Strictly: Drilling and oil-field services Message Board

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Gold/Mining/Energy : Strictly: Drilling and oil-field services

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To: 007 who wrote (21358)	5/4/1998 4:26:00 PM
From: pz	Read Replies (1) of 95453

007, < FWIW...I talked to a drilling contractor in Midland this morning. They have 17 total rigs, 9 stacked, 8 currently running. Last year they had 11-12 running. Drilling rates have fallen off 15% since last year and are STILL FALLING. Land drillers are still risky IMHO.>>> The company I called this morning was TBDI located in Midland, Tx. I was very interested in them because their PE caught my eye. They have a PE of 7 and NO DEBT. I was a bit surprised when they mentioned that they had stacked so many rigs and they also mentioned that rates were still falling...these 2 things bothered me. I will definitely keep an eye on this company for when oil prices do firm up a bit more. It just needs a bit more time. Regards, Paul

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