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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: HH who wrote (7953)1/14/1998 9:19:00 AM
From: Big Dog  Read Replies (2) of 95453
 
Another example of writeers that don't know the business (this is from the SmartMoney link/news item):

"The fourth quarter is traditionally a strong one, and December showed that once again there was a high worldwide gas rig count," he says. The trouble is, the count -- the number of oil drilling rigs being put into production -- appears to have peaked in December.

1. No such thing as a "gas rig count". First there is no such thing as a gas rig. Any rig drills holes. Sometimes its gas, sometimes its oil sometimes its water sometimes its dry. The primary objective CAN be gas...and sometimes is. But there is no such thing as a "gas" rig, much less a "gass rig count".

2. Rigs are NOT put into "production". Rigs drill, they do not produce.

3. The number of rigs "put into production appears to have peaked in December" -- assuming he means the number of rigs working -- which he may not mean -- yep, the number has peaked. THEY ARE ALL WORKING THAT CAN WORK -- so no shit, the number has peaked. That is kinda exactly our point -- the supply is USED UP.

At any given time there are rigs in transit, rigs being repaired and rigs between jobs that are not counted as working...especially in the land business. Generally offshore rigs are counted as working if they are under contract, whether or not they are actually drilling hole.

These writers really piss me off.
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