Mar
14
Oil at $40 No Problem as U.S. Drillers Snub OPEC With Hedges
By-
Saudi Arabia insists it won’t pick up the slack on output cuts
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Two years of cost cutting has made shale more resilient
OPEC’s worst enemy isn’t U.S. shale drillers. It’s the hedges propping them up.
American oil explorers who survived the worst of the 2014-2016 market rout are shrugging off the 14 percent slide in prices this year from a high of $55.24 to less than $48 a barrel Tuesday. The price would have to drop to the $30s or lower to dent the bottom line of many drillers now working U.S. shale fields, said Katherine Richard, the CEO of Warwick Energy Investment Group, which own stakes in more than 5,000 oil and natural gas wells…
Oil at $40 No Problem as U.S. Drillers Snub OPEC With Hedges
