Reported 1 day ago
Travis Stice, CEO of Diamondback Energy, stated that US shale production has peaked and is likely to decline, attributing this to low oil prices and rising drilling costs. During a recent earnings call, he highlighted decreased crew activity in the Permian Basin as a signal of this downturn, noting that many industry operators agree that current oil prices are unsustainable. As oil prices hover near four-year lows, analysts caution that intervention from the administration to stabilize the market is unlikely unless prices drop to around $50.
Source: YAHOO