(Bloomberg) — One of the biggest Texas shale explorers warned it will halt all drilling if the state imposes OPEC-style production caps, raising the stakes in a debate over a contentious proposal to arrest free-falling oil prices.The stark pronouncement from Diamondback Energy Inc.’s finance chief stunned observers of Tuesday’s virtual hearing by the Texas Railroad Commission, which oversees oil output in the Lone Star state. At issue was whether the state should restrict crude output for the first time in roughly 50 years.The proposal has deeply divided an industry already grappling with a global oversupply, escalating financial losses and the …read more
Source:: Yahoo Finance
