Author Topic: Oil drilling drops to 15-year low with shale in full retreat  (Read 187 times)

0 Members and 1 Guest are viewing this topic.

Offline txradioguy

  • Propaganda NCOIC
  • Cat Mod
  • *****
  • Posts: 21,680
  • Gender: Male
  • Rule #39
Oil drilling drops to 15-year low with shale in full retreat
« on: August 07, 2020, 03:28:20 PM »
Drillers cut exploration in U.S. oil fields to a 15-year low as billions of barrels from old discoveries became worthless and explorers abandoned growth plans.

The number of active oil rigs in the U.S. fell by four to 176, the lowest since 2005, according to Baker Hughes Co. data released Friday. Energy companies have been parking rigs on an almost uninterrupted streak for more than four and half months.

Stung by the pandemic-driven slump in demand and prices, oil explorers are fleeing from the very lifeblood of their business: Drilling for new discoveries. Exxon Mobil Corp. and Chevron Corp. this week warned they probably will wipe billions of barrels of reserves from their books because weak prices have made them unprofitable to pump.


https://www.mrt.com/business/oil/article/Oil-Drilling-Shrinks-to-15-Year-Low-With-Shale-15467288.php
The libs/dems of today are the Quislings of former years. The cowards who would vote a fraud into office in exchange for handouts from the devil.

Here lies in honored glory an American soldier, known but to God

THE ESTABLISHMENT IS THE PROBLEM...NOT THE SOLUTION

Republicans Don't Need A Back Bench...They Need a BACKBONE!

Offline catfish1957

  • Pedo Joe Will Never Be My President
  • Moderator
  • *****
  • Posts: 15,908
  • Gender: Male
Re: Oil drilling drops to 15-year low with shale in full retreat
« Reply #1 on: August 07, 2020, 04:04:58 PM »

Stung by the pandemic-driven slump in demand and prices, oil explorers are fleeing from the very lifeblood of their business: Drilling for new discoveries. Exxon Mobil Corp. and Chevron Corp. this week warned they probably will wipe billions of barrels of reserves from their books because weak prices have made them unprofitable to pump.




Things have gotten so dire at ExxonMobil that they have discontinued Employee Stock Match program to help preserve dividend.  Quite a shock.
I display the Confederate Battle Flag in honor of my great great great grandfathers who spilled blood at Wilson's Creek and Shiloh.  5 others served in the WBTS with honor too.


Share me

Digg  Facebook  SlashDot  Delicious  Technorati  Twitter  Google  Yahoo
Smf