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DewDiligence

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DewDiligence

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Re: DewDiligence post# 10402

Thursday, 07/23/2015 12:04:32 PM

Thursday, July 23, 2015 12:04:32 PM

Post# of 29293
CLB 2Q15 CC notes:

The general tone was strongly upbeat. CLB says US overall production peaked in April 2015, and Bakken production peaked in Dec 2014, which implies (according to the company’s models) that US production will decline by 500K boe/d from the peak to the level at the end of 2015 (i.e. from ~9.5M boe/d to 9.0M boe/d).

Thus, CLB concludes that worldwide supply and demand will be “in balance: by the end of 2015 and that 2016 will show a strong V-shaped recovery.

In other words, CLB’s industry outlook is more bullish than just about anyone else’s.

On the cost side, CLB has responded to the industry downturn by reducing its headcount 12% (from 50K to 44K).

“The efficient-market hypothesis may be
the foremost piece of B.S. ever promulgated
in any area of human knowledge!”

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