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Oil Bosses Take Different Sides of Shale Boom-and-Bust Outlook

  • Pioneer sees industry’s rollercoaster cycle coming to an end
  • ConocoPhillips says ups and downs are getting faster
Bloomberg business news
ConocoPhillips Chief Executive Officer Ryan Lance says OPEC should extend its production cuts past 2018. (Source: Bloomberg)
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Two top oil company executives are taking contrasting views on how fracking is changing the industry’s life cycle.

Crude production is outgrowing the boom-and-bust cycles of the past as the cost of getting a barrel out of the ground falls to new lows, Pioneer Natural Resources Co. Chief Executive Officer Tim Dove said. But ConocoPhillips CEO Ryan Lance said that the ups and downs are getting steeper and faster, presenting a new challenge for explorers.