The beginning of that Bloomberg article is a bit scary. But it's not all bleak reading. Further down the article, in a reference to a statement made at a conference on Oct15, it was said (and I'm paraphrasing) that Pioneer were (then) making a profit margin of $60 - $70 per barrel on SOME of it's Permian wellls.
Hard to imagine Oil Companies spending large sums on drilling wells which require a price of $80 to break even, at least in these times. ( who knows what the future may bring) Though I can see that some wells may, because of overruns on costs and disappointing production levels, need super prices to get payback.
Anyway, where is all this harsh weather coming from. Let's hope that Maggie copes well with it all. :-)
With positive all round data coming out of the States this afternoon, a recovering oil price, thinking next week would be ripe for some news. Hope the US weather improves over the coming days.... Potentially a good week ahead!
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