Texas oil producers ask state to limit output as prices collapse [Reuters]
Pioneer Natural Resources Company (PXD)
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Source: Reuters
Texas oil producers ask state to limit output as prices collapse March 19 (Reuters) - Two of the biggest oil producers in Texas are asking the state regulator to consider curtailing the amount of oil companies can pump - an attempt to stem a dramatic collapse in prices and something that has not been done since the 1970s. U.S. shale firms this month slashed as much as 50% of planned spending as falling demand due to the coronavirus and a price war between Saudi Arabia and Russia threw the oil market into a free fall. With oil prices down 60% this year, Parsley Energy and Pioneer Natural Resources want regulators to consider setting limits on how much oil large firms can send to market. Inaction would lead to oil prices falling to the single digits and “absolutely decimate the American oil and gas industry,” said Matt Gallagher, chief executive of Parsley, adding Pioneer shared his view. “We’re looking for stabilization to keep American workers employed as much as possible.” The Wall S
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