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Gold/Mining/Energy : Big Dog's Boom Boom Room
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To: Bearcatbob who wrote (181720)12/15/2013 5:37:10 PM
From: Ed Ajootian1 Recommendation

Recommended By
JimisJim

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BCBob, we need to keep in mind that with the possible exception of Southwestern Energy (SWN), Cabot (COG) and a very small handfull of other companies, every E&P company of any size has now put itself in a position where it can allocate capital between drilling for either natty or oil (or in some cases maybe only oil). For these companies, its not necessarily true that they would drill for more gas once prices allowed them to get a "satisfactory" return. If they could get a higher return drilling for oil, even if natty prices were high enough for them to get a "satisfactory" return, but one which is "less satisfactory" than the return they would get if they drilled for oil, they would not drill for natty any more than they are doing so now (or at least, that would be the case if they were rational).
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