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Oilfield Activity May Be Rebounding

Forbes -- Jesse Bogan, 06.30.09, 08:45 PM EDT
Rig count rises slightly on upturn in oil prices, but natural gas drilling continues to fall.

HOUSTON -- After months of decommissioning drilling rigs to balance out lower energy prices and expensive well service costs, mass amputations appear to be over in the oilfield due to a rebound in prices.

However, the natural gas sector continues to drown in oversupply.

The national oil and gas rig count has been slashed in half since last summer's highs. But since June 5, the number of oil rigs in production has climbed from 179 to 219, according to a weekly count by Baker Hughes, mainly due to small "checkbook" exploration and production companies getting back into the game.

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Submitted Jul 03, 2009 By: LetemEatCake

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TopGunn Champion Author Baltimore Posts:4,254 Points:1,642,685 Joined:Aug 2004	Message Posted: Jul 3, 2009 9:28:22 PM Ignore TopGunn Report Abuse Seems ALL energy revolves around net profit.
sillywagon Champion Author New York Posts:5,253 Points:528,570 Joined:Oct 2008	Message Posted: Jul 3, 2009 9:28:11 PM Ignore sillywagon Report Abuse Why has oil and natural gas exploration become so expensive in the last few years? Previous to a few years ago we didn't see $50 a barrel oil, no where near $75 or $147 a barrel. How were these companys able to make a profit in the past, but not now?
lightbulbman2008 Champion Author Worcester Posts:43,251 Points:650,410 Joined:Oct 2008	Message Posted: Jul 3, 2009 9:28:07 PM Ignore lightbulbman2008 Report Abuse ALL that oil and nothing to do with it...
hoosierdaddyno1 All-Star Author Indiana Posts:937 Points:473,490 Joined:Oct 2008	Message Posted: Jul 3, 2009 9:13:25 PM Ignore hoosierdaddyno1 Report Abuse All that oil in tankers off the coast,refine it .
DrivingFool2 Champion Author Wisconsin Posts:3,487 Points:649,515 Joined:Apr 2005	Message Posted: Jul 3, 2009 9:07:54 PM Ignore DrivingFool2 Report Abuse Just like a beer tap
cincidap Champion Author Cincinnati Posts:3,075 Points:601,375 Joined:Sep 2006	Message Posted: Jul 3, 2009 9:05:39 PM Ignore cincidap Report Abuse Finally some good news.
bigmacatac Champion Author St. Louis Posts:3,020 Points:633,075 Joined:Oct 2008	Message Posted: Jul 3, 2009 8:53:12 PM Ignore bigmacatac Report Abuse BIG OIL = GREED
TBRR Champion Author Jacksonville Posts:1,330 Points:234,660 Joined:Dec 2007	Message Posted: Jul 3, 2009 8:52:09 PM Ignore TBRR Report Abuse must be wildcaters at work that found some investors.
tweety258 Champion Author Grand Rapids Posts:1,406 Points:654,515 Joined:Apr 2008	Message Posted: Jul 3, 2009 8:51:50 PM Ignore tweety258 Report Abuse You said it, Bonanza.
TFowler513 Champion Author Memphis Posts:2,372 Points:588,560 Joined:Mar 2008	Message Posted: Jul 3, 2009 8:38:38 PM Ignore TFowler513 Report Abuse Padding their pockets again. Just another reason to quickly move to alternative energy resources such as solar, wind and hydro!!!
salog Champion Author Columbia Posts:3,528 Points:878,865 Joined:Oct 2006	Message Posted: Jul 3, 2009 8:30:31 PM Ignore salog Report Abuse now that they can make money again
PokerAce Champion Author Baton Rouge Posts:4,877 Points:946,030 Joined:Jan 2008	Message Posted: Jul 3, 2009 8:28:56 PM Ignore PokerAce Report Abuse Hard to imagine right now with all the HOT weather, but a COLD winter will bring back the natural gas market .... glad to see the regular rig count up ....
pkhdonovan Champion Author Maine Posts:7,042 Points:1,728,445 Joined:Sep 2005	Message Posted: Jul 3, 2009 8:25:27 PM Ignore pkhdonovan Report Abuse glad to see something rebounding.
PetroScopper Champion Author Houston Posts:2,203 Points:602,275 Joined:Aug 2008	Message Posted: Jul 3, 2009 8:21:46 PM Ignore PetroScopper Report Abuse This is great for the oil and gas companies, but I think they are now preparing for a time when things will be at the level they recently experienced. I don't see them getting caught with their pants down again.
BrucePen Champion Author Ontario Posts:2,798 Points:595,795 Joined:Sep 2008	Message Posted: Jul 3, 2009 8:19:05 PM Ignore BrucePen Report Abuse Drill away, we need to be self sufficient
WP62 Champion Author New Hampshire Posts:2,322 Points:1,115,795 Joined:Sep 2006	Message Posted: Jul 3, 2009 8:11:57 PM Ignore WP62 Report Abuse Drill and pump, but don't forget to allow refinery expansion.
CoffeeTrader Champion Author Victoria Posts:2,412 Points:443,680 Joined:Sep 2008	Message Posted: Jul 3, 2009 8:10:38 PM Ignore CoffeeTrader Report Abuse Just how much Gouging is required to make it worth running an Oil rig. I wish I had one of those in my back yard.
gibber73 Sophomore Author Columbus Posts:165 Points:208,150 Joined:Oct 2008	Message Posted: Jul 3, 2009 8:08:59 PM Ignore gibber73 Report Abuse More the better
SSchmidty Champion Author Illinois Posts:4,337 Points:820,340 Joined:Mar 2008	Message Posted: Jul 3, 2009 8:02:59 PM Ignore SSchmidty Report Abuse just more evidence of pig-oil being piggy for themselves!!
Bonanza Champion Author Boston Posts:6,247 Points:1,577,615 Joined:Jun 2004	Message Posted: Jul 3, 2009 8:02:18 PM Ignore Bonanza Report Abuse Oil is back where producers want it
PissedCanuck Champion Author Toronto Posts:3,827 Points:819,560 Joined:Nov 2006	Message Posted: Jul 3, 2009 7:50:09 PM Ignore PissedCanuck Report Abuse We need to flood the market so that we are all swimming in the stuff to drive prices down.
NavyEOD Champion Author Los Angeles Posts:5,159 Points:1,062,540 Joined:Jul 2007	Message Posted: Jul 3, 2009 7:49:32 PM Ignore NavyEOD Report Abuse Yet there not letting the refineries expand, so what good is more oil rigs.
RayJayT Champion Author Mississippi Posts:2,876 Points:621,055 Joined:Aug 2008	Message Posted: Jul 3, 2009 7:47:31 PM Ignore RayJayT Report Abuse But what will this do for the prices?
camel1 Champion Author Minnesota Posts:3,800 Points:1,330,525 Joined:Jul 2006	Message Posted: Jul 3, 2009 7:42:04 PM Ignore camel1 Report Abuse Oil is back where producers want it. It drop again in the near future
e3p0 Champion Author Columbus Posts:2,179 Points:583,090 Joined:Mar 2006	Message Posted: Jul 3, 2009 7:40:13 PM Ignore e3p0 Report Abuse Oh gee, don't let them do something that might cause prices to go down.
EZExit Champion Author Phoenix Posts:3,860 Points:731,485 Joined:Aug 2008	Message Posted: Jul 3, 2009 7:37:21 PM Ignore EZExit Report Abuse I'm sure that this is occuring, the margins are way oversized and poised to be even higher.