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Three U.S. Shale Producers Are Raising Output as Biden Looks to Tame Oil Prices

  • Continental, Hess, Matador respond to $100 a barrel oil prices
  • Investors watch if others follow suit in coming days
A tanker truck drives past a pump jack in the Permian Basin area of Loving County, Texas.

A tanker truck drives past a pump jack in the Permian Basin area of Loving County, Texas.

Photographer: Angus Mordant/Bloomberg

Continental Resources Inc., Hess Corp. and Matador Resources Co. signaled plans to raise production from U.S. shale basins, a potential harbinger of things to come as Big Oil prepares to report results later this week. 

Individually the extra production is small, but if the other dozens of public and private operators across the country follow suit, it could be a sign that U.S. shale is stepping up efforts to ease the global crude supply shortage and take advantage of $100-a-barrel oil prices. Exxon Mobil Corp. and Chevron Corp., the two biggest U.S. producers by market value, report earnings on April 29.