Nimble Shale Drillers Outpump Giants, Confounding OPEC Clampdown

5 May 2017   Shale Oil

Exxon, Pemex oil output fell while Chevron’s grew by just 0.4% Independent, shale-focused drillers pumping double-digit gains The biggest oil explorers in the world are being left in the dust by the production gains registered by nimbler shale oil specialists who are confounding OPEC’s glut-killing efforts. None of the so-called supermajors increased output by more than 3.6 percent in the first quarter, according to company statements. Production actually shrank by 4 percent at Exxon Mobil Corp. , the biggest of the group, and tumbled 9.5 percent at Mexico’s state oil company, Petroleos Mexicanos. Compare that to Diamondback Energy Inc. , which raised production 61 percent. The stout shale production gains rattled the oil market Thursday, sending oil prices to 5-month lows and effectively canceling out positive earnings news from U.S. producers, which fell along with crude. Measured or even non-existent production growth hasn’t hurt the bottom line for Exxon, […]

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