Drove out to Lubbock this weekend and saw 3 work over rigs. At these prices, what are they doing? Are they pulling the pipe to prep for shut in?
“Drove out to Lubbock this weekend and saw 3 work over rigs. At these prices, what are they doing? Are they pulling the pipe to prep for shut in?”
Likely they are doing typical servicing costs required to keep things going, like changing our pump or repairing a tubing leak.
If a well is producing enough oil, then it is economically justified.
Some believe the conspiracy theory that oil companies collude to shut in oil to ‘prop up’ the price.
Nonsense