ConocoPhillips CEO: U.S. Shale Output to Level Off at $60 Oil ...Middle East

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ConocoPhillips CEO: U.S. Shale Output to Level Off at $60 Oil
source : OILPRICE ( Middle East ) () 25
U.S. shale production will likely plateau if WTI oil prices remain in the low $60s per barrel, and decline at prices in the $50s, ConocoPhillips chairman and CEO Ryan Lance said at the Qatar Economic Forum on Tuesday. “The breakeven probably hasn't moved a lot,” Lance said in Doha, commenting on the breakeven for U.S. shale firms to profitably drill a new well. Executives said in the Dallas Fed Energy Survey in Q1 indicated that their companies need an average $65 per barrel to profitably drill a new well. Commenting on oil prices…

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