While I can understand buying oil to $80 a barrel, I have to ask, who is actually selling it for that price? If I owned a well, I’d shut it off.
“If I owned a well, I’d shut it off.”
Not if you still needed cash flow to pay back loans that funded the whole deal to start with.
Really? A "mere" $80/bbl on 100bpd or more?
But if you had leased your minerals to production company, you don't control the well to shut down.
And if you were an oil company, shutting down the well for a duration means you loose the well and it reverts to the mineral owner to lease to someone else.
Wow...study up on the issue before posting...please.