SummarySummary Companies U.S. gains stifled by inflation, aging wells, investor demandsWeaker shale oil production growth lies ahead for 2023Dec 30 (Reuters) - The shale oil patch this week closes the door on a disappointing year while bracing for weaker output gains in 2023, hamstrung by rising costs, dwindling reserves and pressures to hold down spending.
He predicted 300,000 bpd to 400,000 bpd of increased shale production in 2023.
Civitas grew volume about 4% year-over-year, and anticipates similar growth this coming year as it prioritizes free cash flow and balance sheet strength over growth.
OLD WELLS PUMP LESSPioneer and other shale producers are experimenting with oil recovery techniques that could eventually squeeze more oil out of older wells.
In the near-term, Sheffield warned oilfield inflation, which ran around 10% to 15% this year, will persist and limit production growth.