Once again lucky for me I am too busy to get the shock value of market manipulators - this drop is unwarranted but as I am holding for the glory days the dividend still keeps me happy.If looking at a red account causes panic, do not look at it. Not talking about you jugs just saying to all remember why you bought the stock and do not panic - it will go back up. What an epic entry point we have here today.
Some local news
U.S. drilling creates “industrial inventory” of untapped wells waiting to flow
Aug. 16, 2017 12:59 PM ET|By: Carl Surran, SA News Editor
Oil companies left another 135 wells dormant in the Permian Basin in July, bringing the inventory of drilled but uncompleted wells to 2,330, up 73% Y/Y - wells that could add hundreds of thousands of barrels to surging U.S. oil output when the wells are brought into production.
"You drill, you move on, you frack [and] you get an inventory building," Precision Dilling (NYSE:PDS) CEO Kevin Neveu says. "The shift to multi-well pads has caused an industrial inventory of uncompleted wells to accumulate. The frackers can't keep up with the need."
The Energy Department expects Permian Basin production to rise by 64K bbl/day this month to 2.6M, part of the seven major U.S. shale plays that could pump 6.1M bbl/day, up by 117K bbl/day.
Among major Permian Basin producers: PXD, CXO, XEC, EOG, PE, DVN, NBL, XOM, CVX, OXY, WPX, RSPP, APC, APA, FANG, SM, EGN, MTDR, QEP, ECA, CPE, LPI
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