Dan Dicker: Collective Hallucination of the Oil Companies - 4th Quarter Reports
The latest quarterly reports from the oil companies are showing cuts in spending and contraction in rigs, yet are all projecting growth in production for the coming year.
Dan Dicker, Energy columnist at TheStreet, talks with Jill Malandrino, portfolio manager at options profits about the latest quarterly reports from the oil companies. All of them are showing massive cuts in projected spending and enormous contraction in rigs, yet are all projecting positive growth in production for the coming year. This strikes Dicker as optimistic at best and a failed strategy in the making at worst. Dicker highlights the reports of Cimarex (XEC), Devon (DVN) and Pioneer Natural Resources (PXD) and the upcoming report from EOG Resources (EOG).
