West Texas Shale Moves Forward As Oil Slumps

By December 13, 2014Blog Posts
12/13/2014 by Andrew Silver   While oil prices slump to lows not seen since the great recession West Texas shale plays seem to be moving full steam ahead.  Fueled by mid-major companies like Cimarex, Devon and Anadarko, West Texas Shale plays like the Wolfcamp and Bone Springs seem to be on schedule as funded by budgets created in 2013. Many experts have predicted benchmark prices falling to as low as $50.00 per Barrel and then rebounding to somewhere in the mid 70's range sometime in 2015.  The prevailing theory is that highly leveraged producing countries like Venezuela, Libya, Iran and then ultimately Russia will see companies back off drilling due to default which will reduce the supply glut as demand rebounds.  American producers will certainly be hurt in the mean time but some stability will be added domestically as larger operators swallow up the smaller injured companies. Kansas Pic 13