Business

Oil Prices Top $100, Yet Some Big U.S. Frackers Let Their Production Fall



Oil costs are at their highest in years and politicians need firms to pump extra. However most massive American frackers are standing pat, and even letting production decline, and as a substitute are handing traders money.

A lot of the U.S. shale trade just lately reported greater income than in the identical quarter a 12 months earlier, however firms aren’t reinvesting extra in manufacturing—certainly, some have let U.S. output slip as they concentrate on paying traders. 9 of the most important U.S. oil producers this week stated they shelled out a mixed $9.4 billion to shareholders through dividends and share repurchases within the first quarter, about 54% greater than they invested in new oil developments.



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