Was the Permian, [Jim Cramer] asked, bigger than anyone thought? Was this revitalized field going to blow people away as Pioneer Natural Resources, the king of the Permian, said it would on "Mad Money" the other night?Very interesting, to say the least.
The soft-spoken but clipped Papa answered, "No." The Permian is not going to be as big as I thought. It is not going to turn out to be the biggest new field in North America. It is not going to be the second-largest oil field after Saudi Arabia.
Plus, he said, it is time to curb my enthusiasm about finding oil and producing it in this country, because we may actually be near peak production even after all the new oil has been found and that the revolution, at least in oil and not natural gas, may soon start to become played out.
[Jim Cramer] was taken aback because [Jim] was thinking we are in its infancy and he was thinking that we are more mature.
Saturday, November 9, 2013
EOG's Retiring CEO Suggests US Unconventional Oil Prospects May Not Be As Rosy As Some Suggest
Link here to the Jim Cramer article. From the article:
Posted by Bruce Oksol at 8:51 PM