For those who remember the old Charlie Brown cartoons when every fall Lucy would invite Charlie to kick the ball, promise she'd do a better job of holding it, and then pull it. Gen Z just calls it The Rug Pull. Good thing the shale industry didn't believe all the calls to go crazy ramping up to drill this time! High oil prices have worked their magic again to "rebalance" the market. That 1 million barrel production increase the EIA promised Biden's looking less and less likely this year.
(congratulations) to all the oil cos who just spent 6-9 months drilling then fracing $100mm+ multi-well projects at what has remained the equivalent of $100+ oil D&C costs, only to produce their peak rates at <$80 oil. Payback period going to look worse than at $55 oil w 40% lower cost.