Latest Permian Driller Earnings Show Shale Play Is Still Booming
- Explorers operating in the basin boosted output forecast
- The results come on the heels of Concho’s lowered guidance
Photographer: Brittany Sowacke/Bloomberg
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The latest crop of earnings from Permian Basin drillers shows how production continues to boom in America’s hottest oil patch.
On Tuesday, Devon Energy Corp., Diamondback Energy Inc. and Parsley Energy Inc. boosted their projected output for this year while signaling they may spend a little less than previously forecast, according to earnings statements. The rosier picture contrasts with reports last week that sent Concho Resources Inc. and Whiting Petroleum Corp. plunging after they lowered growth expectations.