Deferring drilling cannot continue much longerIf an E&P company's Reserve Life is 7 years (say), and they shut down drilling when the oil price collapsed in 2014, then by the end of 2018 they should have only about 3 years reserves left. You can't run down inventory forever. Eventually E&P companies will need to start drilling again or else go out of business. WRG's problem is nobody is doing much drilling right now.
ESN and SDY are also near their lows. SDY did share buy-backs but that only helped briefly. WRG and all drillers are for patient investors only.
Revenue results for drillers are seasonal. 3Q is a typically a ho-hum quarter. 4Q is better. 1Q is the best quarter in the year. I continue to wait.