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Addressing a conservative forum Friday in Austin, Perry said Texas has diversified its economy since the 1980s when an oil bust brought economic misery to much of the state.
The worker answered dozens of questions from Redditors on life as a roughneck and the feelings among workers as dropping crude prices threaten to halt drilling.
The same North American oil patches that have lifted Pioneer and other independent oil producers to an unprecedented status in the energy industry haven’t come up gushers for major integrated oil companies like Royal Dutch Shell and BP.
Rigs designed for horizontal drilling made a big move last year into the Permian Basin, the last major U.S. oil patch to remain a stronghold for older vertical units. But that’s small relief two years after a surge of oil field services startups left the U.S. market with far too much fracturing equipment and sent prices for fracturing jobs plummeting.
The Texas shale boom has led to record growth in the demand for electricity in West Texas, experts said in at the Gulf coast Power Association panel on Wednesday afternoon.
ConocoPhillips is splitting its vast mid-continent business in two and moving managers from Midland to Houston, as part of an internal reorganization, according to a spokesman.