Are seeing a major pricing squeeze. Operators demanding huge price concessions. PB will get ugly in 2020 folks
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And, least we forget and am missing something, the new VP,General Counsel , gets a $1300/month car allowance to drive his vehicle back and forth from River Oaks house to the office. Wonder how much drilling fluids he sells per year? Stock back under $7 with 30th of month earnings report due for 2nd Q results on Tuesday. Notice first reports out from oilfield service providers say they are looking everywhere to cut expenses amid calls of a decreasing rig count for the rest of the year. Bristow group in Chapter 11 as i recall.
Soooo true. And Headline in Business section today about Oil Industry titled "Industry Built on Risks is taking Fewer of Them". SLB predicting apprx 100 fewer rigs drilling in US over the course of next 9-12 months (954 right now). That is an apprx 10 (Ten) Per Cent Reduction. There were apprx 1860 Rigs drilling in US in 2014. nr has not figured out that you need to get REAL BIG and have Fracking, Cementing, Directional and MWD, and Hi-tech Bits in a package to compete in this Manufacturing type Drilling environment or get small with LOW overhead and GOOD relationships. But how can one understand that when Your corporate PREZ and VP Finance have NO PREVIOUS OILFIELD EXPERIENCE before joining nr which has NONE of the ABOVE 4 key ingredients. ONLY have commodity drilling fluids products. Since when does a Corporate VP-Finance need a Company Car/Car Allowance to drive 3-4 miles back and forth to work during the week? How many sales calls/tech sale presentations do you think he makes a Year? And this is just the tip of the Iceberg. How about TWO Huge Office Bldgs 30 miles apart? And on and on and on
And another one bites the dust.