ES&S lost 90+%, drilling and completions lost 70+%, production lost 40%....operations got hammered. I'm guessing Devon will be back in the same boat they were in 2008 when the prices recovered. It's not going to be a fun 12 months.
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The domestic oil industry is dying a slow death. After dividends are cut, new stock is issued staff is cut and everything divested, there will be a skin and bones patient clinging to life. The government will not help either. Politically incorrect. Petroleum industry will be alive in places like China, Brazil. Middle East but not here.
The gas comparison is apples to oranges. We have the established infrastructure for oil in America, and Tesla sales don't imply a massive switch to electric cars any time soon. With gas, we lack federal incentives that dirtier energy (wind/hydro) enjoy. Not to mention power plants aren't built every day... Oil is not the new gas.
12 months, hold that thought, then add 60 months more.
Gas never recovered and never will,now we have the same with oil.
Long ago wheat and corn were valuable and farming those things employed millions of Americans. Now only the socialist making alcohol for the government get ahead with grain. Oil/No are now in the same outhouse.
Looks like what I thought; those of us that we're let go, got the long end of the stick.
Crickets