Commodities
US Shale Output Has Peaked as Prices Fall, Diamondback Says
A Diamondback Energy Inc. oil rig in Midland, Texas.
Photographer: Callaghan O'Hare/BloombergThis article is for subscribers only.
Diamondback Energy Inc., the largest independent oil producer in the Permian Basin, says production has likely peaked in America’s prolific shale fields and will decline in the months ahead after crude prices plummeted.
The Texas company trimmed its own full-year production forecast Monday, and said in a letter Monday to investors that it expects onshore oil rigs across the entire US industry to drop by almost 10% by the end of the second quarter and fall further in the months after.