US May Pay Shale Drillers Billions To Leave Oil In The Ground [zero hedge]
Pioneer Natural Resources Company (PXD)
Last pioneer natural resources company earnings: 2/19 04:07 pm
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US:NYSE Investor Relations:
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Source: zero hedge
US May Pay Shale Drillers Billions To Leave Oil In The Ground If one listened to the US president, or any other member of OPEC+ in the past few days, this weekend's history production cut deal (which we said was not nearly enough to offset the plunge in global demand), would have been sufficient to push the price of oil by $10/per barrel or more. Instead, after spiking last Thursday as high as $36 as triggerhappy algos were fooled by OPEC+ jawboning, Brent is down as much as 25% in the past 4 days. Meanwhile, realizing that the US has become ground zero for excess oil production, and is unwilling - or unable - to cut output, thus shooting itself in the foot, on Tuesday Scott Sheffield, CEO of Pioneer Natural Resources, argued that Texas can lead in producing a “real” U.S. oil production cut to save the shale industry, and called for the state to take action to force companies to hold back their production for the first time since 1973. Alas, with billions of junk bonds at stake and a
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