Don't worry, imo a company with very little debt and almost break even in the quarter with the lowest oil price will come out the other side stronger......wait until the vampire squid will tell us that the surplus has suddenly been transformed into a shortage due to field decline, 80% drop in rig count and lack of cap-ex........well you guessed it, the day they tell the masses, oil will be $ 75 and then the hook-nosed mofos will run the price to $ 140 as they have done it before......cannot wait to fill my car and pay $100.........Doha was a bust yet oil went up and I have learned over the past 35 yrs that when things quit going up on bad news and actually move higher.......well, you go figure it out! lol
rigs are not re-activated as quickly as they are being stacked....we will see....at $44 you cannot do anything economically except for maybe 5% of the overall projects....insanity. It will be fun to see.
With a 6-10% annual decline of non OPEC production, and demand increases, the market may be just about balanced....by the time people see evidence it is balanced, we will be at $75,....., then the "hook-nosed" people, sorry, the vampire squid will get a hold of that uptrend and push it back to $140 by next summer.....500 billion in cut capex has destroyed future production gains that are needed to stem the natural decline....with the rig count where it is the next big surge up is baked in and nothing can be done to stop it. All imo, but what do I know, eh?
This is due to domestic production dropping at a rate which will eliminate 1.2 mmbopd in production over the next twelve months......and I am sure non-opec is going down the same path.....
converted my shares at 0.72 into bonds at 10.50, looks like the shares should be zero based on what happened to bonds....so much for moving up in the order. Bonds actually down 50%, while stock only 35% down......ridiculous....clearly there is no faith in them paying interest on 4/15, imo
...as capex is cut two years in a row. non OPEC production will decline by 3 mmbopd per year and that will cause a nice knee jerk move in the other direction....you think the hook-nosed people bamboozled you on the way down, just wait what they will do to you on the way up!!! The grand reveal that US production numbers by EIA are overstated, imo, is coming ever nearer. TX production is NOT flat. Check EIA vs TRRC...factor in rig count and then see that US prod likely is 8.6 and not 9.0
Would that be a kick in the pants if the EIA will finally come clean!