The almost-$2 surge in WTI crude prices on Friday - proving recovery is here and stability is back - is gone... long gone. Following comments from Chevron of major cost cutting, slashing capex (down 13% YoY), but ramping production of shale and tight assets, WTI crude has tumbled back to a $48 handle.
- *CHEVRON SIGNALS LOWER CAPITAL SPEND
- *CHEVRON SIGNALS AGGRESSIVE COST MANAGEMENT
- *CHEVRON CURTAILING CAPITAL SPENDING & LOWERING COSTS
- *CHEVRON: POSITIONED FOR 20% PRODUCTION GROWTH TO 2017
- *CVX TO CONTINUE TO RAMP-UP PROD FROM OUR SHALE & TIGHT ASSETS
WTI gives up Friday's gains...
[6]
And then Chevron added:
- *CHEVRON VICE CHM: $3 NATURAL GAS = $18 CRUDE OIL
