Shale driller Diamondback to hold oil output steady through 2022


HOUSTON (Bloomberg) –Diamondback Energy Inc. just gave one of the first shale production forecasts for next year, and it’s holding pat.

Even as the market girds for $100 crude in 2022, the Permian Basin driller is pledging to hold oil output steady at roughly the same levels it’s pumping in the current quarter. That means about 220,000 barrels a day of oil production in the world’s busiest shale patch next year, assuming it can keep spending at the same pace, it said Monday in a statement announcing third-quarter results.

While oil-service providers are struggling to contain record costs amid global supply chain snarls, their clients, such as Diamondback, haven’t seen as much inflation. Diamondback even cut its capital-spending forecast for the current year after efficiency gains helped it control inflationary cost pressures, it said.


Kabir Ismail is a blogger, website developer/administrator and a comrade.

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