U.S. shale producers are seeking sharp service costs cuts to deal with plummetin...
BENGALURU/DENVER - U.S. shale producers are seeking sharp service costs cuts to deal with plummeting prices and shrinking demand, according to executives and a letter sent to top providers, driving home the oil industry’s desperate efforts to cope with a market dive.
This week’s oil market crash, brought on by weakening demand from coronavirus and a price war triggered by Saudi Arabia and other big producers pumping full bore, are behind the urgent plea, Dell-Osso said.Parlsey on Monday was among the first oil companies to disclose a big reduction in spending plans, saying it will halt a fifth of its 15 drilling rigs by April.
But several oil producers have been asking for 25% price cuts and have won concessions, said James West, a senior managing director at investment bank Evercore ISI.
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