U.S. oil production has ticked up in recent weeks as shale producers drill more wells after going through a massive backlog of drilled but uncompleted wells (DUC). After DUC inventory has largely returned to normal levels, the shale patch is now drilling more wells to offset legacy declines, Argus estimates show . Most exploration and production companies, however, are keeping a tight rein on capital expenditure, determined to show investors and Wall Street that they continue to be disciplined and are prioritizing shareholder returns to growing production. Shale producers slashed activity in the spring of last year when oil demand and oil prices collapsed. As consumption and prices began to recover, so did completion rates and, to a lesser extent, drilling activity. Well completions were the first to recover, reaching 80 percent of pre-COVID levels by July. Drilled wells reached 50 percent of pre-pandemic levels, according to data from […]