I would not put it past them, they add a dime, average Joe doesn't care as he thinks gas still cheap then oil recovers and Joe is screwed.
This is what OPEC wants to see before the cut production, think Pickens is wrong about 100 oil, think instead the new norm will be 90 for awhile.
Several oil producers have set lower budgets for 2015, following a 42 percent drop in global crude prices since June.
Oil and gas producer ConocoPhillips said its capital budget for 2015 would drop 20 percent to $13.5 billion, amid a steep decline in global crude prices.
ConocoPhillips said it would “defer significant investment” in the Montney and Duvernay fields in Canada, the Permian Basin in Texas and the Niobrara shale field, which extends over Colorado, Wyoming, Nebraska and Kansas.
ConocoPhillips, which is focusing on the Eagle Ford shale in Texas and North Dakota’s Bakken shale, said it will also spend less on major projects, many of which are nearing completion.
Global oil and gas projects worth more than $150 billion are likely to be put on hold next year, according to data from Norwegian consultancy Rystad Energy.
Always thought would be good to further unite the nation having a black president, too bad we got the wrong one. Colin Powell now, wow, how presidential he would have been, instead got pot smoking Barry. They say smoking one joint is comparable to a pack of cigs, to have both habits most certainly would cause a sore throat.
Sorry must be missing something, what does spin off have to do with number of drill permits issued for the overall US O & G industry
I have said this many times;
LONDON (Reuters) - BP is to ax middle managers and could freeze projects as it grapples with the plummeting oil price, The Sunday Times reported, citing finance director Brian Gilvary.
"What you'll see with this simplification plan is that headcounts are starting to come down across all of our activities in upstream, downstream and in the corporate centers -- essentially the layers above operations," the newspaper quotes Gilvary as saying.
On Wednesday, BP will update on its exploration and production plans until 2010.
As some small minded people like Client9 and her clan would think, I am not a pumper of SD, rather I am a investor of O & G. I own CHK, BP, ERF, SD, & lately TLM. BP and CHK I no longer consider spec, though they were when I first invested. ERF I have made so much money though I somewhat think it still a spec, but is not and bought a few thousand shares as an add this week. SD is still a spec and a disappointing one for me, as I have assigned capital and it will probably not return what I am accustomed in the sector. But will not lose my cost of investment. With that said, I bought heavily bought into TLM today as they have debt of 4bil and are in process of selling 2bil in assets. no brainer and will double from here and perhaps more.
My strong suit in investing is financials and O & G and will compare my record to client9 and for that matter anyone on this board as to my success in these sectors.
I am a retired banker and spent many years in the oil patch. SD is a not mystery, they are exploiting wells that were drilled 30 years ago, thus the infamous quote from client9, "third rate Okie fields", . nothing new in fact she is very accurate in her quote. Thirty years ago and old technology they left billions of BOE to be claimed with new , (horizonal drilling), technology.
I have always said concerned about the debt and thus SD is a SPEC, buyer be ware. So again dumb stupid girl, don't post unless you show your stuff. You show your's and then I will show mine more.
If you are in SD I would not buy anymore as they need to prove what I think they are capable of doing. If you are an O & G investor, would buy hands over fist BP, CHK, ERF and as a spec TLM.
I think the real party is just starting. I have some crumby 10 shares too, but liking my much larger share position in the 4's and 5's.
You are so correct and this is already happening, US production much lower between Sept-Oct, this can turn very quickly.
Don't like old smokey either, think his mother dropped him on his head, with that said, I added today. This will change so much when the sell some assets, if they can't get fair price ok with them waiting too.