(Bloomberg) — Oil and natural gas exploration plunged to an all-time low as the economic and industrial dislocations from the Covid-19 pandemic snuffed out the remnants of the American shale boom.Drilling in U.S. oil and gas fields retreated by 34 rigs this week to 374, led by a precipitous drop in crude exploration that sank to levels not seen since before the shale-oil revolution kicked off at the beginning of the last decade.Energy companies are in a full-on retreat as the historic slump in crude markets prompts widespread job cuts, budget reductions, contract cancellations and well shut-ins. In the span …read more
Source:: Yahoo Finance
