Chicken Little

Why’d the chicken cross the road? Because the rig traffic was grinding to a halt… Bad joke, true statement. Last week, OFS companies shared that perhaps we weren’t at the bottom (perhaps!?). This week, operators are telling us just how far we are away from the bottom (which is a long way). Lets look at just the news from yesterday: $ECA spent $750 mm in Q2; they project $500-$600 mm in Q3/Q4$CXO ran 26 rigs...

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