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Wednesday, March 2, 2011

Tying Up Some Loose Ends Regarding Recent Bakken Segment on "Mad Money"

Tying up some loose ends regarding the recent Bakken segment on Jim Cramer's "Mad Money":

First, the ticker symbols for two companies mentioned in that post:
  • Carbo Ceramics: CRR
  • Helmerich and Payne: HP.
HP makes the FlexRig. This is quite an incredible story, August, 2007:
  • A decade ago, Helmerich & Payne Inc. took a chance on a ground-up rig design based on a simple premise -- that an efficient and safe drilling rig would create value for its customers.
  • H&P began designing what the company calls a FlexRig, a computerized drilling unit that allows the operator to punch a hole in the ground and move quickly between drilling locations.
  • "We were highly criticized," Juan Pablo Tardio, a company spokesman, said of the early FlexRigs. "But no one had seen the efficiency we were able to achieve."
  • The Tulsa-based contract drilling company built the first 50 FlexRigs on speculation and a belief that the industry needed a rig that could reach shallow targets between depths of 8,000 and 18,000 feet.

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