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West Texas oil producers reduce capital budgets, rig count – Washington Times

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West Texas oil producers reduce capital budgets, rig count – Washington Times.

This April 9, 2014, photo shows oil rigs in the Loco Hills field in Eddy County, near Artesia, New Mexico, one of the most active regions of the Permian Basin. (AP Photo/Jeri Clausing)

 

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By – Associated Press – Monday, January 19, 2015

MIDLAND, Texas (AP) — A swift plunge in the price of crude is sending shockwaves across West Texas oil country.

Some producers in the oil-rich Permian Basin are slashing spending plans for 2015 as crude prices have fallen by nearly half in just six months, according to the Midland Reporter-Telegram (http://bit.ly/1xp2ZAj).

Read more: http://www.washingtontimes.com/news/2015/jan/19/west-texas-oil-producers-reduce-capital-budgets-ri/#ixzz3POWTNeGW
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