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Oil Output in US Stalled for Now: Diamondback

OIL
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US oil production has “stalled out in the fourth or fifth inning” of its output life, the president of Diamondback Energy said, cited by Bloomberg.

  • He attributed this to an uncertain technological future and the consolidation among oil and gas companies.
  • Diamondback is in the middle of an acquisition of Endeavor Energy and is due to deploy more than 20 drilling rigs in 2025.
  • However, the company remains optimistic about the future for the US industry: “This is just the beginning in my mind,” Diamondback President Kaes Van’t Hof said. “We’ve got decades to go and I’m just excited for what we can learn in the next five to ten years that we don’t know today. It’s going to be a long life with US shale.”
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US oil production has “stalled out in the fourth or fifth inning” of its output life, the president of Diamondback Energy said, cited by Bloomberg.

  • He attributed this to an uncertain technological future and the consolidation among oil and gas companies.
  • Diamondback is in the middle of an acquisition of Endeavor Energy and is due to deploy more than 20 drilling rigs in 2025.
  • However, the company remains optimistic about the future for the US industry: “This is just the beginning in my mind,” Diamondback President Kaes Van’t Hof said. “We’ve got decades to go and I’m just excited for what we can learn in the next five to ten years that we don’t know today. It’s going to be a long life with US shale.”