Behold the power of lowered expectations.
Earlier this week, Nabors Industries
So is it finally time to stop being bearish on North American land-based oil and gas drilling? Nabors, for one, sees definite signs of bottoming in both pricing -- i.e. dayrates -- and activity levels. If you're taking anyone's word for it, make it Nabors or Patterson-UTI
On its conference call, Nabors had some instructive comments on both its cooperative and competitive positioning.
First off, it never hurts to have Saudi Aramco as your largest customer. The Saudis have been bidding for jackup rigs lately, and Nabors is about to start a tasty four-year contract at about $180,000 per day. Here in the Gulf of Mexico, the shallow-water jackup market has been tepid, but Nabors' CEO noted that his "alma mater," ExxonMobil
On the competitive front, many operators are feelin' it when it comes to Helmerich & Payne's