So here we are after more than a decade since the UR revolution, and a major down-cycle in crude prices. COP went all-in on "shale" reservoirs, and the required drill and complete assembly line. Yes, we have some holdings that perform well, and even yield profit at low prices, but all other acreage is marginal at best.
My question: unlike giant conventional reservoirs, with big early sunk costs, followed by many years of production and more modest investment, our UR assets require constant spending to keep oil flowing. And at whatever threshold we set as profitable (or even break-even), there are hundreds of potential wells just below that line--but are so tempting since we can up our volumes, and hope for an uptick in price. So, can we ever consistently make money while prices hover in the $40 to $80 range?