This output would be a 131,000 daily barrel increase from March, up more than 25 percent from the same time last year. This growth is due in part to the industry’s adoption of a new generation of technologies including predictive analytics and machine learning.
“We have the golden goose right before us, and it’s our job as operators to perform at a very high level of efficiency to bring this to bear,” said Timothy Dove, president and CEO of Pioneer Natural Resources, according to CNBC.
However, not everyone is optimistic about the future of domestic shale drilling. Mark Papa, the former CEO of EOG Resources, said frackers have already drilled through the best wells in many regions.
“Frankly, my sense is that the amount of total U.S. oil production growth is likely to disappoint over the next three or four years and come in below most people’s expectations,” said Mr. Papa, according to CNBC.
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