Read more about OVL on an oil slick, struggles with geopolitical and domestic challenges on Business Standard. Covid-19 has added to these issues. It has not only impacted the demand for fuel but also made the acquisition process slower.
U.S. shale producers reveal extent of hit from Texas freeze
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(Reuters) - Occidental Petroleum Corp, Diamondback Energy Inc and a host of smaller Permian-focused U.S. shale producers on Monday forecast lower oil output in the first quarter, giving the first indications of the hit to the industry caused by last week’s winter storm.
FILE PHOTO: An oil worker walks toward a drill rig after placing ground monitoring equipment in the vicinity of the underground horizontal drill in Loving County, Texas, U.S., November 22, 2019. REUTERS/Angus Mordant/File Photo
Areas of Texas not used to the cold were hit by sub-zero temperatures and record snow falls last week.