Diamondback Energy CEO Travis D. Stice is out with an ominous warning about oil prices and production, claiming the U.S. oil industry is at a “tipping point.” And it is sure to get the attention of other producers.
In a letter to shareholders, the head of the Texas company said the historic oil production boom is at jeopardy if prices don’t stabilize. With West Texas Intermediate crude prices below $60 a barrel and Brent crude threatening to be there as well, Stice wrote, “Therefore, we believe we are at a tipping point for U.S. oil production at current commodity prices.”
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