On NOV's page: https://www.thelayoff.com/t/MNeXrSZ or @MNeXrSZ
4 replies (most recent on top)
Rig count is a crude measure (pun intended) ... one rig drilling onto an elephant does not equal one drilling a shale play.
Rigs come and go. All driven by oil prices. By the time rigs hit pay dirt and production comes on line, it adds to the existing supply, which drops the oil price. The cycle repeats itself over and over again. We live in a world with lots of oil, therefore oil prices will oscillate up and down for a long while, only that in the lower levels that are not what companies like Chevron needs. Invest your bucks elsewhere.
So invest in sand and capitalize. Don't complain. One man's bust is another's boom.
FMSA for example
Great more rigs equal lower oil prices.