Re: massive rig cutback this year.
One more thought here.
It seems that every driller out there is getting quite the bump in days it takes to drill and that with far less rigs you get a whole lot more wells drilled.
Further in the Eagle Ford they claim to have about 220 wells drilled and not hooked up which means that these wells had the money spent aren't paying for themselves and are causing additional borrowing.
I understand that the Marcellous also had a ton of wells drilled and still waiting for pipeline hookups for one reason or another. So if these two plays are like this I bet the others are the same. Lots of wells drilled meaning borrowed money and still no hookups.
Oh yes and they confirm the same in the Utica.
So this former widget maker will relent and try to understand just what the oil rig cutback means.
Have a nice day guys.