Texas drilling permits drop 50% – local energy expert to weigh in on Trump tariffs
CLICK HERE to watch the on-air version of Powering the Permian
ABC Big 2's Chris Talley caught up with Kirk Edwards, a local energy expert, and President/CEO of Latigo Petroleum as he weighs in on President Trump's recent effects on the Texas oil and gas industry.
ICYMI: 'Wait baby wait': Local energy expert weighs in on tariff impact in the Basin
'I think the industry's in shock because [President Trump] had 100% of the oil and gas industry behind him', said Edwards.
'Major, big independents, Diamondback, Koterra, EOG, Matador, have all announced they're going to lay rigs down. They're going to drop, two to three rigs apiece, and you start adding that up, it's going to be a pretty significant hit to us here in the Permian,' explained Edwards, President and CEO of Latigo Petroleum.
Edwards said what this means for oil company stocks 'The earnings were good for a lot of these companies. It's going to be second, third, fourth quarter earnings that are going to be hit, and I think that's why you're seeing some of these stocks hit right now, because they may have had a good first quarter, but they're foretelling people right now, hey, we're not going to drill as much, we're not going to spend as much money, we're going to slow down.'
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