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@oddball you obviously dont work in industry. Mothballed haha.
Personally would rather get back to some semblance of normality and take the risk while keeping some sensible measures in place. Cant life life in fear as thats no life to live.
Davstock a barrel in the ground is worth nothing, that is the fear of countries like Saudi etc, they are reliant on oil and the energy transition is in full swing. This Corona virus will 100% accelerate that. i am personally invested in TLW, HUR and PFC, and going to be a forced holder for quite some time. I dont see me getting back my investment in TLW so will have to swallow a loss at some point. I am also pretty sure this is going to accelerate decom in high producing regions like the North Sea.
Dont disagree about more money in the bank, but will people be spending it or hoarding it? On a personal level i will be doing the latter and cutting back where i can within reason. Already regretting replacing my car last month! Companies that may benefit are the DIY Chains and such where people delay moving etc. I dont think housebuilders will be doing much and they are going to have to offer some incredible incentives to tempt people. Local restaurants may see an upturn as people delay holiday decisions and stay close to home as well. Cant see travel recovering that well in 2020 and by default the oil industry will be in for a tough time. The only way i see an oil price rise to a sustainable level in the short term would be if conflict broke out in the middle east. Strangely throughout History was has been used as an instrument to get Countries economies moving.
Problem is for every day oil is low people will be losing high quality jobs in the industry. Looks like every company in Aberdeen is cutting as fast as they can. Not even a glimmer of good news. i think once this is over its going to take a period for people to gain confidence going out and about and doing things they took for granted, i think the V recovery will more resemble a tick than a V.
According to someone i know who owns a company performing work in the industry figures of 60000 job losses are being banded. Thats going to be catastrophic for the North sea, apparently the squeeze is already on and cuts in rates of 25-40% are being banded about. At that level no one will want to work in the industry.
Poker - you wouldn't be wrong ref 3rd sentence and a lot more to boot. Off topic Enquest a releasing people at a hell of a pace.
Well looks like i will be a forced holder for a very long time. Dont even have the dividends to look forward too. Hold these in an employee share scheme so some have been bought at well over £6....sitting on a 75% loss here now. I stopped my contributions a while back as it felt as like i was throwing money away. Woeful.
If it goes down to 5p its pretty much priced to fail. which i sincerely hope it doesn't as i can imagine which Asian country will end up with the assets.
Can i have some of what you are smoking please?
PS you need to behave as well, dont you realise School is out, so take this out of the playground.
Shrewd, this will take some doing, probably 30 million plus per day, which will never happen. I fear this wont end well for a lot of oil shares worldwide and only NOC and the seven sisters will prevail.
Maybe even a special dividend post covid-19? As annoyed as i was at the time, probably a good decision.
Shrewd, genuinely i am not trying to put you off, but PFC are not best in class at execution. You only have to look at Shetland Gas plant (SGP) as a recent example. That said once this is over, the court case is resolved things should improve. However at the moment Petrofac backlog of work is the smallest its been. Current holder at a much higher price btw and not intending to sale or add.
At the rate this is going they will be injecting oil not water in to the wells and looking to produce water. The world now more than ever needs to start working together or i fear this will lead to war. I am no fan of globalization and i mean no fan....but this virus has shown that all governments need to start pulling in the right direction for the greater good.
RD12 you are such a child. No doubt a single man living with mum and dad, no girlfriend, couped up in a bedroom with multiple games machines, computers and other gadgets to compensate for your sad life.
I would imagine that China would be a favourite to take over Tullow with its new Silk road initiatives and "soft power!"
Squif The Thistle is definitely finished. No way back now too much cost for a platform that was basically a big washing machine.
I dont hold a position here, but have kept a close eye on this for a few years now. However i am struggling to understand what happens once they open?
I am reading that social distancing will be kept initially to separate people eating? But how does that work when the same waiter will be serving multiple people? There has been a lot about this virus that hasn't made much sense to be fair and although no doubt this appears cheap, Restaurant group and others in the leisure/travel sector have been the first to suffer and will be the last to recover, but over the last few days the gains have been spectacular.
Amazing dpecacf71 your first post just to tell us that. Any other words of wisdom to offer?