Seven years ago, Diamondback Energy Inc went public with a modest parcel of dril...
), with their boundless budgets and integrated operations stretching from the oilfield to the service station.
The industry’s new focus on cash flow requires scrutinizing every cost down to “pennies,” Stice told Reuters, and shifting into what shale firms increasingly call a “manufacturing” strategy for drilling. “The guy that wins the game in manufacturing is the guy that can manufacture at the lowest cost,” Stice said.Shale firms used to lure investors with bold talk of newfound oil reserves under the ground. Now they talk about how cheaply they can get it out - emphasizing the flow of cash over the flow of crude.
Two years ago, Permian bellwether Pioneer Natural Resources said it would target 1 million barrels of daily production by 2026. This year, Pioneer CEO Scott Sheffield told analysts that goal was “no longer a focus.”
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