Texas hearing on oil production curbs stirs hornet's nest [Yahoo! Finance News]
PARSLEY ENERGY INC (PE)
Last parsley energy inc earnings: 2/19 04:15 pm
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Source: Yahoo! Finance News
FILE PHOTO: A pump jack on a lease owned by Parsley Energy operates in the Permian Basin near MidlandBy Jennifer HillerHOUSTON Reuters) - Texas energy regulators on Tuesday morning started to hear from dozens of energy executives on an initiative calling for the state to mandate an output cut to stem the sharpest oil price drop in decades.Oil and gas companies are gushing red ink and cutting tens of thousands of workers as oil prices have crashed to about $22 a barrel from $61 in January. On Monday, Texas refiner Valero Energy Corp forecast a first-quarter loss of up to $2.1 billion on falling demand.The proposal, submitted by executives from shale producers Pioneer Natural Resources Co and Parsley Energy Inc , has stirred up anger at the Texas Railroad Commission, the state's oil and gas regulator, for considering cutbacks, and fury that livelihoods are disappearing.The industry is heading for a historic collapse with Permian Basin production still growing and storage filling, Pion
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