Steve Puro – Uintah Basin Standard
Newfield Exploration confirmed Friday, Jan. 23, the beginning of laying down drilling derricks in the Uintah Basin oil fields.
Oil prices per barrel on the stock exchange reinforced that company decision on Friday as commodity oil futures reached a six-year low in trading prices.
Newfield Exploration Corporate Communications Manager Cindy Hassler told the Uintah Basin Standard the move was in keeping with the company’s desire to remain fiscally strong.
“Newfield has elected to lay down its rigs in the Uintah Basin due purely to economics,” Hassler said. “At $50 per barrel of oil, we can’t afford to run rigs and invest in plays that don’t deliver an acceptable return at today’s oil prices.”
As Newfield drilling rigs complete their present well drilling assignments, the rigs would be laid down, according to Hassler. (…)