“You’ve got to realise: when you produce a 2 per cent return on capital employed, you end up being at the bottom of the S&P 500,” Pioneer Natural Resources’ CEO Scott Sheffield
These investors have been watching for years how shale drillers burn their cash in order to turn the United States in the biggest oil producer in the world. Then they had to watch all this breakdown in 2020 with oil prices dropping below zero for the first time in history, even though the drop was a short one.Now, two years later, things are very different both with oil prices and with shale drillers.
Yet, there are also purely practical constraints as well, as Sheffield noted in his talk with the FT. Oilfield services cost a lot more than they did a couple of years ago and there are equipment shortages.“He was criticising the majors and independents for not growing more.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Thomas Cook tribute planned for Loughborough railway stationThe 19th Century travel pioneer organised his first trip between Leicester and Loughborough.
Read more »
Malala Yousafzai explains why girls must be free to learn—and to lead“Nearly 130m girls are out of school, and I fear we are moving further away from a solution.” Malala brings attention to the “emergency” facing girls’ education, and explains how to solve it
Read more »
Vivell explains why he joined Chelsea after being unveiled as new technical directorPremier League side Chelsea have appointed Christopher Vivell as the club’s new technical director...
Read more »
Yellowstone boss explains surprising way new spin-off 1923 came aboutYellowstone boss reveals shocking way new spin-off 1923 came about
Read more »
Poachers target hippos for giant teeth in place of ivoryAs bans on elephant ivory are tightened, poachers are killing hippos for their teeth, experts warn.
Read more »