, for example, have redirected rising cash returns to dividend growth, variable distributions, buybacks, and further debt reduction.
Those high prices, hurricane shut-ins at U.S. offshore wells and a rapidly shrinking backlog of drilled-but-uncompleted shale wells may spur producers to restart drilling and test their pledge to keep spending flat. "Spending in 2022 will have to be higher just to sustain volumes enjoyed in 2021 and I think in general Wall Street is aware of that," said Nick O'Grady, chief executive at Northern Oil and Gas IncNew wells cost about $7 million apiece with drilling representing about 30% of the total. With oil at $70 a barrel, producers could put more money into drilling and still manage to increase shareholder payouts, analysts said.
Linda Htein, a director at energy consultancy Wood Mackenzie, said completing DUCs was a great way to sustain production without adding a bunch of rigs or increasing capital expenditure.has slashed its DUC backlog in the last 18 months. The shale producer may soon hire a third fracking crew, Chief Executive Scott Sheffield said this month at the Barclays CEO Energy-Power Conference.At current well completion rates, the EIA estimates that the top U.S. shale field responsible for U.S.
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