Report: Texas shale can ‘compete with anything Saudi Arabia has’

Scott Sheffield, the outgoing chief of Pioneer Natural Resources, told Bloomberg that pre-tax production costs in the massive Permian Basin of West Texas have fallen to $2.25 a barrel.

“Definitely we can compete with anything that Saudi Arabia has. We have the best rock,” he said, adding that improvements in drilling technology and data analytics have “changed the cost calculus faster than almost anybody thought possible.”