Drillers encouraged by 60.00 oil, add 18 drill rigs
Just when drillers are starting to make some money for past efforts, they want to kill the goose that's laying the golden eggs. But we are still down 267 rigs from last year. With the high decline rates of most of these horizontal wells they will have to keep drilling to just keep production flat. While many small companies are having a hard time raising money to drill, the big outfits are well financed and are making money at 60.00 dollar oil. It will be interesting going forward of how disciplined the members of Opec plus will be with 60.00 dollar oil, especially Russia with their lower costs of production. Holding my positions and collecting the juicy divs. GLTAL