Diamondback Energy sees U.S. shale oil gains slowing, costs rising

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Diamondback Energy anticipates its own production will rise at a low single-digit percentage rate next year

said the U.S. shale industry will continue to struggle to expand production at its current pace, with costs of new shale wells likely rising.

Weak U.S. oil output growth has put the fossil fuel industry in the Biden administration’s crosshairs. President Joe Biden has criticized companies for not lifting production faster and raking in massive profits as energy inflation hits consumers.

 

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