The US oil rig count continued its relentless tumble this week, as it fell by 31 to 467, according to data from driller Baker Hughes.
This was the biggest weekly drop since April 2015, and the tally is now at the lowest level since March 2010.
The combined count of oil and gas rigs fell by 48 to 571.
Last week, the oil rig count fell by 12. And compared to the prior year, the count was down about 60%.
This is why usa production is so stubborn but things will be changing very soon.
In the final quarter of 2015, 27 percent of U.S. oil production at a weighted average price of $72.35 per barrel was hedged. In 2016, U.S. companies have just 15 percent of oil production hedged. In 2017, those figures fall to 2 percent of oil
BUY BUY BUY LOL!!! Why are you still here? You still own this one don't you..
Shame on you for not giving full disclosure
86 cents!!! are you kidding? This is penny stock territory. That 200 shares you bought for 1200 dollars
is now on sale for 172$ Thats not a fire sale, its a nuclear strike sale.
You do realize that if the dividends are under 2 million$ for 2 consecutive years that
they will liquidate the trust... its in the perspectus.
Ignore the #2 economy in the world? come on get real. You're
living in a bubble or under a rock.
China is responsible for 17% of all the world's economic activity, so any downturn in spending there affects the rest of the world.
And Furthermore: Costs vary from well to well, including the costs associated with water handling and disposal, chemicals, surface equipment maintenance, downhole casing repairs and reservoir pressure maintenance activities that are necessary to maintain production. As a result, a decrease in commodity prices may cause the expenses of certain wells to exceed the well’s revenue.
So expect them to shut down the wells that are the most expensive to extract from first. So I don't think
it would be a total shutdown would happen. It would be in phases.
From the prospectus. "Changes in the prices of oil and natural gas may reduce profits to which the trust is entitled and may ultimately reduce the amount of oil and natural gas that is economic to produce from the Underlying Properties. As a result, PCEC or any third party operator could determine during periods of low commodity prices to shut in or curtail production from wells on the Underlying Properties"
So its... Shut er down if oil prices go below break even.
China stocks are halted after 5% circuit breaker tripped. The dollar is retreating against the yen and other currencies. Dow futures are down triple digits as i write this.
This market direction is pointed down. After watching the first day of the year train wreck, I've opened shorting positions using etf's sqqq and sds.
Define "survive" If it gets to the point of no profit, I would hope they shut down production until prices rise. Pumping at a loss doesn't make economic sense. Trust expenses would just accrue. I would hope they have a contingency plan in place for this scenario.
got stopped out. waiting for next bottom. I see appl has gone from 108 down to 100 in the last week.
Are you going to ride that one down too?
Sentiment: Strong Sell