COP up Double FAR's Market cap

US oil rigs drop to lowest in five years
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Rigs targeting oil in the US fell by 26 to 614, adding to the 35 sidelined in the previous four weeks, Baker Hughes said. Bloomberg
by David Wethe
US oil explorers reduced rigs to a five-year low, driving a decline in domestic production as crude prices hover near $US45 a barrel.
Rigs targeting oil in the US fell by 26 to 614, adding to the 35 sidelined in the previous four weeks, Baker Hughes said on its website Friday. Natural gas rigs were trimmed 2 to 195 and miscellaneous rigs slipped by 1 to zero, bringing the total down 29 by 809, the fewest since May 2002. All four of the major crude plays saw less activity, with the Permian Basin in West Texas leading with a drop of seven oil rigs to 240 working there.
"You're certainly seeing a right-sizing of the domestic oil industry, and that's where most of the pain has been felt," Matt Marietta, an analyst at Stephens Inc in Houston, said Friday in a phone interview. "This is a step in the right direction."
US crude production slowed by 40,000 barrels a day to 9.1 million last week, the smallest output since November 2014, according to Energy Information Administration data. Stockpiles rose 3.96 million barrels to 457.9 million in the week ended September 25, according to the EIA, as the summer driving season ended and refineries went offline for seasonal maintenance.

America's oil drillers have idled more than half the country's rigs since last October as the world's largest crude suppliers battle for market share. The crude being pumped out of US shale formations helped create a global glut that's pushed prices down almost 60 percent since June 2014.
West Texas Intermediate, the US benchmark crude, rose 1.3 per cent to $US45.30 a barrel at 1.40pm in New York, reversing an earlier decline.
C&J Energy Services, one of the largest providers of hydraulic fracturing equipment in the US, said this week that it cut more jobs after the market further deteriorated in the third quarter. Chesapeake Energy, the second-largest producer of natural gas, gutted its workforce to a 10-year low to cope with a drop in commodity prices.
Most of the rigs being cut lately are the less powerful ones that were quickly put back to work this summer when oil prices briefly climbed.

"For the most part, this is really unwinding the resiliency that you saw in the more marginal rigs after the first major drawdown in the beginning of the year going into summer," Marietta said.

CNE UP

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COP up more than FAR's Market cap!!

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Good morning Far kers,
It's quite incredible that COP in one single night can go up $560M AUD, more than double FAR's market cap of $258M.

Have a great long weekend all.
12 or 13 days in today to SPUD, only 8 or 9 working days.

2015 revealing the prize!