Energy & Science
Shale Producers Hint at Possible Fracking Revival at $30 Oil
- Diamondback, Parsley may bring back frack crews at that price
- Drilling activity has plummeted with collapse in oil prices
Photographer: Eddie Seal/Bloomberg
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A pair of prominent shale producers said all they need is oil around $30 a barrel to consider bringing back curtailed crude output and fracking new wells.
Diamondback Energy Inc. is curbing production this month by 10% to 15% and sending home most of its fracking crews for the whole quarter. The Midland, Texas-based company expects to end this year with more than 150 wells that were drilled but never fracked as U.S. producers avoid pumping oil into a vastly oversupplied market. Parsley Energy Inc., meanwhile, has curtailed a quarter of its output and temporarily abandoned its five-rig, two-frack crew program.