Shale drillers show few signs of slowing as profits expand
The optimism from the U.S. shale fields followed quarterly reports last week that showed major international producers including Exxon Mobil Corp. and Royal Dutch Shell Plc are also learning to make money at $50 a barrel…
Alex Nussbaum and Joe Carroll, Bloomberg: Published 6:46 am, Wednesday, August 2, 2017
The shale surge that’s tied down global oil prices shows no signs of abating, as four of the biggest U.S. drillers said they’re not backing away from lofty production targets for 2017.
In second-quarter earnings reports, EOG Resources Inc., Devon Energy Corp., Newfield Exploration Co. and Diamondback Energy Inc. all outlined goals on Tuesday that would help push U.S. output toward a record 10 million barrels a day next year. Even Pioneer Natural Resources Co., which trimmed the top end of its forecast due to delays in the Permian shale basin, still expects to increase oil and natural gas volumes by 16 percent at year’s end. read more
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