Oil Companies Have Cut Back Everything Except Crude Production
- U.S. oil output up 1.6% as drilling rigs decline 62%
- Rystad Energy sees U.S. onshore production dropping in 4Q
What to Watch for in Exxon, Chevron Results
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A year after the bear market in crude began, oil companies have cut workers, are using fewer rigs and have less money to spend.
But they’re still pumping more oil.