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Big Shale Turns OPEC Ally From Foe With Focus on Oil Returns

  • Pioneer, Parsley, Newfield aim to generate cash, curb expenses
  • No rush seen to add rigs after OPEC extends output-cut deal
Bloomberg business news
Shale Revolution: The Wildcatters Who Changed the World
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Don’t expect Big Shale to rush and fill the hole left by OPEC in the oil market.

Executives from three of the biggest independent U.S. drillers say they won’t increase activity just because prices rise after the Organization of Petroleum Exporting Countries and its allies agreed to extend output curbs. The emphasis, instead, will be on maintaining spending discipline and generating profits to return to investors, according to Pioneer Natural Resources Co., Parsley Energy Inc. and Newfield Exploration Co.