Top U.S. shale producer offers bleak view of U.S. output growth
Pioneer Natural Resources Chief Executive Scott Sheffield said he expects just one area of the largest U.S. shale field to be expanding output past 2025 as oil prices remain lower and many producers pull back drilling.
Sheffield said oil prices would remain below $55 a barrel for the next three years, prompting a “significant fallback in Permian growth.”
He identified the Permian’s Midland Basin as the sole growth region after that time.
U.S. crude futures were trading at about $51.40 a barrel on Wednesday.
Source: Reuters (Reporting by Liz Hampton; Editing by Bernadette Baum)