Low Price of O/G: Will Drilling Continue?

Seriously, does anyone think that these smaller companies will be able to wait out the low oil and gas prices? How can they drill and then wait for prices to go up? There will probably be a lot of empty hotels in Cambridge. Does anyone think the prices will ever go back up?  Fortunately, I did not go out and buy a new pick up truck.

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Permalink Reply by lance on February 5, 2015 at 2:30am

Thanks Susan, now look at what's going on with Jordan... Could this be the catalyst that will unite the Arab world and the West against radical Islam? I forgot to mention ISIS advances in Libya.... Boko Haram, El Shabab, Al-Qaida, Hamas, Hezbollah, they are all the same with the same goal, which is to destroy our freedom and bring the entire world under Sharia Law according to the Koran... They are here now gaining power and momentum. Our schools are not teaching our children who our enemies are so we must. Our colleges our preaching anti- Semitism and are taking sides against Israel in favor of the Palestinians, (Muslims-Arabs) our President is welcoming the Muslim Brotherhood into the White House to advise him on Islamic affairs... If we survive 2 more years of Obama's foriegn policies it will be a miracle from God....

Permalink Reply by Mike Fulper on February 4, 2015 at 11:25am

How about the 250,000...

that's TWO HUNDRED AND FIFTY THOUSAND

Muslims.... in......DETROIT ....!!

Add the thousands in all other USA cities....

don't worry about the middle east.......its Here........ Now.......

Permalink Reply by Philip Brutz on February 4, 2015 at 6:09am

http://www.bizjournals.com/columbus/blog/ohio-energy-inc/2015/01/an...

Another driller pulling back spending in Utica shale

Hess Corp. spending in the Utica shale play will drop 42 percent this year, as the oil and gas giant joins the cavalcade of cautious companies reining in U.S. shale development.

Hess plans capital expenses of $290 million, down from $500 million last year as the company transitions "at a measured pace in this price environment and as infrastructure builds out," the company said late Monday.

The Houston energy company (NYSE:HSS) sold off a chunk of its acreage last year, but is still bullish on the wet-gas acreage it shares with Consol Energy Inc.(NYSE:CNX). Hess expects to operate two rigs in that joint venture and bring 25-30 new wells online, down from four rigs and 39 new wells in 2014.

The company has reduced its overall capital budget 16 percent, to $4.7 billion in 2015 from $5.6 billion last year.

Like other oil and gas drillers pulling back, Hess says low commodity prices are the culprit.

Permalink Reply by paleface on February 4, 2015 at 6:45am
Permalink Reply by Trapper on February 4, 2015 at 12:32pm
IMO,the oil/gas cos. Are seizing the opportunity to squeeze the drillers and other service providers to bring costs more in line now that oil is where it should be. The demand for product is still strong. Time now to become leaner and more responsible to shareholders. I predict profitability will be achieved @ $40-50 bbl. Capitalism will find a way!
Permalink Reply by Upstream1974 on February 13, 2015 at 12:22am

Not looking good outside of Midland. 23 stacked this week and 17 on the way.

Permalink Reply by scott peterson on February 13, 2015 at 2:59am

wow!

Permalink Reply by Fred Flintlock on February 13, 2015 at 4:22am

are those inactive rigs? 

Permalink Reply by Upstream1974 on February 13, 2015 at 4:26am
Yes, pulled from the EagleFord this week. Four more lined up this morning at the HP yard.
Permalink Reply by Mark Curry on February 18, 2015 at 1:44am
I don't believe it is appropriate to use this site for political discussion or questionable religious commentary, especially when that commentary is either inaccurate or skewed towards one's position, regardless of your right or left leanings. I look to this site for practical information on the O&G situation and will swiftly drop out when political invective takes over. That's my two cents!
Permalink Reply by kim hovis on February 18, 2015 at 2:46am

Remember the old Sammy Kershaw song, (politics religion and her), let's talk about nascar.

Permalink Reply by Philip Brutz on February 25, 2015 at 5:13am

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