U.S. shale producers have exercised astonishing capital discipline in recent years. Despite calls on U.S. oil firms to ramp up production, many producers are being plagued by rising costs and supply chain bottlenecks. “Whether it’s $150 oil, $200 oil, or $100 oil, we’re not going to change our growth plans,” Pioneer CEO Scott Sheffield noted. U.S. shale producers could take more time to bring higher volumes of crude oil to the market than previously expected as most public companies continue to keep capital discipline and go through their backlog of drilled but uncompleted wells (DUCs). The drilling of new wells needs more capital expenditure and hiring rig crews and services providers that are currently in short supply amid bottlenecks in the shale patch. As a result, U.S. tight oil production is not rising as fast as in previous upcycles, and surely not as quick as the Biden Administration wants […]