Oil producers in North Dakota are facing prices below $40 per barrel and in Texas prices below $50 per barrels. Financial investors note, "Prices are now too low to provide the cash flow to sustain drilling programs". Continental Resources revised its drilling budget for the Bakken down in late December for the 2nd time in two months. The reality of drilling: "decline curves for oil wells, especially shale wells, are very steep. Output falls to a half or even a third of its initial level by the end of the first 12 months. Thousands of new wells must therefore be drilled each year simply to sustain output at its current level of more than 9 million barrels per day."