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Shale Giants See Growth Again After 40% Price Climb

An well pump near Sweetwater, Texas.

An well pump near Sweetwater, Texas.

Photographer: LM Otero/AP Photo
Updated on

EOG Resources Inc. and Pioneer Natural Resources Co., two of the largest shale-oil producers, are preparing to boost drilling again after oil prices climbed 40 percent in the past seven weeks.

EOG Chairman and Chief Executive Officer William Thomas said Tuesday his company will increase drilling as soon as oil prices, which closed above $60 a barrel for the first time this year, stabilize at $65. Pioneer is planning to add drilling rigs starting in July, subject to oil price movements and the sale of other assets.