HOUSTON (Bloomberg) --Three shale explorers signaled a grim rest of 2020 for the U.S. oil patch just hours after President Donald Trump arrived in the Permian Basin championing “American energy dominance.”
In second-quarter earnings reports published after the close of trading in New York, QEP Resources Inc. cut its production outlook, WPX Energy Inc. further reduced its capital spending budget, while Concho Resources Inc. stuck with plans to keep crude volumes flat from 2019 levels, ending years of growth. QEP shares dipped as much as 20%.
It’s a downbeat reality check for the industry, which is emerging from the worst oil price crash in a generation and another sign that the decade-long, debt-fueled surge of production growth is over.
https://www.worldoil.com//news/2020/7/30/quarterly-losses-are-a-reality-check-for-shale-producers
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