Texas Oil-Export Hub Set to Slash Spending After Market Meltdown
- Port of Corpus Christi CEO says exports will take a hit
- Shale driller bankruptcies ‘undoubtedly going to happen’
Photographer: Eddie Seal/Bloomberg
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America’s biggest oil-export hub is poised to slash spending and possibly defer more than one-third of its 2020 capital budget amid the worst price rout in nearly three decades.
Texas’s Port of Corpus Christi, which recently surpassed Houston to become the country’s largest source of U.S. crude exports, is bracing for its customers to start cutting back after global oil prices cratered this week.