Shale firms are focusing on "cash flow first, growth second", says Hess CEO John Hess
US shale presses the reset button
Upstream producers stress permanent financial change even as those with the greatest acreage and deepest pockets begin to stir
Much has changed for the US shale industry since it first started booming around a decade ago. Even before the Covid-19 pandemic, the industry was moving away from unrestrained spending, focusing instead on capital discipline. Today, this is even more of a priority. What comes next for US shale was discussed at the CeraWeek by IHS Markit conference, held virtually in the first week of March. The picture that emerged was one of restraint, even as market conditions improve and oil prices rise to levels not seen in over a year. “Most of us have said we are not going to grow in 2021 because the market remains really imbalanced,” said Ryan Lance, ConocoPhillips’ CEO. This was echoed by others, in
Also in this section
9 April 2026
The April 2026 issue of Petroleum Economist is out now!
9 April 2026
Offshore operators are working through an FID backlog as the rig market consolidates, helped by improving project economics and a renewed security drive
2 April 2026
Alongside a rapid continued build-out of renewables, China’s latest five-year plan stresses the value of domestic hydrocarbon production for energy security and calls for increased Russian gas imports
2 April 2026
The government is taking important steps to revive domestic production, lift investment and benefit from the geopolitical crisis even if more needs to be done in the longer term
