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@WilleeMac my brother is in the business, things are getting really skimpy. Operating budgets in his area (New Mexico/Colorado/Texas) are running about 20% to 25% of a few years ago, and those are the "healthy" firms (the unhealthy didn't make it). Pink slips and panic! My guess is that it has probably run its course though, all the weak hands should be out. It has been really rough on the economies in "oil towns"
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I think there's a lot more pain to come in the oil sector in the next several months, I do think we will see companies go out of business. On a related note I gather there are several large war chests being put together all with the intention of buying the distressed assets when they become available.