Top Five

Working in the South Texas oilfield means working the Eagle Ford Shale for us. I follow the EagleFordTexas.com news so that I can keep up with what is going on with the regional affects. 

They send out a top five stories of the week and a few to the stories this week I wanted to share. 

#5.....for anyone who is working in this industry we have been watching the price per barrel on a daily basis. I have never been one to watch stocks

or anything like that but almost every day I am trying to find out if the price per barrel has gone up. So far we have seen positive increases since Friday which is good news. According to the top five story, OPEC has said that the price has finally bottomed out and we should start seeing positive gains soon. That is very good news. I will believe it when the price at the pump starts to go up though.

#4......Texas has stacked more rigs than any other state this past week. That makes me sad. I worry for the families that have one less income now. Thank goodness Dave has never been on the drilling side of this industry, as I believe it is the most volatile side. To date, the story stated that Texas has stacked 57 rigs which means that is 57 less crews working int he oilfield. That is anywhere between 250 to 500 guys alone just on the crews that are out of work. That doesn't include the slow down in business for all of the oilfield service companies that work along side the rigs. 

Dave has been working coil tubing now for around 4 months and they are still going strong. A few financial cut backs but no one has lost their job and we haven't received word of pay decreases. 

#1.....The Continental Resources CEO said Wednesday that he believes “the market doesn’t understand just how quickly oil companies are scaling back their activities, and as a result, oil prices could rebound faster than many observers expect.” Hamm made the comments as he addressed the Argus Americas Crude Summit in downtown Houston. I have actually been hearing this rumbling for a while now and it is true. This time around I think the oilfield companies had an exit strategy in place for such a situation and were prepared to let people go and cut back earlier in order to not suffer in the long run. As a family, this means you have to live within your means and take your paycheck for granted. As a company they are trying to survive the economy so they can continue to be in business. I believe Hamm. I believe we will see oil prices rise considerably before the end of the year.