Value of West Texas oil lands plunging amid virus pandemic
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November 15, 2020
HOUSTON (AP) — The value of oil fields in West Texas have plummeted due to the coronavirus pandemic, which has caused the demand for crude to go down.
Eli Huffman, a land broker and attorney at Houston-based Lone Star Production Co., said he has seen land prices fall below $1,000 an acre for property that used to be worth more than $10,000 an acre.
"When (oil) prices are too low, no one is buying land," Huffman said. "Everybody is risk-adverse at the moment."
The average price of U.S. shale acreage has fallen by more than 70% in two years — from $17,000 per acre in 2018 to $5,000 per acre in 2...
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