U.S. Shale Drillers Can’t Contain Rising Oil Price, Pioneer Boss Says

U.S. Shale Drillers Can’t Contain Rising Oil Price, Pioneer Boss Says
AP Photo/Richard Drew, File
US oil producers cannot increase supply to control rising crude prices that remain “under the control of OPEC,” according to the largest operator of the shale patch.
Brent crude jumped to a three-year price above $ 80 a barrel last week, sparking fears of a deepening global energy crisis that has already pushed up natural gas and coal prices in Europe and Asia at record levels.
But Scott Sheffield, chief executive of Texas-based Pioneer Natural Resources, said America’s shale producers, once prolific, would continue to use their growing amount of cash to pay shareholders, not finance new drilling. .
“Everyone will be disciplined, regardless of whether it is $ 75 Brent, $ 80 Brent or $ 100 Brent,” Sheffield said. “Every shareholder I’ve talked to said that if someone goes back to growth, they will punish those companies.”
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