In September, Lamotte highlighted that a funding gap for independent shale drillers may create a big hangover for onshore rig contractors like
(HAL - Get Report)
Helmerich & Payne
. These companies may see earnings fall 30% short of consensus in coming quarters, according to Guggenheim's September bearish analysis.
In the analysis, Lamotte expected overall onshore oil and gas exploration companies to cut capital spending by 10%, signaling that at least 75 more rigs will be pulled from shale drilling fields.
In debt to capital terms,
are among the drillers with rig contracts in jeopardy, Lamotte's calculations of funding gaps suggest, while in dollar spending deficits,
Pioneer Natural Resources
also stand out.
For more on the energy sector, see why BP's $24 billion asset sale
isn't a Russian retreat
and why Citigroup sees a hitch in the
-- Written by Antoine Gara in New York