A sharp drop in fuel consumption caused by the coronavirus pandemic and exacerbated by a feud between the world’s largest producers has limited the options available to oil companies
Canceled orders were mounting when Texland Petroleum LP recently decided to shut in each of its 1,211 oil wells to cease production by May.
“We’ve never done this before,” said Jim Wilkes, president of the 7,000-barrel-a-day Fort Worth, Texas, firm, which has weathered oil busts since 1973. “We’ve always been able to sell the oil, even at a crappy price.”
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