Oil Below $60 Tests Economics of U.S. Shale Boom ~ Jan 5, 2015.
Oil’s biggest bust since the global recession was good for a few cases of whiplash.
Just two months ago, Continental Resources Inc. (CLR), the shale driller founded by billionaire Harold Hamm, budgeted for $80-a-barrel oil and planned to spend $4.6 billion in 2015. Six weeks later, with crude down 29 percent in the interim, Continental cut its 2015 budget to $2.7 billion.
Halliburton Co. (HAL), the world’s biggest provider of fracking services to oil companies, announced Dec. 11 that it would dismiss 1,000 workers. Two months earlier, Chairman and Chief Executive Officer Dave Lesar said “our sector will be fine” if oil prices range between $80 and $100 a barrel.
The U.S. shale boom that’s brought the country closer to energy self-sufficiency than at any time since the…
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