U.S. shale urges service firms offer 'at least' 25% price cuts - executives, letter [Reuters]
PARSLEY ENERGY INC (PE)
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Source: Reuters
U.S. shale urges service firms offer 'at least' 25% price cuts - executives, letter BENGALURU/DENVER (Reuters) - (This March 12 story corrects typographical error in the third paragraph, and spelling of Parsley in the fourth and seventh paragraphs. The errors also occurred in a previous version of this story.) U.S. shale producers are seeking sharp service costs cuts to deal with plummeting prices and shrinking demand, according to executives and a letter sent to top providers, driving home the oil industry’s desperate efforts to cope with a market dive. Oil companies that recently delivered 2020 spending plans based on $55 to $65 a barrel oil were confronted on Monday with sub-$35 prices after OPEC launched a price war amid slack demand from the ravages of coronavirus on the global economy. Prices have plummeted so rapidly and to such an extent that shale producers that have not pre-sold their output at higher prices will soon be unprofitable, said analysts. In a letter sent on Wedne
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