the debt will be put to them, and they got to pay top dollar for the debt. >> scott sheffield, pioneersources, thank you for joining us. little bit of a different mood than last year. let's not make it another year. thank you for taking some time for cnbc, scott. >> thank you. appreciate it. thank you. >>> back and you heard the headline there, scott says if things don't move up firmly some point in the next 12 to 24 months, could see half of the independent oil companies file for chapter 11 bankruptcy protection. >> as for today, there is a big turn around in oil, which is helping stocks come off of their session lows. stick around. crude close is just moments away. (patrick 1) what's it like to be the boss of you? (patrick 2) pretty great. (patrick 1) how about a 10% raise? (patrick 2) how about 20? (patrick 1) how about done? (patrick 2) that's the kind of control i like... ...and that's what they give me at national car rental. i can choose any car in the aisle i want- without having to ask anyone. who better to be the boss of you... (patrick 1)than me. i mean, you...us. (vo) go na

know you're not an equity analyst, so i'm not going to ask you to comment on stocks, but what scott sheffield of pioneer said, if we stay 12 to 24 months these levels, half the industry is going bankrupt. what is the chance we stay at the levels one year from two years from now? >> one of the big concerns is why saudi arabia put the deep freeze on the rally is that the saudis are tare fide errified i. pulls back production -- i think there was an effort to say, to the saudis, look, we're not jumping back in, so full free to pull barrels. right now we're so oversupplied that if somebody doesn't sit down the barrels, it is hard to seat recovery. >> you believe in some of the comments to us were maybe not disingenuous, right? i think scott is a straight shooter, but was incorporated a little bit of brinksmanship. >> i think there was a certain element, when you had, you know, hess talking about saudi being the swing prue producer, to sayt worry, it will work, i think sf saudis. >> how much of that was jaw boning and can they actually sustain that? >> here's the thing. the saudis may get their wi