Not sure but $50 a bbl is pretty darn good price. We got greedy when the price hit $100. 08/09 was my busyest year despite being down for 3 months.
Right now Service companies are hiring. Where I work all three service lines coil frac and cement are booked solid untill spring.
What I have witnessed is for every 10 seasoned workers we hire only 2 or 3 of them are wOrth paying. I would rather hire green guys and train then put up with lazy disrespectful should have got out 10 years ago workers.
Yes it is slow. Drilling is different then it was 1, 5, 10, even 20 years ago.
What 4 rigs did 10 years ago 1 rig does now. What use to be a 2 month hole is a 3 week hole. What took 6 wells to produce only takes one well.
On one hand efficiencys have made the job quicker, on the other hand it has made the need for equipment less.
The cost of producing a single well has doubled or even tripled in price. The production of that one well have quaddroupled.
We had a frenzy at $100 bbl. Now we have effeciency. Lower rig count same production. It sucks but the new reality
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