Oil in the age of coronavirus: A U.S. shale bust like no other [MSN Money]
Phillips 66 (PSX)
Last phillips 66 earnings: 5/1 07:00 am
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Source: MSN Money
HOUSTON/DENVER (Reuters) - Texas oilman Mike Shellman has kept his MCA Petroleum Corp going for four decad, drilling wells through booms and busts and always selling his crude to U.S. oil refiners.© Reuters/Angus MordantBut now the second-geration oilman has abandoned drilling any new wells this year and postponed some maintance amid a sharp drop in global oil pric 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 ts of thousands of oil workers lose their livelihood. Fuel demand has plunged by as much as 0 million barrels per day (bpd) - or 0% - as efforts to fight the coronavirus pandemic have grounded aircraft, reduced vehicle usage and pushed economi worldwide toward recsion.© Reuters/Nick Oxford"What scar me is not ev being able to sell the product," the grizzled oil hand said from his firm's San Marcos, Texas, headquarte
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- Phillips 66 to announce fourth-quarter and full-year financial resultsBusiness Wire
PSX
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- 10/29/24 - Miss
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- 12/9/24 - Form 4
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