One of the youngest chief executives in the American oil patch is slashing spending to survive a crash in crude prices, while trying to convince Texas to curtail output for the first time since the 1970s.

Matt Gallagher, the 37-year-old leader of Parsley Energy Inc., is working to conserve cash and cut drilling to keep costs low at his company as the oil industry faces one of the worst demand drops ever because of the coronavirus pandemic.

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