The Great Shale Shut-In Has Begun, Making Good on Trump’s Pledge
- Exxon, Chevron, Conoco to curb more than 600,000 barrels a day
- U.S. crude production has fallen precipitously since mid-March
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American shale explorers are rapidly crimping production in the country’s most prolific oil fields as the worst price crash in history threatens the industry’s survival.
Three of the biggest oil explorers in the U.S. -- Exxon Mobil Corp., Chevron Corp., and ConocoPhillips -- plan to curb as much as 660,000 barrels a day of combined American output by the end of June. Across the county, crude production by all companies has already tumbled about 1 million barrels a day since mid-March, when OPEC and its allies clinched an historic deal to trim global supply.