CEO Of Pioneer (Major Fracking Company) Tells Peers To Stop Drilling: "Cut Immediately And Hunker Down"
Shale boss Bryan Sheffield, the son of Pioneer Natural Resources founder Scott Sheffield, appears to have called on America’s shale drillers to cut drilling immediately, as Brent crude flirts with prices below $60 and WTI falls to $57/barrel.
Sheffield, who controls Formentera Partners LP, told Bloomberg he is planning to delay drilling in some cases, shift focus to existing short-term drilling contracts, and return to expanding the company’s uncompleted wells once the market stabilizes, given the chaos and oil price plunge caused in part by Trump’s tariff warfare. Sheffield reportedly told Bloomberg that the situation right now is a “blood bath”. “The industry needs to cut immediately and hunker down to let the tariff war play out,” Sheffield was quoted as saying.
Earlier this week, during a Permian basin golf tournament, American shale drillers let their frustrations with the Trump administration be known, according to a Bloomberg report. The industry is frustrated over its high level of support for the new administration, which has since caused a severe oil price plunge despite promises of a future where shale drillers could “drill baby, drill”.
Shale drillers contributed significantly to Trump’s election campaign and were responsible essentially for “making America great again” by catapulting the country to the status of top crude producer in the world. The betrayal is now being felt as prices continue to tank.
EDIT
Ed. - Womp womp, motherfuckers.
https://oilprice.com/Latest-Energy-News/World-News/American-Shale-Chief-Tells-Peers-to-Stop-Drilling-Right-Away.html
= new reply since forum marked as read
These are more proud members of the face eating leopard party
.... but I did not think I would be the main entree on the menu. I thought surely that they would dine on somebody else's face, but certainly not mine.
