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Day rates in drilling industry aren’t enough to recapitalize

The Assiniboia Livestock Auction held its regular cull cow and bull auction on October 11 with 116 head sold. Heiferettes sold between $1.00 to $1.20 per lb. D1 and D2 cows sold between $0.80 and $0.90 per lb. D3 cows sold from $0.70 to $0.80 per lb.

Many Saskatchewan producers wrapped up harvest this past week thanks to some relatively warm and dry weather. Saskatchewan Agriculture reported that 94 per cent of the crop is now in the bin for the week ending October 9.

Regina – Few companies in the oilpatch have been buying heavy equipment since the downturn hit in 2014. Eventually, they’re going to have to recapitalize their iron.

Estevan – When the downturn hit hard in late 2014, one of the areas that was hit hard was light truck sales for the oilpatch.

Warm and dry weather earlier in the week allowed many producers to return to the field after several days of rain delays.

A total of 7,764 head of cattle were sold in Saskatchewan the week ending September 29, down from 8,285 head sold the previous week. This figure dropped substantially from 8,520 head sold the same week a year ago.

Rebuilds may not be economical for drilling rig engines, and Tier IV engines are going to cost a lot more

Large jump in exploration licenses west of Estevan

Weyburn – With the downturn in oil prices, few companies have been buying new iron, and getting by with what they have. But the iron they do have that has kept working continues to put miles or hours on.