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
21 November 2024
E&P company is charting its own course through the transition, with a highly focused natural gas portfolio, early action on its own emissions and the development of a major carbon storage project
21 November 2024
Maintaining a competitive edge means the transformation must maximise oil resources as well as make strategic moves with critical minerals
20 November 2024
The oil behemoth recognises the need to broaden its energy mix to reduce both environmental and economic risks
19 November 2024
Energy minister says country is delaying first oil production until pipeline and refinery are ready
