Thanks for your comments, Jeffrey. I look forward to your follow-up. I believe that Pioneer has done a good job of keeping their equipment in top shape, but perhaps their shallower focus could prove problematic. With that said, though, just because there is a trend for deeper doesn't mean that that there won't be a continuing strong market for the depths that Pioneer drills. Management's explanation of the capital costs relative to day-rates suggest to me that the economics remain very favorable despite not being at the "bleeding" edge.
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Thanks for your comments, Jeffrey. I look forward to your follow-up. I believe that Pioneer has done a good job of keeping their equipment in top shape, but perhaps their shallower focus could prove problematic. With that said, though, just because there is a trend for deeper doesn't mean that that there won't be a continuing strong market for the depths that Pioneer drills. Management's explanation of the capital costs relative to day-rates suggest to me that the economics remain very favorable despite not being at the "bleeding" edge.
Jun 27 17:03 pm
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