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Politics : Global Warming Free Energy Thread

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From: Brumar89	10/28/2014 2:23:31 PM
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$80 crude no cause for major concern, oil producer CEOs say U.S. energy company CEOs remain confident they can still make money in a world of $80 crude oil prices, according to a Bloomberg report.The industry is used to price swings, Halliburton (NYSE: HAL) CEO David Lesar tells Bloomberg; if crude floats at $80-$100, "that’s a range that the service industry and our customers can easily live within."“We think there’s a lot of economic oil at $75... meaning we earn 15%, 16%, 17% returns,” Occidental (NYSE: OXY) CEO Stephen Chazen said during OXY's earnings conference call last week.Harold Hamm of Continental Resources (NYSE: CLR) even says prices could fall to $50/bbl before he would start worrying, and tells CNBC that his company has not yet altered any drilling schedules in response to the drop in crude prices.Some of the best operators can profit at low prices because they’re learning how to drill wells more efficiently and getting more production at lower costs; SM Energy (NYSE: SM) is getting 40% more production for a 10% increase in the cost of each well, and Carrizo Oil & Gas (NASDAQ: CRZO) has nearly doubled its cash flow/bbl from two years ago.

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