Oil Producers Cast Aside Gloom as Rally Spurs Drilling Plans
This article is for subscribers only.
Oil producers battered by the steepest market collapse in a generation are signaling for the first time that they believe the worst is behind them.
Carrizo Oil & Gas Inc., Devon Energy Corp. and Chesapeake Energy Corp. all lifted their full-year production outlooks this week. Shale explorer EOG Resources Inc. said on Tuesday it plans to increase drilling as soon as crude stabilizes around $65 a barrel, while Pioneer Natural Resources Co. has said it is preparing to deploy more rigs as soon as July.