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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: Thomas M. who wrote (14291)3/10/1998 9:10:00 AM
From: Lucretius  Read Replies (4) of 95453
 
I don't watch alot of CNBC, but I had it on this morning. GOOD GRIEF! Now I know why you guys hate Bob Pisani, and why I don't watch uit. That guy is an idiot. He said:"The dayrig K's for alot of the jackups are coming up for renewal, and the w/ low oil prices that affects the drillers ability to demand high dayrigs so they are in real trouble." STUPID, first, I don't know what a dayrig is, but dayrates are dependent upon demand from E&P co's, not oil prices. Is has yet to be determined how many E&P co's will give up their place in line and give up a rig. Since most believe that the current crude glut will end in a few months, many of the large E&P co's are not slowing their drilling plans. They talk a big game in an attempt to get lower rates, but keep an eye on the new K announcements. Some people could get a real kick in the ass when they hear what's really going on. Reminds me of last summer when someone decided they didn't need a GLM rig because it was deeper than their needs so GLM leased it to someone else--- word on the street was that GLM couldn't lease a rig! HEHEHEHE, couple of days later, the wallstreet idiots found out what was going on and everyone rallied.

-Lucretius
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