Any layoff rumors going around, rig count still falling weekly, no turn around anytime soon.
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i think the above responses are valid, i think that the axe is being sharpened now and will start again to fall on the chopping block, look for the earrings report that comes out around july 20, for now the axe is getting the a super sharp edge and polished, the 2nd quarter earnings, which could be in by now, are being evaluated. i think the key here is the earnings report date in the second quarter, the carnage will continue. it is all about economic survival, and living to fight another day.
The books are not balanced... more trimming is inevitable buds...
Rig Count "950" December 31, 2018—Rig Count June 8, 2020 "206" 🤔 'interesting'
Agreed more trimming could be done.
Oil is only rising because a ton of production is shut in. It may keep going up, but they dont need any (or very little) service work to add production. Look at consumption not price, its gonna be a while and there will be more cuts.
I’ve been saying since February. If you are still here by July 4th you are probably safe the rest of the year. The market isn’t getting worse and has actually stabilized.
I'm no expert but I think they overreacted and cut too deep already.