What a nice move today for MMR after they reportedly struck oil in the Gulf. According to the release, they discovered oil just off the coast of Louisiana in "approximately 20 feet of water." The interesting part is that the actual oil deposit was ultra deep, they "drilled to a measured depth of 28,263 feet." That's over five miles deep! Turns out this is one of the largest discoveries in the Gulf in decades which is probably due to how deep the oil is. Perhaps we have a lot more domestic crude than previously thought, just super deep. I wouldn't chase MMR here but its a nice looking chart and far below its all time highs. Oil people please chime in on this.
Showing posts with label MMR. Show all posts
Showing posts with label MMR. Show all posts
Monday, January 11, 2010
Its a gusher! (in the Gulf of Mexico for McMoRan)
What a nice move today for MMR after they reportedly struck oil in the Gulf. According to the release, they discovered oil just off the coast of Louisiana in "approximately 20 feet of water." The interesting part is that the actual oil deposit was ultra deep, they "drilled to a measured depth of 28,263 feet." That's over five miles deep! Turns out this is one of the largest discoveries in the Gulf in decades which is probably due to how deep the oil is. Perhaps we have a lot more domestic crude than previously thought, just super deep. I wouldn't chase MMR here but its a nice looking chart and far below its all time highs. Oil people please chime in on this.
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