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SLB had a strong print but it's already back to pre result levels. That FCF number's good to see (I see it as $1.7B not $1.5B) but it's easier to do that when capex is off 33% Y/Y.
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Originally posted by davbrucas -
Picked up some COP this week, I think some of the majors are getting beat up too much.Originally posted by racrguyOriginally posted by racrguyComment
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Anyone follow canada at all?
With the turnover in government...the new libs are looking to double the carbon tax...there go the sands.
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They are our biggest importers too.Comment
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F this guy in particular
Iran Says It Will Produce Full Throttle Regardless Of Oil Price Impact
Iran's Oil Minister Bijan Zanganeh said Monday that the Islamic Republic intends to restore production to the level it achieved prior to the imposition of Western sanctions. The country plans to produce nearly 4 M/bpd within seven months after sanctions are rescinded and 4.7 M/bpd as soon as possible after that, he said.
Speaking to reporters after meeting with Germany's Vice Chancellor Sigmar Gabriel, Zanganeh said that such an increase may cause the oil price to fall, "But that doesn't mean we won't enter our oil into the market."
Before the EU banned purchases of Iranian oil in July 2012, the country had the second-largest output in OPEC. Iran is currently the fourth-largest producer of OPEC, with June production averaging 2.85 M/bpd versus 3.6 M/bpd at the end of 2011, according to Bloomberg estimates.
Per the final nuclear accord reached between the P5+1 and Iran last week, the US agreed to end measures to limit Iran's oil sales. Meanwhile, the EU said it would end the EU's embargo on oil imports once Iran complies with obligations to curtail its nuclear program.
Zanganeh said that countries that sold more oil and took market share from sanctions-bound Iran will need to adjust as Iran restores its production and shipments to historical levels, though he didn't identify such countries. Output dropped to 2.66 M/bpd by the end of 2012 after sanctions were strengthened in July of that year, Bloomberg data showed.
“Those who are responsible for protecting prices are those who have filled our share before and used it...Our only responsibility here is attaining our lost share of the market, not protecting prices," Zanganeh said.
The EIA reported last month that Iranian oil exports fell to an average 1.4 M/bpd in 2014 due to sanctions. Sales averaged approximately 2.6 M/bpd in 2011, prior to the imposition of US and EU sanctions.
Zanganeh added that Iran expects to do more business with German oil and petrochemical companies. He said issues preventing insurers and banks from involvement with Iran must be resolved before agreements between the two countries can go proceed.Comment
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Ding dong the sanctions are gone!Comment
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Get ready for some violence and more recessions!Comment
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Must have been what set off the E&P market today. Every Energy company up in this region got hammered today.Comment
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FTS laid off about 40 at once facility today and told us more was coming.Comment
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For selfish reasons, I want that shit to tank. My fear is that it won't rebound for a decade if it craters.Comment
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We picked up 19 rigs this week...wtf? This has to be a lag from the $60 bbl price earlier.
Man things are getting bad for a lot of people. Its getting extremely slim here, and i know of severap machine shops barely hanging on...borderline closing shop.Comment
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The places that are about to go under should already be gone. They used cheap capital to try to wait it out. I bet we see new lows for oil because of this.Originally posted by racrguyOriginally posted by racrguyComment
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Its cutting into the people that werent saddled with debt. There just havent been any sales for most companies. Eventually you run out of cash reserves.Comment
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