Commodities
US Shale Producers Boost Output Despite Pledging Restraint
- EOG, Coterra, Civitas seeing better-than-expected results
- Increase comes as OPEC also plans to increase oil output
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Some leading US shale producers are planning to pump more oil this year than originally projected, a sign national supply could exceed the modest growth expectations many companies had pledged.
EOG Resources Inc., one of the largest independent shale producers, Coterra Energy Inc. and Civitas Resources Inc. increased their 2024 forecasts Thursday, with the latter saying it is seeing stronger-than-expected well performance in the Permian Basin, North America’s busiest oil field where five producers over the past week reported results that surprised to the upside. Ovintiv Inc. and Matador Resources Co. made similar recent output announcements.