April 16, 2020 – S&P Global Platts
US oil, gas rig count plunges 74 to 567 on week as output cuts continue: Enverus
By Starr Spencer
Analysts and other observers say millions of barrels per day more of production cuts are needed to have an effect on prices.
On Tuesday, the Texas Railroad Commission held a live-streamed public hearing to discuss prorationing, or state-mandated cuts for producers in the state. At issue was a 20% cut for large and midsized operators; small producers with less than 1,000 b/d of oil output would be exempt.
The hearing ended with no definitive action and no timeline for a decision.
During his testimony Tuesday before the Commission, Pioneer Natural Resources CEO Scott Sheffield, citing research by Rusty Braziel, founder of energy consultancy RBN Energy, said the breakeven cost of most Permian independents is about $25-$26/b.
Read the full article here: https://www.spglobal.com/platts/en/market-insights/latest-news/oil/041620-us-oil-gas-rig-count-plunges-74-to-567-on-week-as-output-cuts-continue-enverus
