Today’s efficiency gains, especially those driven by 20 to 30 percent discounts off the cost of oil field tools and services, could be short lived if drilling rigs ride high again after the end of the downturn, which will come sooner or later.
Sabine is just the latest U.S. oil producer to show signs of financial stress in the oil market crash. Oil producers Quicksilver Resources, Dune Energy, BPZ Resources and American Eagle Energy have all filed for bankruptcy protection this year.
Investor majorities at 21 energy companies have embraced proxy access this year. Adding Chevron to that group is an important victory for investors such as New York City Comptroller Scott Stringer, who backed the measure as a means of infiltrating corporate boards with green activists.
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