U.S. Shale Majors Cut Spending Despite Higher Oil Prices

Source Summary

Major U.S. shale oil companies are reducing capital spending and redirecting cash toward debt reduction and shareholder returns rather than production growth. Chevron and ConocoPhillips cut spending by 10% in the first half of the year, while Occidental reduced Permian operations spending by approximately 20% over the same period, according to Bloomberg reporting.