INSIGHT-Oil in the age of coronavirus: a U.S. shale bust like no other [Reuters]
Phillips 66 (PSX)
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Source: Reuters
INSIGHT-Oil in the age of coronavirus: a U.S. shale bust like no other HOUSTON/DENVER, April 15 (Reuters) - Texas oilman Mike Shellman has kept his MCA Petroleum Corp going for four decades, drilling wells through booms and busts and always selling his crude to U.S. oil refiners. But now the second-generation oilman has abandoned drilling any new wells this year and postponed some maintenance amid a sharp drop in global oil prices and brimming storage tanks. He is considering shutting most of his production down, for the first time ever. Oil fields from Texas and New Mexico to Oklahoma and North Dakota are going quiet as drilling halts and tens of thousands of oil workers lose their livelihood. Fuel demand has plunged by as much as 30 million barrels per day (bpd) - or 30% - as efforts to fight the coronavirus pandemic have grounded aircraft, reduced vehicle usage and pushed economies worldwide toward recession. “What scares me is not even being able to sell the product,” the grizzled
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