Where Does U S Natural Gas Production Go From Here? forbes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from forbes.com Daily Mail and Mail on Sunday newspapers.
Pioneer’s CEO says consolidation needed to quell U.S. shale production
The shale industry needs more consolidation to curb volume increases from smaller producers, Scott Sheffield, chief executive officer of top U.S. shale producer Pioneer Natural Resources, said.
Privately held firms have been adding rigs and increasing oil and gas production in the Permian Basin of west Texas and New Mexico this year, potentially undermining the efforts of publicly traded companies to focus on shareholder returns over volume growth when the market is well supplied.
“I hope other privates are taken out that are growing too much,” Sheffield told investors on an earnings call. He was responding to a question on whether Pioneer’s deal-making contradicted the company’s philosophy of not adding to global oil supply.
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Friday, May 7th, 2021
Brent tested $70 per barrel on Wednesday but fell back on Thursday. Oil “had a great run, but it got a little bit ahead of itself,” Phil Streible, chief market strategist at Blue Line Futures LLC in Chicago, told Bloomberg. “We’ve hit resistance and prices pulled back,” but it’s hard to see a summer demand boost “being derailed,” he said. Oil is still set to close out the week with another gain.
Sempra to delay Port Arthur LNG.
Sempra Energy (NYSE: SRE)said on Wednesday that it would delay its proposed Port Arthur LNG project until 2022 instead of this year, citing global energy markets and a focus on greenhouse gas reductions.