America’s Shale Boom Keeps Rolling Even as Wildcatters Save Cash
- Operators see double-digit output growth despite budget cuts
- Higher base production, cost efficiences, aid U.S. oil output
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America’s surging shale oil production shows little sign of abating, despite industrywide spending cuts, as explorers learn to do more with less.
Almost all the independent producers have reduced their budgets for 2019, but many still expect to deliver double-digit growth in production this year, fourth-quarter earnings reports show. Growth is slowing but still strong: the U.S. will add about 1.45 million barrels of oil a day on average this year, down from 1.6 million in 2018, according to the Energy Information Administration.