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Quote of the Week – 05 Jan 2015

“If prices go down, we are going to cut back to save our wealth—which is oil in the ground.  I’ve seen this six or seven times.  We have ample liquidity, our total revolver available, no near-term debt, a lean organization with just 1,100 people, production of 200,000 barrels per day, and a low-cost, high-margin operation.  We’re going to navigate right through it.”  

—   Bravado from Harold Hamm, CEO Continental Resource.

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Quote of the Week – 29 Dec 2014

“Taking into account the future decline of shale production in the U.S. and Canada, it is Venezuelan oil that can become the substitutional element for the receding volumes of those markets.

–Igor Sechin, CEO of Russia’s Rosneft

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Quote of the Week_22 Dec 2014

“[Drilling] Costs are falling nearly as fast as the price, which means oil producers can spend less to get the same or potentially even more in terms of production. While reductions in capex are coming faster than expected, it is unlikely to translate into less supply.“
 
 
— Goldman Sachs report [dartboard alert]

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Quote of the Week – 23 Dec 2014

“[Drilling] Costs are falling nearly as fast as the price, which means oil producers can spend less to get the same or potentially even more in terms of production. While reductions in capex are coming faster than expected, it is unlikely to translate into less supply.“
 
 
— Goldman Sachs report [dartboard alert]

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Quote of the Week – 08 Dec 2014

“We are becoming poorer, our savings vanish, prices grow; however we see an opposite effect to the one that is wanted by people who wish to see Putin knocked down.”
 
 
— Olga Kryshtanovskaya, sociologist, Russian Academy of Sciences.

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Quote of the Week – 01 Dec 2014

“Russia’s real problem is not a risk of a crisis, but the fact there is no way out of the current situation. A catastrophe is possible only if some really dramatic decisions in foreign or domestic policy will take place in the near term.”
 
 
Konstantin Sonin, professor, Moscow’s Higher School of Economics

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