Don't lose sight of the big picture These results should be no surprise,they were well telegraphed in the Q2 Outlook statement,Q4 won't be a lot different either
67cents is a real bargain for a driller that is trading at a fraction of it's book value [less than 20% now].They are NOT going bancrupt in the next 3 or 4 years,the balance sheet is acceptable.Their rigs are better than most and so is their mgmt team and they keep buying their own stock.
Compare Q3 yoy,it is an improvement,be happy with that,it is the beggining.
WTI has not broken it's Bullish uptrend,E&P companies like Cresent Point and Husky have just announced earnings beat.This will continue
if Oil continues its upward trend or stays above $55 and then the E&P's will start to spend on drilling.With sentiment for the Canadian oil patch at an all
time low and tax loss selling pressure things can only improve from here.WCS spread is at a 4 year high and can only narrow from here as Refineries
come back on line,crude by rail goes up,and the first of 3 pipelines comes on line in 2019 [Enbridge line3],not to mention the new LNG plant 4 years out.
If you want to play safely in the oil patch buy Suncor,or perhaps just get a GIC at 2%.