US Shale Oil Firms Brace For More Pain As Crude Resumes Slide
While oil producers brace for more cuts, they have not given up hopes for a rebound and assure investors they will be ready to tap uncompleted wells and boost the number of rigs they operate.
"First, our overarching goal this year is to prepare for oil price recovery," Bill Thomas, EOG's chief executive officer, told investors while discussing the company's fourth-quarter earnings. "We would be ready to respond swiftly when oil prices improve."
(Additional reporting by Mike Stone in New York; Writing By Terry Wade; Editing by Tomasz Janowski)
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