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Makes it sound worse than it is, even by reading the article, it basically says most likely we will have a longer delay period (3 years) until prices will stabilize back up.
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Makes it sound worse than it is, even by reading the article, it basically says most likely we will have a longer delay period (3 years) until prices will stabilize back up.
In North Dakota, Whiting Petroleum, the top producer in the No. 2 U.S. oil industry, cut its capital expenditure budget days after optimistically raising it 15 percent on bets the renewed downturn in prices would be a temporary blip.ConocoPhillips, the largest U.S. independent, trimmed its 2015 budget for the third time on Thursday, by $500 million to $11 billion.
More ominously, Linn Energy, a small exploration and production company, suspended its quarterly distribution to investors on Thursday to conserve precious cash that has largely evaporated on the price drop. Its shares fell 26 percent.
Conoco CEO Ryan Lance said the company was preparing for "lower, more volatile prices."