American Shale Chief Tells Peers to Stop Drilling 'Right Away"

[In It to Win It]

Shale boss Bryan Sheffield, the son of Pioneer Natural Resources founder Scott Sheffield, appears to have called on America’s shale drillers to cut drilling immediately, as Brent crude flirts with prices below $60 and WTI falls to $57/barrel.

Sheffield, who controls Formentera Partners LP, told Bloomberg he is planning to delay drilling in some cases, shift focus to existing short-term drilling contracts, and return to expanding the company’s uncompleted wells once the market stabilizes, given the chaos and oil price plunge caused in part by Trump’s tariff warfare.

Sheffield reportedly told Bloomberg that the situation right now is a “blood bath”.

“The industry needs to cut immediately and hunker down to let the tariff war play out,” Sheffield was quoted as saying.

Earlier this week, during a Permian basin golf tournament, American shale drillers let their frustrations with the Trump administration be known, according to a Bloomberg report. The industry is frustrated over its high level of support for the new administration, which has since caused a severe oil price plunge despite promises of a future where shale drillers could “drill baby, drill”.

https://oilprice.com/Latest-Energy-News/World-News/American-Shale-Chief-Tells-Peers-to-Stop-Drilling-Right-Away.html

[usonian]

1. He's YOUR. baby.

And you expected no poo poo?

FAFO.

[Tickle]

2. So cheap gas and beef? NT

[Volaris]

5. Less supply. At $60 a barrell, you lose money taking it out of the ground.

Less supply stabilizes prices cause there's less of it when demand hasn't changed.

[multigraincracker]

3. Just put tariffs on them.

Seems to be a great idea. ☝️

[uponit7771]

4. Trump admin is so ghetto at a high level, things will fall apart faster than last time

[Melon]

6. It's the Saudis that are driving down prices

To punish other OPEC states that did not adhere to the oil cuts. They’ve turned back up production. We won’t have cheaper gas without the addition of refinery capacity. That is the bottle neck.

[tanyev]

7. Tariff war? I think "tariff own goal" would be more accurate.

Or maybe tariff suicide.