Oil Rigs "Big rig drop, another inflection point"

A few comments from Steven Kopits of Princeton Energy Advisors LLC on Mar 9, 2018: • Total US oil rigs were down this week, -4 to 796 • Horizontal oil rigs fell, -5 to 694. This was the third biggest weekly drop since the trough of the cycle in May 2016 ... • None of the plays, except the Permian, is above their July 2017 peak • We appear to be once again looking at an inflection point • Both Harold Hamm (CLR) and Mark Papa (ex-EOG) have warned that shales will not live up to expectations. Rig counts ex-Permian support this thesis. Click on graph for larger image. CR note: This graph shows......(read more)

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