Texas Isn't Scared of $30 Oil
- Average well in DeWitt county profitable with crude at $22.52
- Region `primed and ready' to compete better than ever before
The Numbers Don't Lie for Oil
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Texas has a message for $30 crude doomsayers: Bring it on.
A handful of shale patches in the state, which would be the world’s sixth-largest oil producer if it were a country, are profitable with crude below $30 a barrel, according to an analysis by Bloomberg Intelligence. In DeWitt County, which produced more than 100,000 barrels a day in November from the Eagle Ford formation, the average well can be profitable with U.S. benchmark crude at $22.52 a barrel, $4 below the lowest level this year.