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Funds pull back from Permian as U.S. shale oil firms go into overdrive

Reuters 

By Julia SimonREUTERS - Cash, people and equipment are pouring into the prolific Permian shale basin in Texas as business booms in the largest U.S. oilfield. But one group of investors is heading the other way - concerned that shale may become a victim of its own success.The speed of the recovery in the U.S. shale industry in the past year has surprised oil investors after a global supply glut led to a two-year crude price slump and bankrupted many shale firms.Eight prominent hedge funds have reduced the size of their positions in ten of the top shale firms by over $400 million, concerned ...

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First Published: Fri, June 16 2017. 17:39 IST
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