Pace Since 2009 To 14-Month Lows Just as T.Boone Pickens warned, US Rig Counts are plunging. Down by 61 this week alone – the biggest weekly drop in over 5 years – at 1,750, this is now the lowest since November 2013 (and very close the lowest since 2010). The 10% or […]
Oil Prices, Rig Count And The Economic Impact
Oil Prices, Rig Count And The Economic Impact A few years ago I spent a good deal of time overseas. When you travel for an extended period, it is always interesting to begin to understand the perception that people in other parts of the world have about where you come from. When I was living […]
Canada Heavy Oil Drops Below $35 As Rig Count Hits Record Low For January
Canada Heavy Oil Drops Below $35 As Rig Count Hits Record Low For January Think Texas and Pennsylvania have a problem with plunging oil prices, don’t look North. West Canada Select (Heavy) crude oil prices have collapsed to below $35 per barrel (the lowest since Feb 2009). This is a 60% plunge in the last 6 […]
US Rig Count Continues To Plunge To 10-Month Lows
US Rig Count Continues To Plunge To 10-Month Lows Just as T.Boone Pickens warned, watching the US Rig Count is key to comprehending the looming crisis in oil. The last 4 weeks alone have seen a drop of over 100 rigs – the 2nd fastest slide since 2001 in percentage terms. This is the worst December to […]
WTI Hits $52 Handle As US Rig Count Tumbles To 8-Month Lows | Zero Hedge
WTI Hits $52 Handle As US Rig Count Tumbles To 8-Month Lows | Zero Hedge. Just as T. Boone Pickens warned “watch the rig counts” last week, so the Baker Hughes rig countjust collapsed for the 3rd week in a row to 8-month lows. This is the fastest 3-week drop since mid-2009. Crude prices were already […]
Drilling Cutbacks Mean Service Companies Forced to Scrap Rigs
Drilling Cutbacks Mean Service Companies Forced to Scrap Rigs. Despite the decline in oil prices, the U.S. is expected to boost production by 300,000 barrels per day in 2015, up to a yearly average of about 9.3 million barrels per day, according to the most recent government estimates. But the number of oil and gas rigs […]
T. Boone Pickens Rages On CNBC: “I Am The Expert, Not You”, Says Oil Down Due To “Weak Demand” | Zero Hedge
T. Boone Pickens Rages On CNBC: “I Am The Expert, Not You”, Says Oil Down Due To “Weak Demand” | Zero Hedge. Narrative, we have a problem! No lesser oil-man than T. Boone Pickens made quite an appearance on CNBC this morning – stunning the cheerleaders into first defense then silence as he broke the facts […]
