U.S. Oil Companies Cut Capital Spending in Shale Basins

U.S. oil companies cut capital spending in shale basins

Chevron and ConocoPhillips cut capital expenditure in the Lower 48 by 10% in the first six months of the year while Occidental Petroleum cut spending in the Permian Basin by 20% in that period.

US Oil Growth Faces Headwinds as Shale Producers Cut Spending

Some of the largest US oil companies are dialing back capital spending in the country’s shale basins as they use the windfall from high crude prices to boost shareholder returns and pay down debt rather than accelerate production growth.

US Oil Growth Faces Headwinds as Shale Producers Cut Spending - Energy News Beat

Major U.S. shale producers are dialing back capital expenditures in key basins even as crude prices remain elevated, prioritizing shareholder returns, debt reduction, and free cash flow over rapid production growth. This capital discipline is creating headwinds for U.S. oil supply expansion at a time when global markets continue to seek reliable barrels. According to recent earnings reports and analysis, Chevron Corp. and ConocoPhillips reduced …