OPEC’s secretary-general says oil prices may rise to US$200 a barrel...

Leading Shale Driller Starts Mass Lay-offs Eliminating Thousands Of US Jobs
Wednesday afternoon, Upstreamonline reported that Helmerich & Payne has started a round of steep lay-offs that will impact thousands of land drilling crewmen. Anecdotally, we have been hearing about land drilling lay-offs in the Permian Basin by Helmerich & Payne for several weeks now.

The Oklahoma-based company employs about 10,350 people in its provision of land rigs for shale plays and 1,560 people in its international operations.

3,000 H&P Jobs At Risk
For historical context, Helmerich & Payne cut its workforce by about 2,000 jobs in the 2008/2009 downturn. Its lay-offs in 2015 could be even steeper as its staff is much larger now. Today, the company employs about 11,900 people vs. 7,400 going into the 2008/2009 downturn.

Your going to keep hearing this more and more and more...

Jan 28, 2015
Hamm: Oil prices could rise sooner than you think..

HOUSTON — The market doesn’t understand just how quickly oil companies are scaling back their activities, and as a result, oil prices could rebound faster than many observers expect, Continental Resources CEO Harold Hamm said Wednesday.

Hamm, addressing the Argus Americas Crude Summit in downtown Houston, noted the slew of companies that have quickly pulled back on their capital expenditures as oil prices have fallen by more than 50 percent since the summer.

He said exploration and production companies can’t afford to borrow money, and falling stock prices make it hard to raise cash by issuing equity. “You’re limited in what you can do if you don’t conserve cash,” said Hamm, whose company is primarily active in North Dakota and Oklahoma.

Continental Resources recently cut its 2015 capital budget from $4.05 billion in 2014 down to $2.7 billion this year. Hamm — considered one of the pioneers of hydraulic fracturing — noted that his own company went through five or six budget revisions before settling on that figure.

we will see who is right soon enough.... I'm not hiding behind an AC post. So we can go back and see who said what. I live and make a living in the oil patch as a producer and I can tell you first hand that PRODUCTION is shutting down along with new wells being drilled.... that will cause major problems in a few months by then it will be summer and ...yep you guessed it!!!

There is very little demand for oil right now compared with even 6 months ago... It doesn't matter if we shut down 50% of our producers, there is an oversupply of oil right now internationally

WHAT????? You have absolutely no idea what you are talking about!!! %50 reduction would destroy the world economy in less than a month!!!! where do you people come from? I swear sometimes this place is so informative and then you get shit statements like this????

OPEC’s secretary-general says oil prices may rise to US$200 a barrel...

Yep. That's their wet-dream. Oil wet.

Not buying it, literally.



Last Edited by AvgJoe on 01/29/2015 12:54 PM

6 months from now everyone will be saying what an opportunity this was.... but what do I know