The CEOs of U.S. Shale Are Pledging Restraint Amid Oil Rally
- Devon Energy joins Pioneer, Occidental in urging caution
- Ovintiv chief says ‘flat is the new growth right now’
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The new boss of Devon Energy Corp. said he won’t let this week’s rally in oil prices tempt him to return to the days of rampant production growth at any cost, becoming the latest shale executive to call for restraint.
“I have a hard time seeing the need for U.S. producers over the next several years to get back to double-digit growth,” Chief Executive Officer Rick Muncrief said in an interview. “For this management team, if we really think about 2021, let’s keep it flat.”