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Shale's growing profits at the mercy of OPEC cuts, Trump tweets

Reuters  |  HOUSTON 

By Jennifer HillerHOUSTON (Reuters) - The recent nosedive in crude prices came just as shale producers had started delivering healthy returns after years of heavy spending to boost production and market share.The shift has pleased investors who had grown weary of waiting for a payoff while watching the frenetic west Texas shale boom make the United States the world's top oil producer and a major exporter.The 29 percent drop in U.S. oil prices since October now threatens those improved margins, and sustained prices below $50 could dent the value of shale reserves, which banks use to determine ...

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First Published: Wed, December 05 2018. 22:51 IST