Anadarko pares $300 million from its 2017 capital budget
Second-quarter loss was worse than analysts expected.
That could make this week a turning point for the troubled global oil market -- the moment when shale companies showed signs of bowing to the low prices they helped inflict. The surge in U.S. production this year has stymied efforts by OPEC and other major oil exporters to unwind a supply glut that’s weighed on the crude market for three years.
Shale Boom May Finally Have Succumbed to Oil’s Price Slump
Oil’s bear market may finally be taking its toll on the shale boom.
Hours after Halliburton Co. warned Monday that explorers are “tapping the brakes" on drilling, Anadarko Petroleum Corp. said it’s trimming spending in the first earnings report this quarter from a major shale producer.
That could make this week a turning point for the troubled global oil market -- the moment when shale companies showed signs of bowing to the low prices they helped inflict. The surge in U.S. production this year has stymied efforts by OPEC and other major oil exporters to unwind a supply glut that’s weighed on the crude market for three years.