Texas oil hearing stirs hornet's nest, as regulators offer no clue to decision [Reuters]
Pioneer Natural Resources Company (PXD)
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Source: Reuters
Texas oil hearing stirs hornet's nest, as regulators offer no clue to decision HOUSTON (Reuters) - Texas energy regulators listened as top energy executives on Tuesday backed a plan to cut the state’s output by 1 million barrels per day without tipping their hands through more than five hours of sometimes dire testimony. Oil and gas companies are gushing red ink and cutting tens of thousands of workers as oil prices tumble, prompting regulators in the largest U.S. oil producing state to wade into global oil politics and consider the calls for cuts. U.S. crude oil prices CLc1 fell during the hearing to under $20 a barrel at one point, a nearly 18-year low. The hearing, based on a request by executives from shale producers Pioneer Natural Resources Co ( PXD.N ) and Parsley Energy Inc ( PE.N ), 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 facing a historic eco
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