Occidental Petroleum Corp. CEO Stephen Chazen says new money flowing to oil companies could prolong the industry’s downturn if it keeps financial pressure off U.S. producers who might otherwise dwindle or sell.
The service costs associated with housing and feeding employees in remote locations like the Permian Basin in West Texas and the Bakken Shale in North Dakota typically skyrocket in boom times, Halliburton President Jeff Miller said.
Crude extracted from the largest U.S. oil field weakened against the U.S. benchmark after producers lost access to Midwest markets when a 4,000-barrel spill in Louisiana forced the shutdown of a key pipeline.
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