After laying off thousands of workers and sidelining equipment, U.S. shale produ...
- After laying off thousands of workers and sidelining equipment, U.S. shale producers are moving to slash executive pay as they deal with a dramatic oil price collapse.
The shale industry was already under pressure following a decade of dismal investor returns. Now it faces “essentially the atomic bomb equivalent in the oil markets,” said Louise Dickson, analyst at Rystad Energy. Parsley cut planned spending 40% and has sent a letter to suppliers asking for cost reductions. Gallagher said that suppliers and employees need to know, “That we are in it together.”
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