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Gold/Mining/Energy : Big Dog's Boom Boom Room
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To: Big Dog who wrote (73340)10/15/2006 1:26:09 PM
From: upanddown  Read Replies (1) of 206191
 
With their billions in cash, Exxon can always buy an outfit with rig contracts if they so choose.

Exxon is the direct descendent of John D's Standard Oil Company formed in 1868 and they have survived 138 years of startups, breakups and mergers to become the largest company in the world by revenue.

They didn't do that by being dumb and shortsighted so if they are in no hurry to tie up rigs, it is probably because they don't see day rates going much higher and consider it more likely that rates are coming down.
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