Frackers hold back production as oil nears $100 a barrel


America’s largest frackers are reporting huge profits but plan to keep oil production in low gear this year, adhering to an agreement with Wall Street, even as prices approach the $100-a-barrel mark for the first time since 2014, The Wall Street Journal reports.

Three of the largest shale companies, Pioneer Natural Resources Co., Devon Energy Corp. and Continental Resources Inc., this week reported their highest annual profits in more than a decade for 2021.

The companies said they collected record amounts of extra cash by hanging on to the money they earn selling oil and natural gas and reinvesting only what they needed to keep output roughly flat. All three said they would continue to limit production growth this year. Read the full story.