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Posted 10/27/2008 11:08 pm
I work in the oilfield also... the boom in Texas is cooling off from what I can see. I'm sure the dip in oil prices / demand is the reason.
Anadarko is cutting back on drilling, Penn Virginia is cutting back on drilling, Newfield isn't cutting back but isn't expanding like they had planned. 6 months ago everyone was getting hot and heavy getting ready to make a play on the Hannesville shale (ArkLaTex region), and many operators are still moving rigs into the area... Just not at the rate that was planned.
The slowdown actually might be a bit of a good thing for me, I've been working non stop for months now even though I'm scheduled to work a 2 on 2 off sort of schedule... Don't know when the last time I saw 2 weeks off was... I'm lucky if I get 4 or 5 days before the work cell starts vibrating.
Anadarko is cutting back on drilling, Penn Virginia is cutting back on drilling, Newfield isn't cutting back but isn't expanding like they had planned. 6 months ago everyone was getting hot and heavy getting ready to make a play on the Hannesville shale (ArkLaTex region), and many operators are still moving rigs into the area... Just not at the rate that was planned.
The slowdown actually might be a bit of a good thing for me, I've been working non stop for months now even though I'm scheduled to work a 2 on 2 off sort of schedule... Don't know when the last time I saw 2 weeks off was... I'm lucky if I get 4 or 5 days before the work cell starts vibrating.
Normally, you wouldn't want to pick such a fund because of the very minimal income growth over time, but it's a perfect place to 'wait out' a big bear market!
