re: Where do you see o&g headed in the future?

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Compare land rig activity versus offshore activity.

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You need to break offshore activity up by deep water and shelf. Shelf activity will fluctuate similar to land work. Deep water is always steady. Those projects are planned years in advance and companies can't just scrap them. There's too much money tied up in the projects. If prices drop it costs very little to buy the contract out on a land rig and shut down a project. Just look at what happened with all the US natural gas plays the past 5 years. The bottom fell out in 2009, there was a small recovery in 2011, and now it has settled in at lower activity rates.

International, deep water, offshore shelf, land. That's been the order of stability from most to least throughout my career. Also, oil plays are traditionally more steady than natural gas.