Nice to see responses other than the every 10 minutes silly scam-adds to join a site. Drop very painful, actually back to where price was when week started. Rig count down again! production dropping! report solid! plus everyone now in a large SUVs...Saudis continue to blow out production (depletion?) to destroy US fracking. Fighting Russia for Asia, plus shorting via ETF's (SOC). Hard to believe FB, NFLX and others, PEs 200+ hold in while hard LT assets get tossed away. COP cut 14,000 employees to save 6%+ divvy but greedy mgrs can leverage up, play bots. Production/demand will cross. Then...like Eddie Murphy in Trading Places with orange futures..."Looking Good!'
Crude may go lower but greedy shorts piled in on solid players in oil sector already off 70%. ESV only going to get stronger, NE also,...what goes up or down will reverse, always. May be a sea change for industry but unlevered balance sheets will take advantage of weaker assets and will be profitable.
PS: Can the fake message board guys always hyping "ultimate stock alerts", move on or find a new hobby,.NOT INTERESTED!!
Thx Frog, earnings had not been posted when I ask,...longs are relieved, others apparently not, its not where the stock has been but what trades may now be available,..
Both NE and ESV deliver beats (NE est .52-57/.64) (ESV est 1.04-1.06/1.18), solid utilization, declining costs, strong backlogs (NE 8.7B, ESV 7.4B) , minimal downtimes and with ESV,.. 2 new 3 yr contracts, a 6 month extension and two other letter of intents (new contracts). Cash levels and debt look strong and manageable.
No gravy train but at these levels would not want to be short. Capex reduction and depletion trend may also help.
Pretty solid. Another beat, lower costs, stable utilization rates, minimal downtime, back log of 8.7 B! Difficult environment but getting stronger. Oil depletion and Capex reduction make NE look favorable down from 30+ to under 12, 2 days ago. Shorts will provide even another lift.
Shorts have had fun but now stacked in and train leaving. Check out Core Labs (CLB) call that depletion rate of 2% a minimum, and all parties been blowing out production. With 30% Capex reduction, depletion, demand growth, explains why T Boone so aggressive with crude prediction. Plus shorts increased in even tenured, well managed drillers, hang in longs, very nice setup!!
Anthony Ruben of Seeking Alpha reporting new contracts (Maersk) starting Q3/2015 and noted ESV anticipates no negativeearnings impact with recent COP cancellation. ESV gets paid 2 years at 100% of 3 yr contract not to work, so can reduce some cost overhead. ESV will emerge stronger and will rip higher when Capex production reduction turns. Broke 19 Friday off 6+%, and at 12 year lows.
He has changed his call on ESV and oil sector several times, a complete 180...I questioned his abrupt turns and that he should stay with entertaining and he blocked me...I have 3 of his books and 2 bobbleheads...they have been severely penalized...