This may sound a little bit counter-intuitive, but bear with me: Patterson-UTI’s acquisition today signals that its build vs. buy strategic preference remains in tact. That’s because Patterson acquired a rig technology company this morning even though hundreds of idle land rigs are for sale as cheap as 15 cents on the dollar of build cost. …
Read More »Infill Thoughts
Anadarko Makes An Offshore Acquisition… To Fund More Onshore Drilling?
Anadarko made a big splash on Monday afternoon, announcing the $2bn buyout of Freeport McMoRan’s deepwater GOM assets. It’s a big deal for the GOM and for Anadarko’s position in the GOM. But what we found most interesting about the announcement is how Anadarko spun the deal into an onshore growth narrative. …
Read More »Halliburton Throws Jabs At Schlumberger
Halliburton and its peers may share a common outlook, but they sure do differ on oilfield service strategy. Jeff Miller got a little chippy Tuesday, throwing some jabs at Schlumberger and other oilfield service firms as he described Halliburton’s advantages. We discuss Halliburton’s punches thrown, and review other important takeaways from Jeff’s talk. …
Read More »The Savior Everyone Is Waiting For
The Barclays investor conference held in New York the week of Labor Day marks the start of the year-end news rush. A hot item at Barclays was a basic truth about the oil market: failing to offset natural declines will push oil prices higher every time. Today’s capex starvation is setting up tomorrow’s feast. There’s …
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