Six US oil firms expected to shut 300,000 barrels per day of production in May and June [CNBC]
Continental Resources, Inc. (CLR)
Last continental resources, inc. earnings: 2/26 04:15 pm
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Source: CNBC
U.S. energy companies are taking an axe to their rig numbers, deepening production cuts for the industry that in the last few years made America the world's number one oil producer. Six major U.S. shale producers are expected to shut some 300,000 barrels per day (bpd) of crude for the months of May and June, according to an analysis of the companies' early communication by Rystad Energy. "Analyzing communication by Continental Resources , Cimarex Energy , ConocoPhillips , PDC Energy , Parsley Energy and Enerplus Corporation , we estimate that oil production cuts in May and June 2020 could amount to 300,000 bpd, an increase from about 100,000 bpd of cuts projected for April 2020," Rystad wrote in a report Tuesday. In March, American producers were still pumping at record highs, according to the Energy Information Administration, even as prices plunged due to the loss of demand from the coronavirus pandemic. The latest weekly government data shows production at 12.2 million bpd in the t
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