$10 could happen as well. This is nothing more then a lottery ticket. Forecast for $20 oil are as likely as $60 oil based on current production. EOG reported 350 net wells drilled that are still waiting to be completed which they say will start in September. That tells you we have too much uncertainty to find a bottom yet.
I agree, if inventory numbers don't show a massive week over week build we should go higher. This production gap will eventually hit the market. North America has almost 1000 rigs down compared to this time last year. It will work its way through the system eventually.
85% of the 5k firings will be in the Western Hemisphere. Yet another revenue miss, no surprise there but they are fixing the debt problem albeit at a snails pace. I dont see any chance of eps growth in 2015 at sub $60 oil
Bernard loves Darmesh so he would never push him out even though that role is totally useless but really its only one position. They need to continue to focus on cutting personnel across the board and adopt a culture of higher productivity if they want to be competitive in a lower global oil market.
Correct. Not a patentable concept