Pioneer CEO says U.S. oil output could drop 20% on shale retreat [Business News Network (BNN) Energy & Resources (Canada)]
Pioneer Natural Resources Company (PXD)
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Source: Business News Network
Pioneer CEO says U.S. oil output could drop 20% on shale retreat America’s oil output could drop nearly 20 per cent as shale drillers slash capital spending and reduce activity after the biggest crash in crude prices since 1991, according to one of the country’s biggest independent producers. The U.S. may lose between 2 million and 2.5 million barrels a day by the end of 2021 if oil prices stay around current levels as companies go into “maintenance mode,” Pioneer Natural Resources Co. Chief Executive Officer Scott Sheffield said in an interview on Bloomberg TV. His forecast is similar to that of Oslo-based research firm Rystad Energy. Most shale producers will be forced to cut as many as half of their drilling rigs by the end of this year, when current hedges expire, Sheffield said. He didn’t provide details of his own company’s plans, which he said he’ll announce in the coming days. Sheffield said he has no plans for layoffs after a major restructuring last year. The oil-price colla
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