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: SliderOnTheBlack who wrote (43069)	4/23/1999 12:28:00 AM
From: The Ox	Read Replies (2) of 95453

Hey Slider, My overall impression is that the Major Oils to some extent and especially the smaller independant E&P's can turn on & off their budgets - especially the smaller independants; and that they are waiting to make sure Oil prices have stabilized over $16. If prices do stay above $16 and OPEC announces further cuts (which they had better) - then we should see a steady rise in drilling activity, utilization and corresponding gradual, steady rises in dayrates... My impression is; and remains - that the market went up; due to the anticipated rise in dayrates and utilization going forward (6 months out). If dayrates did change overnight, and oil changed overnight, why wouldn't stock prices change overnight ? - the answer I feel; is that Oil moves first, stock prices second, and dayrates & utilization 3rd; in a recovery - keyword being a recovery ! In a decline; oil prices fall 1st, rig utilization & dayrates fall 2nd, and lastly stock prices fall... just my opinion. Remember when you made this comment? Isn't it amazing how things have changed since then!!!! Michael

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