U.S. shale producers on Monday rushed to deepen spending cuts and could reduce f...
Diamondback said it released a third of the crews completing new wells, planned to cut three drilling rigs this quarter, and would reduce its 2020 spending budget by an undisclosed amount.
The U.S. government recently forecast domestic production would rise 1 million barrels per day to more than 13 million bpd. But in light of reduced demand and OPEC’s higher output, oil production growth “will be roughly zero” compared with 2019, estimated Paul Mecray, managing director for Tower Bridge Advisors.
But this time, shale is lacking support from investors who four years ago bought their debt, financed reorganizations and kept shale producing. This time, U.S. producers are “going to be suspending completions and things like that” to keep producing, said Hudson. The ripple effect will hurt already hard-hit oilfield services firms. Scandrill Inc expects to cut about 22 workers assigned to one rig after a customer on Friday decided to pull back on new drilling, said Senior Vice President Paul Mosvold.
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