Shale Industry Needs $45 - $50 Oil to Add Rigs: Pioneer CEO

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Jun.03 -- Oil at $40 is a “blessing in disguise,” says Pioneer Natural Resources Chief Executive Officer Scott Sheffield. He discusses the price level needed for the industry start to add rigs, and expectations for the next OPEC+ meeting. He speaks on "Bloomberg Markets."

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Oil fracking is the worst violation against its own environment that the US has committed. The oil should have been left in the ground from the start. The clean plains/prairies should have been worth more if the ground wouldn't have been polluted.

petterbirgersson

the guest seemed very confused by the lady's enthusiasm about the oil industry

vietimports

US oil production down to 11.2 million/ day . Down from 13.1 ? US consumes roughly 15 to 16 millon/ per day. The high build in crude is being fueled by imports . Not domestic production. High inventory planned to keep prices low hurt domestic producers . Follow the money

johnnydavenport

Fracked oil is un investable. 4-5% decline rate a months vs 6-12% a year for large conventional or off shore wells. The company gets their investment back in the first year maybe. Not much left to pay dividends.

Yotaciv

strange logic.... pressuring everyone else to cut production while you increase yours... sounds fair. When they do not cut, they are the bad guys lol US logic.

superchargerone

Bloomberg what are you doing to me? If there’s no demand do we really need to be drilling for more oil? Is this like a blond ginger report?

peterscherling

The shale industry is not coming back anytime soon. States are starting to open up so demand for fuel will increase but since not everyone that lost their jobs will have a job to go back to, demand will not return to pre-lockdown levels for quite some time. The shale industry is just a giant money pit, and has been for quite a bit of time now.

highrzr

How about taking less profit... how about reinvesting some money...

steelerscountry

If you can’t make money at 40 dollars a bbl you’re not doing something right I’m making profit at 40 dollars a bbl

bg

Dumbest intro question. "You .... "No"

michael

Lol don't want to talk about recent spills

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