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Will Operator Hedges Save the 2020 Rig Count?
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This week we are taking a look at hedges as well as the commodity price environment for 2020 and how these variables will affect operator activity (and service companies as well) as we venture further into the year.
Key Points: Operators who outspend are seeing their stock "crash" hence they are forced to stay within spending guidance. Budgets were set with WTI at or above $50/barrel...however, the price currently trending at $46 These factors point to a 30-50 rig reduction (HZ rigs are currently at 714 and if it falls this much, it will level off around 664 active rigs)However, what is helping E&Ps is the continued downward pressure on oilfield services, which is causing margins squeeze (look no further than Pioneer Energy Services, who filed for bankruptcy just this…
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