rigs keep dropping off

[Braveheart]

I should hate to say it, but I was proud to call myself a foragefarmer. Through those lean grain times we planted fenceposts. Post BSE, we had up to 200 cows. We were grassfarmers and it served us well. (Still are grassfarmers).

We are back in more grain acres, and the cows are down to 150 as we dumped the leased ones.

I know low prices for grain, oilseeds, cattle,, hogs (18 years). But I know that glee for another industries' misfortune only brings misfortune towards you. Karma can be a bitch.

I know that low prices come often to ag commodities, and we'd like more good weather than usually comes. But, it's ours to adjust to as you stated, Forage. We don't need anyone feeling sorry for us. We have the free will to guide our farms through anything, or throw in with the "woe is me, we're victims" lot. I'll choose the former thanks.

[Braveheart]

Oh, and keep foraging.

[Oliver88]

Precision Drilling is cutting its budget $23 million for 2015.
BNN thinks this is a "bell weather" company and we will see a fair amount of budget chopping.

[Braveheart]

Legacy hasn't changed any plans yet from what I hear. Some service companies are looking to hire to keep up with projected work.

[oneoff]

I'm afraid Legacy is $2.03 a share this afternoon. Down $0.33 in one day. You think they will act as if nothing is happening. Its happening and the carnage hasn't reached maximum yet. Maybe its only hardly started.

Tomorrow it will be less than $2.00 or I'd be very suprised.

Budgets of all oil companies will be slashed....Christmas shutdowns aren't a week away....cost ratcheting of services is underway...and my guess is that very hard times are on for the oil industry; its workers and it will literally be years before the momentum comes back.


Just for instance....look at Precision Drilling's announcement released today. They claim their costs go down to zero when they shut down rigs. That certainly means few or no paychecks for many workers and selling off assets such as coiled tubing units is just the tip of the iceberg of "survival mode".

Costs don't go to zero. Red ink stays red without cash flows and restructuring.

[oneoff]

I'm afraid Legacy is $2.03 a share this afternoon. Down $0.33 in one day. You think they will act as if nothing is happening. Its happening and the carnage hasn't reached maximum yet. Maybe its only hardly started.

Tomorrow it will be less than $2.00 or I'd be very suprised.

Budgets of all oil companies will be slashed....Christmas shutdowns aren't a week away....cost ratcheting of services is underway...and my guess is that very hard times are on for the oil industry; its workers and it will literally be years before the momentum comes back.


Just for instance....look at Precision Drilling's announcement released today. They claim their costs go down to zero when they shut down rigs. That certainly means few or no paychecks for many workers and selling off assets such as coiled tubing units is just the tip of the iceberg of "survival mode".

Costs don't go to zero. Red ink stays red without cash flows and restructuring.

[cottonpicken]

After thinking about it maybe some of you are right,nobody really gives a shit about anyone.

[bucket]

More concerning is the lost talent.

Much like losing a generation of ranchers it's never good to lose talent.

That's the quickest way to red ink.