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    #61
    Originally posted by gingib View Post
    HMMMMMM

    Hard to challenge what works and is recommended daily by wealth managers
    It is recommended by SOME and it does work for many people in certain situations. If its a good fit for you go for it but its not for me. The way I'm setup I can have fun, toys, and some debt while still saving and investing plenty for my later years.

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      #62
      Agreed. Ramsey bores me to tears with the obviousness of his financial advice. Teach me how to get leveraged up like those Wall Street bankers and get bailed out when I place losing bets.

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        #63
        Originally posted by JMalin View Post
        Agreed. Ramsey bores me to tears with the obviousness of his financial advice. Teach me how to get leveraged up like those Wall Street bankers and get bailed out when I place losing bets.

        All I can say about it Landrover turned me on too it several years ago and now I have a minimum amount of bills.

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          #64
          Start this thread again in about 30 years....for now, its all good and going nowhere.

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            #65
            Originally posted by RLB View Post
            Start this thread again in about 30 years....for now, its all good and going nowhere.
            I remember that thinking in '06 and '07


            Most that have been around know all of this. I was just giving a little reminder to the new guys who suddenly make more than ever and may think it lasts forever.

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              #66
              Originally posted by bphillips View Post
              I remember that thinking in '06 and '07


              Most that have been around know all of this. I was just giving a little reminder to the new guys who suddenly make more than ever and may think it lasts forever.


              I understand that, and I wasn't trying to be objective....but theres a HUGE difference between then and now....technology, technolgy, technolgy. We have a very good understanding on where it is and have it down to a science on how to get it....and that only improves daily. We have rigs "SIGNED" on guaranteed contracts and new builds scheduled out for many many years. Speculation will never let the crash happen again....when it does turn it will be a slowing down and not a hault.

              That was then.....
              Last edited by RLB; 09-18-2014, 01:39 PM.

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                #67
                Awesome advice. I often think the same thing when I see the $60K trucks rolling down I-10, being driving by a kid half my age. I just hope they are saving because they will need it.

                I went to college with a number of older students who left the oilfields in the mid-80's, and they would say the exact same thing. The guys who were in college were the ones who saved enough to pay for it (and housing) when the work dropped off. They also made some of the best students.

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                  #68
                  Speculation will never let the crash happen again....
                  It's not the technology or management that will cause the next crash, it will be politics.

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                    #69
                    Originally posted by RLB View Post
                    I understand that, but theres a HUGE difference between then and now....technology, technolgy, technolgy. We have a very good understanding on where it is and have it down to a science on how to get it....and that only improves daily. We have rigs "SIGNED" on guaranteed contracts and new builds scheduled out for many many years. Speculation will never let the crash happen again....when it does turn it will be a slowing down and not a hault.



                    That was then.....

                    I think you seriously underestimate the power of Wall Street.

                    If oil tanks to less that $40 a barrel again, it will grind to a screeching halt.

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                      #70
                      Originally posted by Mike D View Post
                      I think you seriously underestimate the power of Wall Street.

                      If oil tanks to less that $40 a barrel again, it will grind to a screeching halt.
                      Worked in both places......we'll agree to disagree.

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                        #71
                        Originally posted by RLB View Post
                        I understand that, and I wasn't trying to be objective....but theres a HUGE difference between then and now....technology, technolgy, technolgy. We have a very good understanding on where it is and have it down to a science on how to get it....and that only improves daily. We have rigs "SIGNED" on guaranteed contracts and new builds scheduled out for many many years. Speculation will never let the crash happen again....when it does turn it will be a slowing down and not a hault.

                        That was then.....
                        Those contracts will go out the window when oil drops just like they did the last time. The company I was working for back then was still building rigs at the time and we were on 5-6yr contracts yet we stopped.

                        If oil drops down to the 40s or lower again it WILL stop or be so slow you think it stopped. Just because they can get the oil doesn't mean they will keep going after it. It makes much more sense to wait until prices are high again.

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                          #72
                          Originally posted by bphillips View Post
                          Those contracts will go out the window when oil drops just like they did the last time. The company I was working for back then was still building rigs at the time and we were on 5-6yr contracts yet we stopped.

                          If oil drops down to the 40s or lower again it WILL stop or be so slow you think it stopped. Just because they can get the oil doesn't mean they will keep going after it. It makes much more sense to wait until prices are high again.
                          Rig Contracts dont go out the window!! Those are iron clad guaranteed deals.....at $24-$28K per day for 24-48 months

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                            #73
                            Yep here today laying off hands tommorrow. We had a guaranteed contract with Conoco Phillips 6 years ago. When it got slow they just payed out the contract to the company I worked for. The rest of the crew got the boot. Except pushers, we got bumped back to drillers pay and company trucks taken away. That's when I decided to leave land.

                            The company I worked for bragged on not laying off hands during a slow period. I saw they were lying and quick to lay off hands. I went from laying off all the roughnecks in three days to laying off my driller and Derrick hand at the end of their hitch. Not a easy thing to do, especially when you have worked with these guys for years.

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                              #74
                              Originally posted by RLB View Post
                              Rig Contracts dont go out the window!! Those are iron clad guaranteed deals.....at $24-$28K per day for 24-48 months
                              Now I'm curious what exactly do you do?

                              I'm fully aware of the money involved but I have also personally witnessed those "guaranteed" contracts disappear whether they paid penalties or not I have no idea but there was no drilling going on.

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                                #75
                                Originally posted by bphillips View Post
                                Now I'm curious what exactly do you do?

                                I'm fully aware of the money involved but I have also personally witnessed those "guaranteed" contracts disappear whether they paid penalties or not I have no idea but there was no drilling going on.
                                Rig and Directional sales for a "BIG 3"....we have 474 rigs currently drilling in the US and Canada....could have another 100 if we had them. The demand is SO HIGH right now, these contracts are 100% unilateral in our favor. Operators will sell their soul to the devil for them.....can't drill without a rig, no rig no money....When every 100 feet of lateral is worth $1M in production and average laterals are 3,500-5,500'...you do the math. We've settled several broken contract disputes and was awarded 100%, plus attorneys fee and any damages incurred....

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