Stop Spending: Analysts to Drillers

[Marina Schwarz + 1,576]

`For the love of God' stop raising budget, oil drillers told

“We’re struggling to comprehend why, when buy side, sell side, talking heads, and taxi drivers are saying not to, companies press on with budget increases and accelerated growth plans,” Tudor Pickering analysts said in a note Wednesday. “The market could not be any more clear on this topic and to quote Indiana Jones, ‘Only the penitent man shall pass.”’

[Jan van Eck + 7,558]

Nobody wants to risk being left behind, so they all do what the most reckless among them is doing. 

Penitence is not a strong suit in the oil patch.