Frackers curb production as oil nears $100 a barrel

America’s biggest frackers are reporting huge profits, but plan to keep oil production low this year, signing a deal with Wall Street, even as prices near $100 a barrel for the first time since 2014.

Three of the biggest shale companies, Pioneer Natural Resources Co., Devon Energy Corp. and Continental Resources Inc., this week announced their highest annual profits in more than a decade for 2021. The companies said they have raised record sums of extra money by hanging on the money they earn from selling oil and natural gas and reinvesting only what they needed to keep production roughly stable. All three said they would continue to limit production growth this year.


Wj

Not all news on the site expresses the point of view of the site, but we transmit this news automatically and translate it through programmatic technology on the site and not from a human editor.
Back to top button