Hess CEO says U.S. shale oil industry can maintain output at $50 per barrel

Hess CEO says U.S. shale oil industry can maintain output at $50 per barrel

The U.S. shale oil industry can maintain flat output if oil prices stay at $50 per barrel, but a price of $60-$80 per barrel is needed to invest in long-cycle projects such as deep-water, the chief executive of oil firm Hess Corp said.“Because of operational efficiencies and productivity the industry needs $50 to hold shale production flat … Our company and others have reduced drilling time from rig to rig fro…

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