Overall, the company plans to invest US$2.7bn in 2021 (+73% compared with a previous plan), of which 80% will be aimed at boosting oil and gas production in its fields,

Pioneer Natural Resources has completed the acquisition of Parsley Energy following stockholder approvals.

Shale producers were hit hard after borrowing to expand production and slashed spending and output to cut losses.

In the shale gas sector, the most affected player has been the United States, which accounts for about 95 per cent of global shale gas production. According to analysts, the growth rates of U.S. shale gas production may show a considerable decrease in the coming years.

The sector is in full-on merger mode in response to oil prices that have been stuck at around $40 a barrel in recent months after the Covid-19 pandemic hit global demand.

US oil production is unlikely to return to a pre-pandemic peak of more than 13 million b/d,

To achieve financial sustainability, companies need to focus on capital efficiency across the value chain.

Noble Energy shareholders have approved a deal to sell the oil and gas producer to Chevron Corp, making Chevron the No. 2 U.S. shale oil producer and giving it international natural gas reserves close to growing markets.

The intervention of the United States, the G-20 and other leading producing countries was vital in securing April’s historic production deal to rebalance and stabilize oil markets reeling from the pandemic.

U.S. shale oil producers signaling they are ready to re-open wells that were shut during the market’s collapse.