US shale presses the reset button

Upstream producers stress permanent financial change even as those with the greatest acreage and deepest pockets begin to stir

Much has changed for the US shale industry since it first started booming around a decade ago. Even before the Covid-19 pandemic, the industry was moving away from unrestrained spending, focusing instead on capital discipline. Today, this is even more of a priority. What comes next for US shale was discussed at the CeraWeek by IHS Markit conference, held virtually in the first week of March. The picture that emerged was one of restraint, even as market conditions improve and oil prices rise to levels not seen in over a year. “Most of us have said we are not going to grow in 2021 because the market remains really imbalanced,” said Ryan Lance, ConocoPhillips’ CEO. This was echoed by others, in