Post Tagged with: "pipeline bottlenecks"

CEO Says It’s Getting Tough for Smaller Drillers

CEO Says It’s Getting Tough for Smaller Drillers

From the San Antonio Express-News Pipeline bottlenecks in the Permian Basin are hurting prices for cash-strapped producers Bob Watson said his company is in the process of selling its Eagle Ford land, which totals more than 14,000 acres, according to a March filing with the Securities and Exchange Commission. Watson spoke Tuesday at an Association for Corporate Growth Central Texas event in San Antonio. He didn’t say when the Eagle Ford land would be sold or who is interested in buying it. “The treadmill is so fast” in the Eagle Ford, Watson said, that small companies like his can’t spend the money to keep drilling at the high rate needed to make the field profitable. Watson added that the Eagle Ford “doesn’t attract capital for us” compared to shale plays in West Texas and North Dakota. “You’ve got to keep drilling, keep drilling, just to keep up,” he said. “The big[Read More…]