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NCND | Oil prices are kinda like grain prices. We keep hearing they can't be this low yet we keep coming back to the lows. Isis or Libya or Iran be darned. There is just a lot of oil around.
I have 3 guys helping with harvest that work in oil field. They don't have work right now and probably won't until we see 60+ Is what they are being told.
I don't trade oil or anything but I'd be willing to bet this downturn lasts longer than most think. We may not goto 30 but bouncing between 40-60???
I'm sure there are plenty of very nervous investors up here. Many chased it in 2012-2013 and well were too late to the game and bought the high. KKR is most recent example. Bought Samson in 2012 went into chapter 11 a week ago. They didn't have good acreage and they overpaid I thought when deal was announced especially for the acreage Samson had.
Real estate is the scariest and if it was purchased post 2011 they are screwed.
If you feel you must buy I say buy EOG head and shoulders above everyone else from day one. They have innovated and exhibited restraint way way before any of the other oil operators here. There ability to find new plays has been shown to be superior also.
EOG was slowing drilling and closing downsizing offices in 2012 no one else did that until it was too late. They just seem to be way ahead of the curve.
I do not own EOG full discolure.
Edited by vailcat 8/21/2015 10:04
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Oil/Fracking Question
