U.S. oil output could take more than four years to reach pre-pandemic levels, oil producer Hess Corp (HES.N) said on Wednesday, sticking to its spending plan despite rising demand to focus on shareholders returns over growth. U.S. crude prices have jumped over 50% this year but in a departure from previous boom cycles, shale producers have hunkered down to their previously stated plans for spending and production to provide greater investor returns by way of buybacks or dividends. “Shale will not be growing at the level that it was growing at in the last five years … it’s going to be hard to get to pre-COVID levels of 13 million barrels a day probably for the next three or […]