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Category: Oil Production

Oil Companies Have Cut Back Everything Except Crude Production

November 02, 2015 Posted by Chris Wysong

After a year of cutting cost and capital, optimism remains as drillers continue to pump oil. Oil Companies Have Cut Back Everything Except Crude Production By: Dan Murtaugh and Naureen S. Malik (Bloomberg) (Bloomberg) -- A year after the bear market in crude began, oil companies have cut workers, are using fewer rigs and have less money to spend. But theyre still pumping more oil. BP Plc, Royal Dutch Shell Corp. and Hess Corp. are among the companies producing more crude than a year ago. In the U.S., shale explorers have focused on the most productive parts of their land, drilled faster and better wells there and negotiated lower prices from oilfield service companies. Its helped keep total U.S. output about 1.6 percent higher than at this time last year, even as drilling rigs have fallen by 63 percent. A well that broke even at $60 18 months ago is now at $40, said Harold York, a senior analyst for Wood Mackenzie Ltd. in Houston. If drilling a well generates a return greater

Posted in Oil, Oil Production
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