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Rig Count Drops For 17th Week With Smallest Decline Of 2015
Crude prices are undecided how to react to this week's 20 rig decline in total rig count to 1028. This is the 17th weekly decline in a row (down over 46% from the highs) but the pace of declines is dropping rapidly as it appears the 'efficiency' has been wrung out for now.
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Zzzzzzzzzzzzzz
"Undecided" huh? Seems more like it's being ignored. These stats don't seem to mean much yet.
Still over 1000 rigs punching holes......
Or completing wells.
These numbers are 'rigged' anyway!
Let the rigging continue.
Come on guys, think it through. As the total rig count has been halved in six months, a weekly absolute number decline at half the absolute level six months ago is the same weekly percentage decline. The industry is vaporizing at approximately the same rate!
Try again, max rigs were a bit over 1800 and those rigs going off line aren't disappearing. They will be parked until the next time.....
Must...make...loan...payments.
Give me a worldwide rig count chart, please
Oil is overrated anyway
We just use it for everyting
In case anyone's screen was cut off short... The headline was supposed to read, "Smallest Decline of 2015 Since Lehman".
Nice save z-train.
When you slit a pigs throat eventually the bleeding stops
Nice, but Tyler's still not reporting on the production declines that are happening.
"Tyler's still not reporting on the production declines that are happening."
So, enlighten us
..93 rigs in the Bakken this morning; 98 at the end of last week...so a drop of about 6% week over week............this is an accleration compared to the prior week over week comparison.
The next losses wont be voluntary, lack of capital.
Bank here, yeah that well wont be enough collateral.
Production volume is surely more important than rig count. If you have 1000 rigs producing one barrel per day each and two rigs producing 10,000 barrels per day each you could shut down 90% of rigs and make next to no difference.