ShaleTech: Permian Shales
As operators squeeze what they can from shrunken budgets, the multiple shales beneath the ever-resilient Permian basin are picking up the spoils, leaving their once-celebrated unconventional peers with noses pressed against windows that get foggier by the week. “We have virtually eliminated our capital spending in the Williston basin (Bakken shale). In 2015, we will focus our capital spending on the core areas we operate, principally the Permian basin,” Occidental Petroleum Corp. President and CEO Steve Chazen says of the appropriations within a new budget that, as of now, is 33% less than its 2014 rendition.
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