The market bust that is expected to trigger a spate of bankruptcies in the oil patch is threatening to leave states holding a massive bill to seal up thousands of new 'orphan' wells that pose pollution risks
The market bust that is expected to trigger a spate of bankruptcies in the oil patch is threatening to leave states holding a massive bill to seal up thousands of new "orphan" wells that pose pollution risks.abandoned by failed companies that lacked the cash to properly plug them before walking away.
Now, with benchmark U.S. crude oil prices hovering in the mid-$20s per barrel, several states are actively taking steps to lessen the financial burden on companies. Wyoming slashed its conservation tax, a funding source for orphan well cleanup that supplements bonds companies pay for reclamation. North Dakota is considering the same, and it already has reinstated waivers to extend the duration wells are allowed to remain idled, often a precursor for becoming an orphan.
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