The U.S. oil supermajors are leading by example what shale drilling discipline should look like. Neither ExxonMobil nor Chevron are rushing to boost production in the biggest American shale play, the Permian, despite the oil price rally this year that has sent WTI prices to above $60 per barrel. The two biggest U.S. oil corporations are now prioritizing debt reduction and increased cash flows to pay down the excess debt they had accumulated last year when oil prices crashed. Their crude oil production targets in the Permian remain unchanged for the longer term to 2025, but their immediate goals for 2021 do not include increased capital expenditures or major output boost in the basin. Any rise in Permian oil production this year will come from cost efficiencies and improved recovery rates, not a race to drill for production’s sake, the supermajors said in their latest earnings releases and calls […]