U.S. Shale Giants Hold Back on Drilling Despite Higher Oil Prices

The biggest U.S. shale producers have remained conservative in spending on drilling this year despite the spike in the average WTI crude price by $20 per barrel compared to last year. While signs have emerged that smaller independents have started to take advantage of the higher oil prices to increase drilling, the biggest shale producers are keeping their powder dry amid unprecedented uncertainty in global markets. One of the top shale producers and the biggest Permian-only focused driller, Diamondback Energy, signaled this week that it will not…