Down 17. How low she go? I say rig count bottoms out in June at 250-275. Slim pickings for sure. Q2 numbers will be ugly folks. Reactive vs proactive management takes too long to adjust to market. What happened to all the “we can differentiate ourselves”? Went the way of Evomud didn’t it. 12 rigs in GOM, time to spend another $30m upgrading facilities🤣🤣🤣🤣
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The country with the World's Largest Oil Reserves ( Venezuela ) has only ONE rig working at present. Sooner or later that Government will get there act together then.... You have Them , Saudi and the rest of the Middle East , Guyana, and US Shale fighting for market share.
Now 279 rigs in US. Just to compare. Dec 1981- 4521 Rigs Dec 2018- 1077 rigs Dec 2019-804 Rigs
BP announces plans to lay off another 10,000. Any way one looks at it $35-$45 oil is a money losing deal. Need $45 (closer to $50 to break even). Most hedges @ $50-55 will be running out in next 3-6 months.
Fourchon operations will be shut down 5-7 days for storm. Another in LONG line of excuses we will be hearing about in 1st week of August CC. Hurricane Season goes on for another 100-110 days. Upside ( if you can call it that) is THERE are Only 12 Active rigs to abandon for the storms.
Yahoo finance has just updated their expected earnings (Losses) for the 2nd Quarter of 2020. NR @ Minus .19 cents Average. THAT is A $17 Million Estimated Loss for the Quarter. Get the Bonus checks Ready.
Rig count 284. Down 17