HOUSTON (Bloomberg) -- Shutting an oil well in 2020 is relatively easy, and can even be done with a few taps on an iPhone in some cases. Figuring out which to shut, and for how long, is the hard part.
In the wake of a killer pandemic and the worst crude crash in history, the U.S. has become ground zero for a vast new experiment in the industry. Producers are shutting wells at a tremendous rate with oil prices sitting at historic lows. On Friday, Exxon Mobil Corp. said it will cut the number of its rigs in the Permian Basin by 75%, running just 15 by year’s end. Chevron Corp. said it’s now down to just five rigs there, a 71% drop.
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