Originally posted by gingib
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Hey Oilfield Guys!!
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Originally posted by JMalin View PostAgreed. Ramsey bores me to tears with the obviousness of his financial advice. Teach me how to get leveraged up like those Wall Street bankers and get bailed out when I place losing bets.
All I can say about it Landrover turned me on too it several years ago and now I have a minimum amount of bills.
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Originally posted by RLB View PostStart this thread again in about 30 years....for now, its all good and going nowhere.
Most that have been around know all of this. I was just giving a little reminder to the new guys who suddenly make more than ever and may think it lasts forever.
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Originally posted by bphillips View PostI remember that thinking in '06 and '07
Most that have been around know all of this. I was just giving a little reminder to the new guys who suddenly make more than ever and may think it lasts forever.
I understand that, and I wasn't trying to be objective....but theres a HUGE difference between then and now....technology, technolgy, technolgy. We have a very good understanding on where it is and have it down to a science on how to get it....and that only improves daily. We have rigs "SIGNED" on guaranteed contracts and new builds scheduled out for many many years. Speculation will never let the crash happen again....when it does turn it will be a slowing down and not a hault.
That was then.....Last edited by RLB; 09-18-2014, 01:39 PM.
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Awesome advice. I often think the same thing when I see the $60K trucks rolling down I-10, being driving by a kid half my age. I just hope they are saving because they will need it.
I went to college with a number of older students who left the oilfields in the mid-80's, and they would say the exact same thing. The guys who were in college were the ones who saved enough to pay for it (and housing) when the work dropped off. They also made some of the best students.
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Originally posted by RLB View PostI understand that, but theres a HUGE difference between then and now....technology, technolgy, technolgy. We have a very good understanding on where it is and have it down to a science on how to get it....and that only improves daily. We have rigs "SIGNED" on guaranteed contracts and new builds scheduled out for many many years. Speculation will never let the crash happen again....when it does turn it will be a slowing down and not a hault.
That was then.....
I think you seriously underestimate the power of Wall Street.
If oil tanks to less that $40 a barrel again, it will grind to a screeching halt.
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Originally posted by RLB View PostI understand that, and I wasn't trying to be objective....but theres a HUGE difference between then and now....technology, technolgy, technolgy. We have a very good understanding on where it is and have it down to a science on how to get it....and that only improves daily. We have rigs "SIGNED" on guaranteed contracts and new builds scheduled out for many many years. Speculation will never let the crash happen again....when it does turn it will be a slowing down and not a hault.
That was then.....
If oil drops down to the 40s or lower again it WILL stop or be so slow you think it stopped. Just because they can get the oil doesn't mean they will keep going after it. It makes much more sense to wait until prices are high again.
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Originally posted by bphillips View PostThose contracts will go out the window when oil drops just like they did the last time. The company I was working for back then was still building rigs at the time and we were on 5-6yr contracts yet we stopped.
If oil drops down to the 40s or lower again it WILL stop or be so slow you think it stopped. Just because they can get the oil doesn't mean they will keep going after it. It makes much more sense to wait until prices are high again.
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Yep here today laying off hands tommorrow. We had a guaranteed contract with Conoco Phillips 6 years ago. When it got slow they just payed out the contract to the company I worked for. The rest of the crew got the boot. Except pushers, we got bumped back to drillers pay and company trucks taken away. That's when I decided to leave land.
The company I worked for bragged on not laying off hands during a slow period. I saw they were lying and quick to lay off hands. I went from laying off all the roughnecks in three days to laying off my driller and Derrick hand at the end of their hitch. Not a easy thing to do, especially when you have worked with these guys for years.
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Originally posted by RLB View PostRig Contracts dont go out the window!! Those are iron clad guaranteed deals.....at $24-$28K per day for 24-48 months
I'm fully aware of the money involved but I have also personally witnessed those "guaranteed" contracts disappear whether they paid penalties or not I have no idea but there was no drilling going on.
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Originally posted by bphillips View PostNow I'm curious what exactly do you do?
I'm fully aware of the money involved but I have also personally witnessed those "guaranteed" contracts disappear whether they paid penalties or not I have no idea but there was no drilling going on.
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