Hello folks, I finally capitulated and sent in my payment to SI after lurking for a long time. There has some good information on this thread and some not so good information...
I recently called PTEN, the land driller, to find out what percent of their rigs are being utilized with crude at these levels and they said 70%. I'll be calling NBR, PTEN, UTI, and BDI on Monday to find out their current rig utilization, how many rigs they have online, what percent of their rigs drill for natural gas, their current BPD output, and if I can talk to their CFO's I'll try to get some other information. If there are any questions you would like me to ask when I call, post them and I will ask for you.
Personally, I don't like the short term outlook for oil drillers and service stocks. They are rallying primarily to the Venezuelan statement that they are willing to reduce OPEC and Non-OPEC production by up to 2 million BPD. Though this reduction would be a positive for the sector, it would mostly be a psychological one. If something comes out of the upcoming meeting, fine, but if not, short at will as crude will go into a tale spin.
Natural gas has been acting extremely well lately and I have been accumulating a recent IPO that drills primarily for natural gas.
Best of luck.
D. Chapman |
