Occidental CEO Sees Lower Drilling Fees If Oil Slump Continues
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Occidental Petroleum Corp. Chief Executive Officer Stephen Chazen said companies that help explorers find and drill for oil will lower their fees to maintain market share if crude prices continue to slump.
Benchmark U.S. crude futures have dropped 24 percent since reaching this year’s high on June 20. Baker Hughes Inc. and Schlumberger Ltd., two oilfield-services companies, said last week that prices would need to drop further and stay there longer before customers would start to cut back spending.