America’s largest frackers are reporting enormous earnings however plan to maintain oil manufacturing in low gear this yr, adhering to an settlement with Wall Road, at the same time as costs method the $100-a-barrel mark for the primary time since 2014.
Three of the most important shale corporations, Pioneer Pure Sources Co. , Devon Power Corp. and Continental Sources Inc., this week reported their highest annual earnings in additional than a decade for 2021. The businesses stated they collected document quantities of additional money by hanging on to the cash they earn promoting oil and pure gasoline and reinvesting solely what they wanted to maintain output roughly flat. All three stated they’d proceed to restrict manufacturing progress this yr.
