3 out of 7 oil rigs have been idled in Texas since August.

[GitRDun]

7. I'm in the oil and gas business

I know of no wells that are "throttled back" due to pricing.

New wells may be kept choked back, but choking off / lowering production can damage reservoir. No one I know does it.

What people do is delay drilling or not drill at all. Depends on the individual situation.

What's happening now is the big expensive horizontal wells in the Bakken, Eagleford shales, Permian Basin, etc. are not getting drilled. Cost prohibitive.

So rigs get laid down because there is not as much to economically drill.

What works now is large volume, long life reserves using conventional drilling.

These big shale plays cost way too much, and their initial production depletes to as low as 10% of initial production within 18 months, e.g., you have a window to get your investment out. If you cannot get your cash out in 18 months at these prices, makes no sense to drill.