“If we stay at this [sub-$50 oil] price longer, then a third to a quarter of the [US] industry will go bankrupt. More activity could drive production, but that takes money and the US industry doesn’t have it anymore. We don’t believe that US production can grow at $50, $60, or even $70. It will likely take $80 per barrel cash flows to return the US from decline to growth.”
Walker Moody, Managing Director of Energy Investment firm Tudor, Pickering, Holt & Co.