Hey Oilfield Guys!!

[Grumpy1911]

So they're paying you?

It's impossible to cut your price by more than 100%.

Lol! I typed wrong. I was typing and talking on the phone at the same time. They cut $104.00/per day. We were paying them $200.00/per day. They cut the cost to $96.00 a day.

[denowt]

Hey Oilfield Guys!!

Lol! I typed wrong. I was typing and talking on the phone at the same time. They cut $104.00/per day. We were paying them $200.00/per day. They cut the cost to $96.00 a day.

Haha, I figured it was a typo, just ribbing you.

[Grumpy1911]

Is that on equipment (manlifts, light towers, etc.) or on tools used on the rig?

I've got an equipment rental company....that's crazy, those guys have been stealing from ya'll

Not manlifts and such. Other rig related rental item.

[Grumpy1911]

Haha, I figured it was a typo, just ribbing you.

[Legdog]

ugh...

Oil Falls to One-Week Low as U.S. Supply Seen Adding to Surplus
(For more on oil’s decline, click EXT5 <GO>)
By Grant Smith
(Bloomberg) -- Oil declined to a one-week low in New York on estimates that U.S. crude inventories increased from a record level.
West Texas Intermediate futures slid as much as 4.6 percent. Crude supplies probably rose by 3 million barrels to 420.9 million through Feb. 13, according to a Bloomberg survey before a report from the Energy Information Administration Thursday. That would be the highest in weekly records compiled by the EIA since August 1982. Industry data Wednesday showed inventories climbed by 14.3 million barrels, according to reports on Twitter.
The fastest U.S. crude production in three decades helped trigger a global glut that pushed oil prices almost 50 percent lower in 2014. Energy explorers are paring drilling rates and investment in response to the slump, with Marathon Oil Corp. announcing on Wednesday it will cut an additional 20 percent from its spending plan for this year.
“The market is signaling an oversupply of crude that can only lead to lower prices,” Christopher Bellew, senior broker at Jefferies International Ltd. in London, said by e-mail. “All the fundamentals, barring the decline in the U.S. rig count, suggest that non-OPEC output will not start to fall until the third quarter.”
WTI Gain
West Texas Intermediate for March delivery dropped as much as $2.41 to $49.73 a barrel in electronic trading on the New York Mercantile Exchange, the lowest since Feb. 12. The contract was at $50.04 at 1:14 p.m. London time. The volume of all futures traded was about 34 percent above the 100-day average for the time of day.

[Fightinaggies]

I'll give you $20 per head to go explain in person, to those consumers that are job hunting just how it is that they're winning.

Exactly

[hammer63]

EOG announced a 40% reduction in drilling expendature for 2015. They've reduced their drilling plans from over 500 net wells in 2014 to around 350 in 2015. They also stressed a commitment to defer frac and completions until oil prices improve.
So, drilling could continue at a reduced rate but frac and completion crews are gonna take the biggest hit.

[gingib]

Halliburton laid off alot of hands in STX....

[JMalin]

Largest weekly build of inventories ever. Where are they gunna store all of this excess oil?

http://www.cnbc.com/id/102432925

[Legdog]

EOG announced a 40% reduction in drilling expendature for 2015. They've reduced their drilling plans from over 500 net wells in 2014 to around 350 in 2015. They also stressed a commitment to defer frac and completions until oil prices improve.
So, drilling could continue at a reduced rate but frac and completion crews are gonna take the biggest hit.

forbes EOG link

and then the flip side from Goldman

[ame="http://www.youtube.com/watch?v=yWVoI7Pjxkw"]Oil Can Drop to $39 a Barrel Goldman Sachs's Currie Bloomberg Business - YouTube[/ame]

[hammer63]

forbes EOG link

and then the flip side from Goldman

Oil Can Drop to $39 a Barrel Goldman Sachs's Currie Bloomberg Business - YouTube

I spoke with another operator and that company is taking the same approach. They have wells drilled and cased but they defer frac and completion for a better market.

[Fightinaggies]

Halliburton laid off alot of hands in STX....

Yep with more on the way. H&P just made another cut Yesterday in STX as well. They have 28 rigs stacked in the seguin yard as of last week

[ladrones]

I read a local article that says that Devon will slow the fracing and completions to wait out better oil pricing. Cutting way back on rigs as well.

[Legdog]

I read a local article that says that Devon will slow the fracing and completions to wait out better oil pricing. Cutting way back on rigs as well.

add Marathon

[1369]

Anything to be read in the tea leaves with the CEO's of Transocean, Apache and Kinder Morgan all quitting/stepping down?