inh more we want to bring bloomberg intelligence's andrew cosgrove.h us in new york. erik schatzker was telling us that if aramco does go public, the market cap of this company would be out of this world. u.s. he estimates in the trillions and they were talking about the downstream units, petrochemical units, equated some of the other big majors. certainly has the most reserves in the world. exxon discounted the emerging market, things of that nature. in the grand scheme of things, it gives them another outline for financing but it doesn't really change their strategy towards continuing to let the oil price determine what happens to the market. scarlet: just as a point to showcase how big company is, aramco has proven reserves of 250 billion barrels. that dwarfs anything else we have seen. andrew: correct, and if they were to sell or open up to investors, independent auditing on the reserves gets more information from the third-party to verify some of the staff they put out regularly. let's movel right, on to oil. collateral damage in the global risk

what does andrew cosgrove, who covers drilling and oil fields, think? he is with us in new jersey. production levels, are underwater? >> it is hard to quantify, but if you think about lifting cost across the u.s. enp sector, they read between the midteens to the mid to high 20's. on a full cycle basis, some people like to point to that if you are bullish. if you look at any emp presentation right now, those prices are nonexistent on any of those charts. not: what also is nonexistent is stripper wells. of oilg a small amount but significant to the overall production profile in the u.s. if you look at how much is uneconomic at these prices, $20, day, nowand barrels a 200-6000 barrels a day of oil underwater. >> that analysis assumes a gas price of natural gas of $2.50. take up another 5000 barrels a day every 25% move in the gas price. per daya 50,000 barrel decline in every five dollar move in the group price. stripper wells produced 10% of u.s. production but they make up about 80% of the wells currently online in the u.s. right now, even though some of the people that own these st

andrew cosgrove has gone through the numbers with us. they beat earnings-per-share and messed a little bit on revenue? >> that's correct. , in northight spots america bay out and on the margin side. they are operating nearby breakeven levels in the third quarter because they are carrying about 400 basis extras points of cost in lieu of the bakers hughes acquisition. little bit of lumpiness but the other take away is that they outperformed schlumberger shay in north america and international. they performed well over the course of 215. 2015. stephanie: will we move momentum plays? there is a definite divergence in oil services. have the large, big technology leaders that are going to benefit in this environment and come out stronger on the other end because they will take market share and have strong balance sheets. smaller the other players do not really have those financial resources to make it through. it will be interesting how long the downturn lasts. that will act as the guidepost for how many companies don't make it to the other si

andrew cosgrove, thank you. up next, upsetting the apple cards. sudden crisis of confidence. stay with us. less than an hour until jobs numbers on "bloomberg ." ♪ david: welcome back. 37 minutes until we get the jobs numbers. futures are higher today. 129 to the positive. getting better. all week, the stocks have been crushed, but singled out for apple.nishment was the stock stumbles over 15%, more than twice the s&p 500 lost, erasing $52 billion in market at the start of the year. michael, you own apple and you like apple. we talked with tom earlier, but what are your views? michael: as i referred to before, bloomberg field has a great piece on this today. have beenrever and i did these cycles before. i don't know when is the peak or trough on the stock that id no that it activates price and before the crazy price and during this time, i would have sold the stock. of cash versus 18 times forimes, facebook, there is no question in my mind that the valuation is silly, but that does not mean it cannot get sillier. it could get to three times or

andrew cosgrove joins us from our offices in new jersey. us as is scott minerd. let's go to you in princeton. tell us what is going on in oil. andrew: you have seen oil selloff now that we have broken below the psychological $30 per barrel level. the acceleration to the downside continues. also from a technical perspective, people were watching that level. nothing fundamental has changed. iran coming to the market, but more technical selling today. david: how are people reacting to goldman's call today? they say before the year is out, it could come back some. sense. it makes i would agree the lower we go, the quicker we rebalance or pull forward the process. what changes in the equation are operational shut-ins. you would not see that until we have breached the $20 per barrel level, mainly in canada. western canadian is already below that. level pressure is building. you damage underground reservoirs when you close projects. it is a game of chicken to see how long they hold out. jon: if your client has been on vacation and woke up and saw f