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Drillers Answer Low Oil Prices With Cost-Saving Innovations | NYTimes.com

It has cut the average cost of drilling from $4.5 million to $3.5 million a well, in part by reducing the time it takes to drill from an average of 21 days to 17 through better planning and laying off slower crews.

Statoil’s example is just one of many for an industry reeling from the collapse of oil prices since last summer. Companies have laid off thousands of workers, and some are having trouble paying their debts. They have decommissioned more than half of the country’s oil rig fleet. Companies like Anadarko Petroleum and EOG Resources have drilled hundreds of wells without completing them, saving their expenditures on hydraulic fracturing until the price of oil recovers.

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Drillers Answer Low Oil Prices With Cost-Saving Innovations – NYTimes.com.

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