Selling Your Rights During Rig Loss

Selling Your Rights During Rig Loss

Shale plays all over the country are continuing to lose rigs and do not expect losses to end any time soon. In 2014, before oil prices began to drop, the United States had 78% more rigs drilling for oil than we do now. Texas rigs are especially struggling. There are fewer rigs drilling now than at any other point in modern history. While the number of rigs is falling, oil production is plummeting. New rigs are not replacing the closed ones at this time, but the ones that remain open continue to drill until their closing so that production can still occur.

Oil prices are hurting the energy sector and causing many to lose their jobs. Prices recently started to rise by a few cents per barrel, but experts believe prices will not rise to a sufficient level by the end of the year. The slowed production means a prolonged hardship for everyone in the oil industry. It is also extremely difficult to predict when the struggling industry will make a full recovery, putting many on edge.

The oil industry is highly unpredictable and can bring major profits or major loss. Owning mineral rights can be stressful, especially when rig loss is so common. Instead of having to worry, it may be easier to put your rights up for sale, which will always allow for the same standard profits. At The Mineral Auction, we help you to capitalize on your rights, while eliminating any stress that may come to you in the future. If you are considering selling your rights at auction, call our experienced business at (512) 698-2802 to learn more.