There may come a day when we’re fondly remembering $100 oil.
National oil companies own 90% of the oil in the ground, Apache CEO Steve Farris told Cramer Monday, so the size of the pie is getting smaller for independent oil companies. And national companies aren’t usually as aggressive as market companies are when doing business. So, “I think we have a long way to go both on the oil price and the gas price before we see a real bottom,” Farris said.
The CEO doesn’t expect a slowdown in Apache either. The third quarter was one of the best quarters the company ever had, Farris said, and that was based on $75 oil. So even with oil down to $90, Q4 should be even better.
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