US shale drillers cannot contain oil price rise, Pioneer boss says

US oil producers are not able to increase supply to tame soaring crude prices that remain «under Opec control», according to the shale patch’s biggest operator.

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Scott Sheffield, chief executive of Texas-based Pioneer Natural Resources, said America’s once-prolific shale producers would keep using their burgeoning cash piles to pay shareholders, not fund new drilling.
Scott Sheffield, chief executive of Texas-based Pioneer Natural Resources, said America’s once-prolific shale producers would keep using their burgeoning cash piles to pay shareholders, not fund new drilling. (Foto: Orjan F. Ellingvag)