Shares in U.S. shale-oil drillers including Pioneer Natural Resources Co. and EOG Resources fell after influential money manager David Einhorn criticized the large sums of cash they burn through to frack wells.
Exploration and production customers have canceled more than $4 billion of future work for offshore rig owners globally, Chief Executive Officer Marc Edwards said Monday on a first- quarter earnings conference call.
The San Ramon, California-based company said Friday that its average realized price for a U.S. barrel of crude was $43 in the first quarter of 2015, compared to $91 per barrel in the same three months last year.
Saudi Arabia is pumping near-record amounts of crude, leading the Organization of Petroleum Exporting Countries in a policy of maintaining output to pressure suppliers outside the 12-nation group to help tackle an excess.
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