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When one considers $90 oil, $8 gas, two consecutive, non-eventful hurricane seasons and dropping service prices, it is difficult for independents playing in the GOM to say many bad things about 2007. In fact, industry conditions today are nearly the exact opposite of what they were at the end of 2006. As I reported in last year’s editorial, the industry exited 2006 in an undesirable environment where natural gas prices were reaching yearly lows, while the cost for services, including rigs, construction vessels and offshore personnel, were peaking
That was then, this is now. At the end of 2007, the pendulum has swung to the side of the oil companies as the commodity price and service cost cycles have shifted 180 degrees. Oil is at all-time highs, and gas has been inching above $8 during the second half of the year.
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