Pioneer Natural CEO Sheffield says oil growth forecasts too high [Reuters]
APA Corporation (APA)
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Source: Reuters
The U.S. Energy Information Administration (EIA) forecasts oil production to rise by about 800,000 bpd this year to average 12 million bpd and hit nearly 13 million bpd in 2023, according to its most recent estimate. "The growth profile that EIA has, and some of the other think-tank firms, I think it's too aggressive over the next two years for U.S. oil production," Sheffield told investors during an earnings call. Pioneer anticipates increasing its own oil output by no more than 5% this year, to between 350,000 bpd to 365,000 bpd. U.S. oil producers have been urged by President Joe Biden to increase output and relieve some of the pressure on motor fuel price increases fueling inflation. Most have cautioned they cannot easily ramp up output. Sheffield said labor and supply chain constraints will continue to hamper how quickly producers can add to oil and gas production. Pioneer's first quarter costs were higher than guidance, and the company last week disclosed it would tem
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